Posted by Anthony Demangone
Here are a few items of interest.
Don't call it a bailout. You may get some questions from members asking why credit unions were bailed out by the federal government. These questions would likely stem from sloppy headline writing following the recent conservatorship of three additional corporate credit unions. Most do not understand that the credit union share insurance system is a mutual system, whereby we insure each other against loss. Taxpayer dollars were not involved. Just in case someone doesn't want to take your word, Congressional Quarterly wrote an intelligent overview of the NCUA conservatorship actions. Here's our NAFCU Today article about the CQ article. That's right. You're reading a blog, that talks about an article, that talks about another article, that talks about NCUA's conservatorship of three corporate credit unions.
Yes, people do try to launder money. If you need examples of how people will continue to launder money, here's a recent, real-world example of structuring that you may want to use in some BSA training.
Letter to NCUA. Much of the work of NAFCU's Regulatory Affairs team goes unnoticed. Their job is to represent NAFCU's members before regulatory bodies (and other places.) Here's a recent example of their work: a letter to NCUA concerning examination and regulatory issues.
NAFCU's offices will close a little early today, and we'll be off on Monday in observation of the federal holiday. Have a wonderful weekend. Note: Next week, many of us will be in Grapevine, Texas for the NAFCU Regulatory Compliance Seminar. Please bear with us, as response times may be a bit longer than normal. For those heading to Seminar, safe travels!
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