Three Quick Compliance Notes
Good Morning folks. Here are three helpful compliance tidbits with which to start you week.
- NCUA has released a video on everyone’s favorite subject: Succession planning. I jest but in all seriousness it’s one thing for credit unions to merge because of economic realities but it’s quite another to merge because no one gave any thought to who the next leader would be. The latter is a totally avoidable self-inflicted wound on the whole industry.
- The OCC sent out this reminder to banks that Congress has once again extended, until December 31, 2017, protections against foreclosures and seizures of property purchased by military personnel before they entered military service. The SCRA forbids foreclosures on property during the member’s military service and for one year thereafter.
- Last but not least, one of my favorite compliance tools, The Federal Reserve’s Quarterly Compliance Outlook is available on newsstands now for compliance geeks everywhere. I exaggerate slightly but, so long as you keep in mind that not every regulation it talks about is applicable to credit unions, I have always found this to be a very useful resource.