Regulatory Compliance School Day 1: FOM rules, share insurance
Credit union professionals learned about NCUA supervisory exams, field-of-membership regulations, share insurance requirements and more Monday during the first day of NAFCU’s Regulatory Compliance School in Arlington, Va.
Monday’s program began with a welcome address and an update on NAFCU by association President and CEO Dan Berger. Individual School sessions were led by NAFCU, NCUA and other industry experts.
NAFCU Regulatory Affairs Counsel Ann Kossachev presented on the legislative and regulatory process, provided an overview of the Federal Credit Union Act and discussed the regulatory duties of the NCUA and the CFPB. NCUA Director of Supervision Scott Neat updated attendees on the agency’s supervisory priorities and its examination system, areas of risk evaluation and the CAMEL rating system.
Andy Keeney, partner at Kauffman & Canoles, P.C., spoke at length about the National Credit Union Share Insurance Fund, explaining federal share insurance for single and joint accounts and revocable trust accounts. NAFCU Regulatory Affairs Counsel Andrew Morris talked to attendees about federal credit union bylaws and the FOM rules, particularly as they affect community-charter credit unions and low-income credit unions.
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