CUs should join the Federal Reserve Discount Bank if they haven’t done so already, because that might be the only entity that will lend you money should your operation become financially unstable, advises Frank Santucci of First Empire Securities, during a breakout session on effective liquidity management.
Santucci also recommends CUs read the NCUA AIRES Examination Questionnaire because he says it provides a great guide as to what examiners will emphasize.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.