Mountain West News
Webinar: Implementing the Final NCUA Rule on Interest-Rate Risk: Effective September 30, 2012 |

New NCUA rules for interest-rate risk (IRR) will become effective September 30, 2012. The purpose of this webinar is to cover the details of the new rules, and more importantly, provide a methodology for implementation. Management and the board of directors will learn the necessary information to oversee all the regulatory requirements for an effective asset liability management (ALM) program. The new regulation, asset/liability theory including measurement, ratios, and normal risk parameters will be addressed. In addition, this session will also explain the practical implementation of these theories in an understandable manner that will improve your interest-rate risk and profitability.

Available Now! Click here for details.

Please Note: The rule applies to all federally-insured credit unions with assets of more than $50 million. Those institutions with assets of between $10 million and $50 million must comply if the total of first mortgage loans they hold, combined with total investments with maturities greater than five years, is greater than 100% of their net worth.

CFPB Issues ANPR On Prepaid Cards |

The Bureau of Consumer Financial Protection (CFPB) has issued an Advance Notice of Proposed Rulemaking seeking comments from the financial industry and the public about prepaid debit cards.  In its announcement, the CFPB notes that the federal rules that protect consumers which apply to debit cards that access accounts do not apply to prepaid cards.  The CFPB is seeking comments about the costs, benefits and risks of these types of cards so it can determine if Regulation E should be amended.  Read the CFPB public announcement and access the ANPR.

OFAC Updates SDN/Blocked Persons Lists |

The Department of the Treasury 's Office of Foreign Assets Control (``OFAC'') published the name of 1 individual whose property and interests in property have been unblocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901-1908, 8 U.S.C. Section 1182).  Read more.

All CUs Get Some RegFlex |

The enhanced management and investment rights given to some credit unions under the National Credit Union Administration's regulatory flexibility program will soon be extended to the 1,770 credit unions that are not covered under the RegFlex designation after the agency approved expansion of that program on Thursday.  Read more.

Treasury Identifies “Primary Money Laundering Concern” |

The U.S. Department of the Treasury today announced the identification of Belarus-based JSC CredexBank (Credex) as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). Treasury took this action because it has reason to believe that Credex has engaged in high volumes of transactions that are indicative of money laundering on behalf of shell corporations, and has a history of ownership by shell corporations whose own lack of transparency contributes to considerable uncertainty surrounding Credex’s true beneficial ownership.  Read More.

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