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Credit Union Industry News

»	FINANCIAL REGULATORS RELEASE UPDATED BUSINESS CONTINUITY PLANNING BOOKLET The Federal Financial Institutions Examination Council (FFIEC) today issued updated guidance for examiners, financial institutions, and technology service providers to identify business continuity risks and evaluate controls and risk management practices for effective business continuity planning.

»	State of the Credit Union Industry as of December 31, 2007 published Letters to Credit Unions

»	Vice Chairman Hood Underscores Need To Increase Homeownership Among The Underserved March 17, 2008, Alexandria, Va. -- National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the Flandreau Santee Sioux Tribe’s Town Hall Meeting hosted by MidAmerica Credit Union Association (MACUA) at the Tribe’s reservation north of Sioux Falls, South Dakota, March 13, 2008.

March 17, 2008, Alexandria, Va – National Credit Union Administration (NCUA) Board Member Gigi Hyland is encouraging credit union officials to review Frequently Asked Questions (FAQs) which were raised by participants during her “Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning” Webinar on January 29, 2008.

March 13, 2008, Alexandria, Va. -- National Credit Union Administration (NCUA) Chairman JoAnn Johnson today attended the briefing by U.S. Treasury Secretary Henry M. Paulson, Jr., as he unveiled the President’s Working Group (PWG) on Financial Markets’ recommendations to address present stress in the financial markets.

»	Larry Fazio Named NCUA Deputy Executive Director March 13, 2008, Alexandria, VA - National Credit Union Administration (NCUA) Executive Director J. Leonard Skiles has selected NCUA Office of Examination and Insurance Deputy Director Larry Fazio to be Deputy Executive Director of the NCUA, assisting Executive Director Skiles in managing the daily operation of the agency.

»	Agenda for the 03/20/2008 NCUA Board Meeting is available SUNSHINE ACT; NOTICE OF AGENCY MEETING

»	World Economic Forum Announces Rodney E. Hood As A 2008 Young Global Leader Rodney E. Hood joins 245 leading executives, public figures and intellectuals – all age 40 or younger – chosen from around the world

March 7, 2008, Alexandria, Va. – Director Tawana James and Adrienne Munroe of the National Credit Union Administration’s Office of Small Credit Union Initiatives (OSCUI) joined other federal agency representatives March 4, 2008, discussing financial education needs in African-American communities at the U.S. Treasury Building in Washington, D.C.

Alexandria, VA, March 7, 2008 – The “Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning” webinar facilitated by National Credit Union Administration (NCUA) Board Member Gigi Hyland on January 29, 2008, is available for viewing.

»	Chairman Johnson Testifies on Credit Union Regulatory Improvements March 6, 2008, Alexandria, Va - National Credit Union Administration Chairman JoAnn Johnson testified before the U.S. House Financial Services Committee hearing on "The Need for Credit Union Regulatory Relief."

»	Chairman Johnson to CUNA GAC Participants: Transparency is Vital Alexandria, Va. March 5, 2008 – National Credit Union Administration Chairman JoAnn Johnson today stressed the importance of member rights and transparency in her remarks to CUNA's Governmental Affairs Conference.

March 4, 2008 Alexandria, Va - Board Member Hyland spoke at the Credit Union National Association’s 2008 Governmental Affairs Conference at the Washington Convention Center in Washington, D.C. Board Member Hyland, Chair of NCUA Outreach Task Force, spoke on NCUA’s Outreach Task Force Report, which was released on February 26, 2008.

»	Media Advisory – Chairman Johnson Testifies on State of CU Industry March 4, 2008, Alexandria, Va - National Credit Union Administration (NCUA) Chairman JoAnn Johnson joined federal and state financial regulators testifying before the United States Senate Banking, Housing, and Urban Affairs Committee on “The State of the Banking Industry”.

»	Media Advisory - Johnson Encourages Good Mortgage Habits During Consumer Protection Week March 3, 2008, Alexandria, Va - National Credit Union Administration Chairman JoAnn Johnson used President George W. Bush’s designation of March 2, 2008 through March 8, 2008 as National Consumer Protection Week to highlighted important factors consumers should consider when considering a mortgage.

»	Media Advisory - Chairman Johnson to Testify Twice on Capitol Hill March 3, 2008, Alexandria, Va - National Credit Union Administration Chairman JoAnn Johnson will testify twice before Congress this week.

»	Media Release - Hyland Transmits Outreach Task Force Report to NCUA Board February 26, 2008, Alexandria, VA – National Credit Union Administration Board Member Gigi Hyland today formally presented the Outreach Task Force Report to the NCUA Board.

»	Hyland Outreach Task Force Report is available On November 3, 2006, the Member Service Assessment Pilot Program (MSAP) Report was presented to the National Credit Union Administration (NCUA) Board.

»	NCUA BOARD MEETING RESULTS FOR FEBRUARY 21, 2008 The NCUA Board issued final rule Part 797, Procedures for Debt Collection, concerning collecting debts owed to the federal government by former and present federal employees.

»	Loans and Shares Reflect Steady Growth in 2007 Alexandria, Va., February 21, 2008 – Federally insured credit unions reported solid loan and share growth and membership expansion in 2007 while loan delinquencies increased according to call report data submitted by the nation’s 8,100 federally insured credit unions.

February 15, 2008 Alexandria, Va. – Representatives from the National Credit Union Administration’s (NCUA) Office of Public and Congressional Affairs answered questions and distributed materials regarding consumer protection to interested Members of Congress and their staff at the National Consumer Protection Week Consumer Education Fair on Capitol Hill today.

»	Johnson Represents NCUA at Inaugural Meeting of Presidential Council on Financial Literacy Alexandria, Va, February 14, 2008 – National Credit Union Administration Chairman JoAnn Johnson represented NCUA at the first meeting of the President’s Advisory Council on Financial Literacy yesterday at the United States Department of Treasury.

»	Board Member Hyland To Address Consumer Hotlines On Radio Broadcast Alexandria, Va., February 14, 2008 – NCUA Board Member Gigi Hyland is participating in the Home and Family Finance radio program, sponsored by the Credit Union National Association (CUNA).

»	NCUA Issues Prohibition Orders Alexandria, Va., February 12, 2008 – The National Credit Union Administration Board has issued orders prohibiting the following people from participating in the affairs of any federally insured financial institution.

»	NATIONAL CREDIT UNION ADMINISTRATION 7535-01 SUNSHINE ACT; NOTICE OF AGENCY MEETING

Alexandria, Va. February 13, 2008 – National Credit Union Administration Chairman JoAnn Johnson used President George W. Bush’s designation of February 2008 as National African American History Month to highlight important credit union programs and initiatives that are making a positive impact in African American communities.

»	Vice Chairman Hood Addresses the 25th Anniversary Celebration of Georgetown University Alumni and Student Federal Credit Union February 11, 2008, Alexandria, Va. – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the 25th Anniversary Celebration of Georgetown University Alumni and Student Federal Credit Union (GUASFCU) Saturday, February 9, 2008.

»	Vice Chairman Hood Encourages Prospective Homeowners Despite the Subprime Upheaval February 8, 2008, Alexandria, VA – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the North Carolina Minority Support Center’s (NCMSC) 2008 Community Development Credit Union (CDCU) Summit at the University of North Carolina at Chapel Hill.

»	NCUA Activates Disaster Assistance in Response to Severe Storms in the Southeast United States Alexandria, Va., February 8, 2008 - The National Credit Union Administration (NCUA) has activated its disaster relief policy to assist credit unions and their members affected by the severe storms, tornadoes, winds, and flooding in Arkansas and Tennessee.

»	Vice Chairman Hood Underscores the Need for Effective Enterprise Risk Management in the Current Economic Climate February 4, 2008, Alexandria, Va. – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the National Association of Federal Credit Unions’ (NAFCU) Mid-Sized CEO Roundtable in Williamsburg, Va.

»	NCUA Announces 2008 Schedule for Credit Union Workshops Alexandria, Va., January 30, 2008 -- The National Credit Union Administration (NCUA) is holding 20 training workshops hosted by NCUA’s Office of Small Credit Union Initiatives in cities across the country in 2008.

»	Board Member Hyland Facilitates. Key Examination Issues for 2008. Webinar Alexandria, VA, January 29, 2008 – National Credit Union Administration (NCUA) Board Member Gigi Hyland facilitated a webinar today entitled “Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning.”

»	Results of the 01/24/2008 NCUA Board Meeting are available Results of the 01/24/2008 NCUA Board Meeting are available

January 24, 2008, Alexandria, Va. – The National Credit Union Administration (NCUA) today selected Public Service Credit Union’s bid to purchase the assets and assume the shares of Norlarco Credit Union (Norlarco) of Ft. Collins, Colorado. Public Service Credit Union (PSCU) of Denver, Colorado, will provide Norlarco members with uninterrupted credit union service following consolidation of the two credit unions.

»	Draft Items for the 01/24/2008 NCUA Board Meeting are available Draft Items for the 01/24/2008 NCUA Board Meeting are available

»	Media Release - NCUA Webinar: Key Examination Issues for 2008 This webinar will focus on: the practical implications of the recently released Letter to Credit Unions on Evaluation Third Party Relationships (07-CU-13) and address strategic planning considerations for management and boards of directors.

»	Media Release - Chairman Johnson Issues MLK Day Call for More Financial Literacy, Volunteerism Alexandria, Va., January 22, 2008 – NCUA Chairman JoAnn Johnson used this week's Martin Luther King, Jr. holiday as an opportunity to highlight the importance of financial education while volunteering at an Alexandria, VA, elementary school branch of State Department FCU.

»	Media Advisory - Registration Now Open for Webinar on Key Examination Issues for 2008 Alexandria, VA, January 15, 2008 – Registration for the Tuesday, January 29, 2008 webinar entitled “Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning” is now open.

»	Media Release - Woodson Joins NCUA as Chief Financial Officer Alexandria, Va., January 9, 2008 – The National Credit Union Administration has selected Mary Ann Woodson as Chief Financial Officer (CFO) of NCUA effective January 14, 2008.

»	The January 2008 NCUA Newsletter is available The January 2008 NCUA Newsletter is available.

»	Media Advisory - Board Member Hyland Announces Webinar on Key Examination Issues for 2008 Alexandria, VA, January 2, 2008 – Board Member Gigi Hyland announced today that she will moderate a webinar on Tuesday, January 29, 2008 entitled “Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning.”

The purpose of this Letter is to provide all Federally Insured Credit Unions with the guidance provided to NCUA field staff regarding the evaluation of credit union relationships with third parties. Attached is the supervisory letter developed to give examiners a standard framework for reviewing third party relationships.

»	Media Release - Zion United Community Credit Union Placed into Conservatorship December 14, 2007, Alexandria, Va. – The State of Colorado has assumed control of the operations of Zion United Community Credit Union, a state-chartered, federally insured credit union serving residents in Denver, Colorado.

»	Results of the 12/13/2007 NCUA Board Meeting are available Results of the 12/13/2007 NCUA Board Meeting are available

»	Draft Items for the 12/13/2007 NCUA Board Meeting are available Draft Items for the 12/13/2007 NCUA Board Meeting are available

»	Media Advisory - NCUA Backs Consumer Hotline Alexandria, Va. December 12, 2007- National Credit Union Administration Executive Director J. Leonard Skiles told Congress that while NCUA supports legislative proposals to facilitate consumer contact with federal agencies, the Agency also wants to ensure that NCUA continues to have direct responsibility over inquiries regarding credit unions.

»	Media Release - NCUA Issues Prohibition Orders Alexandria, Va., December 10, 2007 – The National Credit Union Administration Board has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution.

»	Agenda for the 12/13/2007 NCUA Board Meeting is available Agenda for the 12/13/2007 NCUA Board Meeting is available

»	Media Advisory - NCUA Vice Chairman Rodney E. Hood's Statement Regarding Michael Fryzel's Nomination To NCUA Board December 5, 2007 - National Credit Union Administration Vice Chairman Rodney E. Hood issued the following statement regarding Michael Fryzel's nomination to the NCUA Board.

»	Media Advisory - Hyland Urges Proactive, Balanced Approach on Mortgages Alexandria, VA. December 6, 2007 -- National Credit Union Administration (NCUA) Board Member Gigi Hyland told Congress today that NCUA favors a balanced approach to restructuring of home mortgages that allows for "prudent workout arrangements" that "benefit both credit unions and their members."

Alexandria, Va., December 5, 2007 -- National Credit Union Administration (NCUA) Board Member Gigi Hyland followed an Access Across America program, which included a panel on Volunteer Income Tax Assistance (VITA), she hosted in March 2007 with a collaborative NCUA, U.S. Department of Housing and Urban Development and U.S. Internal Revenue Service (IRS) webcast in November. The webcast focused on credit union opportunities to provide free tax preparation service for members.

Chairman Johnson's Statement Regarding the President's Intent to Nominate Michael E. Fryzel to the NCUA Board
Alexandria, Va., November 30, 2007 -- NCUA Chairman JoAnn Johnson issued the following statement regarding President Bush's announcement today that he intends to nominate Michael E. Fryzel of Illinois to be a Member of the National Credit Union Administration Board, with a subsequent designation to be Chairperson.

»	Final Regulation 12 CFR 701.23 - Purchase, Sale, and Pledge of Eligible Obligations Final Regulation 12 CFR 701.23 - Purchase, Sale, and Pledge of Eligible Obligations

»	The Peer Average Ratios for September 2007 are now available The Peer Average Ratios for September 2007 are now available

Alexandria, Va. November 20, 2007 – National Credit Union Administration Chairman JoAnn Johnson used President George W. Bush’s designation of November as National American Indian Heritage Month to highlight initiatives aimed at expanding credit union service to Native American and Alaskan Native Communities.

»	Media Release - Loan and Share Growth Continues Alexandria, Va., November 20, 2007 – Federally insured credit unions reported strong asset and share growth through September 30, 2007, according to third-quarter 2007 Call Report data submitted by the nation’s 8,163 federally insured credit unions.

»	Draft Items for the 11/15/2007 NCUA Board Meeting are available Draft Items for the 11/15/2007 NCUA Board Meeting are available

»	Jeremy Carl Joins NCUA Public and Congressional Affairs Team November 14, 2007, Alexandria, VA - National Credit Union Administration (NCUA) Chairman JoAnn Johnson today announced that Jeremy Carl has been appointed Associate Director of External Affairs.

WASHINGTON - The federal financial institution regulatory agencies and the Federal Trade Commission have sent to the Federal Register for publication final rules on identity theft "red flags" and address discrepancies. The final rules implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003.

»	Agenda for the 11/15/2007 NCUA Board Meeting is available Agenda for the 11/15/2007 NCUA Board Meeting is available

November 8, 2007, Alexandria, VA – National Credit Union (NCUA) Board Member Gigi Hyland pointed to the early success of the Patriot Express Loan initiative, administered by the U.S. Small Business Administration (SBA), as an example of both the positive outcomes possible when NCUA and other federal agencies collaborate, as well as the opportunities available to credit unions from federal outreach programs. Patriot Express supports veterans, service-disabled veterans and Reserve members by building on the more than one billion dollars in loans already guaranteed by the SBA on an annual basis to the military community.

November 8, 2007, Alexandria, Va. -- The National Credit Union Administration (NCUA) Community Development Revolving Loan Fund (Fund) announced today it has reached its threshold. The Fund has processed 40 loans totaling over $7 million during 2007, and total Fund lending now exceeds $13 million. This is the largest number of loans approved by the Fund in a single year and totals the largest amount of loans ever recorded.

November 7, 2007, Alexandria, Va. -The National Credit Union Administration (NCUA) completed negotiations with the National Treasury Employees Union (NTEU) Chapter 303 on the first collective bargaining agreement for NCUA employees on Thursday, November 1, 2007. The 3-year contract provides the framework of working conditions for the NCUA bargaining unit, which includes field examiners and office employees.

»	NCUA Closes Green Tree Federal Credit Union Alexandria, VA, November 2, 2007 - The National Credit Union Administration (NCUA) Board today liquidated the insolvent Green Tree Federal Credit Union, a $7 million association based credit union in Feasterville, Pennsylvania, that served Friends of Briar Bush, a nonprofit nature conservancy located in Glenside, Pennsylvania.

»	NCUA and IRS Offer VITA Partnership Webcast Alexandria, VA, November 2, 2007 - The National Credit Union Administration (NCUA) is partnering with the U.S. Internal Revenue Service (IRS) to present a live Volunteer Income Tax Assistance (VITA) Partnership webcast November 14, 2007, from 1:00 p.m. to 2:30 p.m. EST.

»	CAL State 9 Credit Union Is Placed Into Conservatorship November 2, 2007, Alexandria, Va. -- The National Credit Union Administration (NCUA) today assumed control of the operations of Cal State 9 Credit Union, a state-chartered, federally insured, community-based credit union in Concord, California.

»	Media Release - California Credit Unions Resume Operations Alexandria, Virginia, October 25, 2007 – The National Credit Union Administration (NCUA) Region V office examiners stationed in California have contacted all credit unions located in the fire damaged areas of Southern California and at noon (Pacific time) today most credit unions have returned to operations as normal.

October 25, 2007, Alexandria, VA – National Credit Union Administration (NCUA) Associate Director of External Affairs Justin Grove was selected to serve on special detail at the U.S. Department of Treasury. Grove will advise and assist Treasury officials with task forces and initiatives dealing with financial education and current issues facing the economy.

»	Results of the 10/25/2007 NCUA Board Meeting are available Results of the 10/25/2007 NCUA Board Meeting are available

»	Joint Release - Agencies Issue Final Rules on Affiliate Marketing Joint Release - Agencies Issue Final Rules on Affiliate Marketing

»	Draft Items for the 10/25/2007 NCUA Board Meeting are available Draft Items for the 10/25/2007 NCUA Board Meeting are available

»	NCUA Activates Disaster Assistance in Response to California Wildfires Alexandria, Va., October 24, 2007 -- The National Credit Union Administration (NCUA) has activated its disaster relief policy to assist credit unions and their members affected by the wildfires in California.

October 24, 2007, Alexandria, Va., -- National Credit Union Administration Chairman JoAnn Johnson testified today before the House Financial Services Committee on mortgage reform. The Legislative Proposals on Reforming Mortgage Practices hearing included three panels -- federal regulators and state banking supervisors, consumer groups, and industry trade associations.

»	Media Release - 2008 NCUA Board Meetings Rescheduled October 17, 2007, Alexandria, Va. – The January and July 2008 open meetings of the National Credit Union Administration Board are being rescheduled to January 24, 2008, and July 24, 2008. Both meetings are scheduled to convene at 10 a.m., with a closed meeting to follow.

October 18, 2007, Alexandria, Va. – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood delivered remarks during a reception held today at the Federal Reserve Bank of Chicago in honor of the first national credit union partnership between Operation HOPE and Alliant Credit Union, and in recognition of the appointment of David Mooney, President and CEO of Alliant Credit Union as Chairman of the HOPE Midwestern Board.

»	Joint Interagency Proposed Guidance on Garnishment of Federal Benefit Payments Joint Interagency Proposed Guidance on Garnishment of Federal Benefit Payments

October 4, 2007, Alexandria, Va., -- National Credit Union Administration (NCUA) Chairman JoAnn Johnson was the afternoon speaker today at the Eastern Regional Conference on Reaching Unbanked People held in New York City, where she emphasized that the financial services world needs to acknowledge there is a problem in reaching the unbanked, financial education is essential to change people's lives, and giving credit unions the opportunity to reach out to underserved areas is key to implementing change.

October 3, 2007, Alexandria, Va. – NCUA Chairman JoAnn Johnson will discuss why more than 10 million Americans do not have access to mainstream financial services and the important role financial education plays in stabilizing people lives at the Financial Education and Literacy Commission’s Northeast Regional Conference on Reaching Unbanked People being held in New York City Thursday, October 4, 2007.

October 2, 2007, Alexandria, VA- National Credit Union Administration (NCUA) Board Member Gigi Hyland hosted the final of six Outreach Task Force “Town Hall” meetings today in Washington, DC. The Task Force, comprised of NCUA staff members and chaired by Board Member Hyland, was created to review the recommendations from the Member Service Assessment Pilot Program (MSAP) and advise the NCUA Board based on the findings.

»	Final Regulation 12 CFR 701.3 - Member Inspection of Credit Union Books, Records, and Minutes Final Regulation 12 CFR 701.3 - Member Inspection of Credit Union Books, Records, and Minutes

»	Media Release - NCUA Announces 2008 Board Meeting Schedule Alexandria, Va., September 27, 2007 -- The National Credit Union Administration today announces its 2008 Board meeting schedule. The Board plans to convene in 2008 on a Thursday at 10 a.m. each month (except August when the Board historically does not meet) on the following dates:

»	Results of the 9/27/2007 NCUA Board Meeting are available Results of the 9/27/2007 NCUA Board Meeting are available

»	Draft Items for the 9/27/2007 NCUA Board Meeting are available Draft Items for the 9/27/2007 NCUA Board Meeting are available

September 26, 2007, Alexandria, VA – National Credit Union Administration (NCUA) Board Member Gigi Hyland announced that registration is filling up quickly for the final of six scheduled Outreach Task Force “Town Hall” meetings, which will be held in Washington, DC on Tuesday, Oct. 2. To register, please visit NCUA’s website at: http://www.ncua.gov/TH-Outreach/Index.htm .

»	Media Advisory - NCUA to Hold Seventh Annual Budget Briefing and Public Forum September 21, 2007, Alexandria, Va. –The National Credit Union Administration (NCUA) will hold its seventh annual Budget Briefing and Public Forum in October. Executive Director Len Skiles will introduce the proposed 2008 budget and the public is invited to attend and provide input.

»	Agenda for the 9/27/2007 NCUA Board Meeting is available Agenda for the 9/27/2007 NCUA Board Meeting is available

»	Federal Financial Regulatory Agencies Request Comment On Statement of Best Practices On Garnishment Orders of Exempt Federal Benefit Funds WASHINGTON — The federal financial regulatory agencies (Agencies) today requested public comment on a statement encouraging federally regulated financial institutions to follow best practices to protect federal benefit payments from garnishment orders.

Washington, DC, September 17, 2007 - National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood delivered remarks today at the Credit Union National Association (CUNA) Payment Systems Conference. Attracting CEOs, management, and operations staff from around the country, the three-day conference addresses payment system issues. As part of his continuing effort to promote the best practices of enterprise wide risk management, Hood's remarks concentrated on the evolving Payment Systems, Remote Deposit Capture, Money Service Businesses, and Emerging Retail Payments.

NCUA Challenges Lawsuit
September 12, 2007, Alexandria, VA –The National Credit Union Administration (NCUA) filed a motion on September 7, 2007, with the U.S. District Court for the Eastern District of Virginia, to dismiss a suit challenging credit union conversion rules promulgated by NCUA. The organization that filed the suit, the Coalition for Credit Union Charter Options, claims in its complaint that it seeks to preserve charter choice for credit unions. A hearing on NCUA’s motion is tentatively scheduled for October 19, 2007.

»	Joint Interagency Media Release - Federal Financial Regulatory Agencies Announce Availability of the 2006 HMDA Home Loan Data Joint Interagency Media Release - Federal Financial Regulatory Agencies Announce Availability of the 2006 HMDA Home Loan Data

»	The Insurance Report of Activity for August 2007 is available The Insurance Report of Activity for August 2007 is available

»	The Multiple Common Bond Expansion report for August 2007 is available The Multiple Common Bond Expansion report for August 2007 is available

September 7, 2007, Alexandria, VA – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood participated in a Senior Managers Forum in Portland, Maine. Hosted by the Maine Credit Union League, the forum served as an opportunity for a frank discussion about current issues facing the credit union industry. Prior to the forum, Mr. Hood met with members of the Maine Credit Union League’s Board of Directors.

The federal financial regulatory agencies and the Conference of State Bank Supervisors (CSBS) on Tuesday issued a statement encouraging federally regulated financial institutions and state-supervised entities that service securitized residential mortgages to review to determine the full extent of their authority under pooling and servicing agreements to identify borrowers at risk of default and pursue appropriate loss mitigation strategies designed to preserve homeownership.

August 24, 2007, Alexandria, VA – National Credit Union Administration (NCUA) Board Member Gigi Hyland met with Kimberly Reed, Director of the Community Development Financial Institutions (CDFI) Fund, U.S. Department of Treasury, last week to discuss ways credit unions can enhance their already significant role with this important government program. The CDFI Fund's mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. Currently, 133 credit unions are certified as CDFIs.

»	Agencies Release Revised Bank Secrecy Act/Anti-Money Laundering Examination Manual Agencies Release Revised Bank Secrecy Act/Anti-Money Laundering Examination Manual

»	NCUA Issues Prohibition Orders Alexandria, Va. August 23, 2007 – The National Credit Union Administration Board has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution.

»	Asset and Share Growth Expands in 2007 Alexandria, Va., August 22, 2007 – Federally insured credit unions reported solid asset and share growth through June 30, 2007, according to mid-year 2007 call report data submitted by the nation’s 8,238 federally insured credit unions.

»	NCUA Issues Cell Phones to Examiners Alexandria, Va., August 21, 2007 – The National Credit Union Administration (NCUA) has contracted with AT&T Wireless to issue cellular phones to all field examiners in the near future.

August 17, 2007 - National Credit Union Administration (NCUA) Board Member Gigi Hyland hosted the fifth of six Outreach Task Force Meetings on Wednesday in Denver, CO. Over 100 participants from seven different states, including Arizona, Colorado, Nebraska, Nevada, New Mexico, Utah, and Wyoming attended the meeting.

»	Proposed Joint Regulation - Proposed Illustrations of Consumer Information for Subprime Mortgage Lending Proposed Joint Regulation - Proposed Illustrations of Consumer Information for Subprime Mortgage Lending

The federal financial regulatory agencies today issued proposed illustrations of consumer information for certain adjustable-rate mortgage (ARM) products described in the agencies’ Statement on Subprime Mortgage Lending (Subprime Statement), effective July 10, 2007. The Subprime Statement recommends communications that ensure consumers have clear, balanced, and timely information about the relative benefits and risks of certain ARM products. The illustrations are intended to assist institutions in providing this information.

»	Hyland Emphasizes Protecting Credit Union Members During Podcast August 10, 2007, Alexandria, VA –National Credit Union Administration (NCUA) Board Member Gigi Hyland participated in a podcast this week to address the latest best practices credit unions may consider in order to protect their members from data breaches and security risks.

»	The Insurance Report of Activity for July 2007 is available The Insurance Report of Activity for July 2007 is available

»	The Multiple Common Bond Expansion report for July 2007 is available The Multiple Common Bond Expansion report for July 2007 is available

»	The August 2007 NCUA Newsletter is available The August 2007 NCUA Newsletter is available

»	The July 2007 NCUA Newsletter is available The July 2007 NCUA Newsletter is available

August 7, 2007, Alexandria, Va. – The National Credit Union Administration (NCUA) has created “The Resource Connection” website as a central location to access and share information on credit union business practices, partnership resources, funding and training opportunities. Access "The Resource Connection" by clicking on the new computer icon located on NCUA's homepage http://www.ncua.gov.

August 3, 2007, Alexandria, VA - National Credit Union Administration (NCUA) Board Member Gigi Hyland announced that registration is now open for the final of six scheduled Outreach Task Force "Town Hall" meetings, which will be held in Washington, DC on Tuesday, Oct. 2. To register, please visit NCUA's website at: http://www.ncua.gov/TH-Outreach/Index.htm .

July 30, 2007, Alexandria, VA - NCUA Board Member Gigi Hyland participated in the Fifth Annual Regulator’s Roundtable in Calgary, Canada, on Saturday and Sunday, July 28-29. The Roundtable was part of the World Council of Credit Union Conference. Also participating were regulatory heads from countries representing nearly every continent on the globe, including those from North and South America, the Caribbean, Europe, Africa, Asia, and Australia.

National Credit Union Administration (NCUA) Chairman JoAnn Johnson and National Association of State Credit Union Supervisors (NASCUS) Chairman Linda Jekel today signed a NCUA/NASCUS Document of Cooperation, symbolizing federal and state regulators continued commitment to cooperatively ensure the safety and soundness of federally insured, state-chartered credit unions.

National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood met with Karl Yoneshige, President and CEO of HawaiiUSA Federal Credit Union and Nicholas Owens, National Ombudsman for the U.S. Small Business Administration to discuss the pivotal role credit unions play in spurring economic growth and development through sound and innovative member business lending.

»	Media Advisory - Vice Chairman Hood Visits the Hawaii NeighborWorks America Affiliates National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood visited with Hawaii's two NeighborWorks America affiliates.

The federal financial regulatory agencies on Thursday issued a statement setting forth the agencies' policy for enforcing specific anti-money laundering requirements of the Bank Secrecy Act (BSA). The purpose of the Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements is to provide greater consistency among the agencies in enforcement decisions in BSA matters and to offer insight into the considerations that form the basis of those decisions.

»	The Insurance Report of Activity for June 2007 is available The Insurance Report of Activity for June 2007 is available

»	Letter to Credit Unions 07-CU-09 - Subprime Mortgage Lending NCUA is joining other FFIEC Regulators in issuing a final Interagency Statement on Subprime Mortgage Lending. The statement was developed to address emerging risks with certain subprime mortgage products and lending practices. The statement outlines sound risk management practices and consumer protection principles.

»	Revised Federal Credit Union Act is Available Revised Federal Credit Union Act is Available

»	Media Advisory - Board Member Hyland, Outreach Task Force, Gain Valuable Insight During Los Angeles Town Hall Meeting Media Advisory - Board Member Hyland, Outreach Task Force, Gain Valuable Insight During Los Angeles Town Hall Meeting

»	The June Trade, Industry and Profession report is available The June Trade, Industry and Profession report is available

»	The Community Charters report for June 2007 is available The Community Charters report for June 2007 is available

»	The Underserved Area report for June 2007 is available The Underserved Area report for June 2007 is available

»	The Multiple Common Bond Expansion report for June 2007 is available The Multiple Common Bond Expansion report for June 2007 is available

»	Media Advisory - Chairman Johnson Responds to Credit Union Conversion Lawsuit Media Advisory - Chairman Johnson Responds to Credit Union Conversion Lawsuit

»	NCUA General Counsel Opinion 07-0222 - Political Activities of Credit Unions NCUA General Counsel Opinion 07-0222 - Political Activities of Credit Unions - 06/19/2007 This is an opinion of the NCUA Office of the General Counsel addressing Political Activities of Credit Unions

»	NCUA General Counsel Opinion 07-0627 - Member Agreement to Accept Electronic Communications Regarding Conversions NCUA General Counsel Opinion 07-0627 - Member Agreement to Accept Electronic Communications Regarding Conversions - 06/26/2007 This is an opinion of the NCUA Office of the General Counsel Addressing Member Agreement to Accept Electronic Communications Regarding

»	Media Release - NCUA Issues Administrative Order to Garden Savings Federal Credit Union The National Credit Union Administration (NCUA) has issued an administrative cease and desist order compelling Garden Savings Federal Credit Union to implement an adequate Bank Secrecy Act/Anti-Money Laundering Program.

»	Media Release - NCUA Issues Prohibition Orders The National Credit Union Administration (NCUA) has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution.

»	Media Release - NCUA Issues Prohibition Orders The National Credit Union Administration Board has issued prohibition orders for convicted felons Joseph E. Pogue and Jean T. Pogue to prohibit them from participating in any manner in the affairs of any federally insured financial institution.

»	Media Advisory - Chairman Johnson Establishes Financial Education Library on NCUA Website, Creates Calculator Feature for MyMoney.Gov National Credit Union Administration (NCUA) Chairman JoAnn Johnson announced today the availability of a financial education library on the NCUA website.

»	Media Advisory - Registration Opens for Denver Task Force "Town Hall" Meeting National Credit Union Administration (NCUA) Board Member Gigi Hyland announced that registration is now open for an upcoming Outreach Task Force "Town Hall" meeting to be held in Denver, Colo., on Wednesday, August 15.

National Credit Union Administration (NCUA) Chairman JoAnn Johnson was on hand yesterday at the U.S. Department of Treasury as Secretary Henry M. Paulson, Jr. administered the oath of office to David G. Nason, while swearing him in as Assistant Secretary for Financial Institutions.

»	Joint Release - Federal Financial Regulatory Agencies Issue Final Statement on Subprime Mortgage Lending The federal financial regulatory agencies today issued a final Statement on Subprime Mortgage Lending to address issues relating to certain adjustable-rate mortgage (ARM) products that can cause payment shock.

»	The New FPR User's Guide is Available The content of the FPR has been updated as of June 30, 2007, to include new Call Report accounts and information. Attached is the updated user's guide for the FPR. The users guide explains how to obtain and use the data contained FPR.

Regulatory Alert: FinCEN interpretive guidance - Advises credit union of the June 2007 publication of interpretive guidance by the Financial Crimes Enforcement Network (FinCEN). FinCEN issued interpretive guidance on two separate subjects: Suspicious Activity Report Supporting Documentation and Requests by Law Enforcement for Financial Institutions to Maintain Accounts

»	Prompt Corrective Action Q&A Issued The National Credit Union Administration has posted the questions and answers (Q&A) discussed at last week's monthly NCUA Board meeting by the Board and staff pertaining to prompt corrective action (PCA) reform.

»	Media Advisory - Johnson Encourages Balance in BSA Rules National Credit Union Administration (NCUA) Chairman JoAnn Johnson today emphasized NCUA's proactivity and interest in working closely with the U.S. Department of Treasury to help credit unions improve Bank Secrecy Act rules and requirements for credit unions and other financial service providers.

NCUA proposes to amend its rule governing the purchase, sale, and pledge of eligible obligations, as a result of recommendations from its annual regulatory review process, by adding a conflict of interest provision substantially similar to the conflict of interest provision in NCUA's general lending rule. This addition is intended to help ensure that a federal credit union's (FCU) decisions regarding the purchase, sale, and pledge of eligible obligations are made with the FCU's best interests in mind.

»	The Insurance Report of Activity for May 2007 is Available The Insurance Report of Activity for May 2007 is Available

»	The Multiple Common Bond Expansion Report for May 2007 is Available The Multiple Common Bond Expansion Report for May 2007 is Available

Today our Board made explicit NCUA's support for reforms of the system of prompt corrective action (PCA) and the creation of a risk based capital regime for credit unions. Recognizing that a statutory change is needed before such reforms could be instituted; the NCUA Board took this step as a way to set forth the sound policy rationale for improvements that would enhance the regulatory oversight capability of NCUA while enabling credit unions to better serve their members.

»	Draft Items for the 6/21/2007 NCUA Board Meeting are Available Draft Items for the 6/21/2007 NCUA Board Meeting are Available

»	October NCUA Board Meeting Rescheduled June 20, 2007, Alexandria, Va. -- The October meeting of the National Credit Union Administration Board is rescheduled to October 25, 2007, at 10 a.m.

June 15, 2007, Alexandria, VA - On June 12, 2007, the board of directors of Peoples First Choice Federal Credit Union (PFC FCU) voluntarily consented to conservatorship, accordingly, the National Credit Union Administration (NCUA) has assumed control of service and operations at the credit union, with assets of $24.1 million, located in Glen Rock, New Jersey.

»	The May 2007 reports for the Community Development Revolving Loan Fund are available The May 2007 reports for the Community Development Revolving Loan Fund are available

»	Letter to Credit Unions 07-CU-08 - Credit Union Financial Trends for the First Quarter of 2007 This report highlights Credit Union financial trends for the first three months of 2007. We based our data complied from the quarterly Call Reports submitted by all federally insured Credit Unions.

»	The June 5300 application is available The June 5300 application is available

Board Member Gigi Hyland today attended the announcement of the Small Business Administration's new Patriot Express Pilot Loan Initiative. This streamlined loan product, based on the SBA Express loan program, is for veterans and members of the military community wanting to establish or expand small businesses. Board Member Hyland serves as the NCUA board liaison to the SBA.

Regulatory Alert: The SAR Activity Review – Trends, Tips & Issues, Issue 11, May 2007 – Advises credit unions of the May 2007 issue of the SAR Activity Review – Trends, Tips & Issues published by the Financial Crimes Enforcement Network (FinCEN). This publication provides information about suspicious activity reported to FinCEN.

»	Media Advisory - Vice Chairman Hood Announces a "Blueprint for 2020" Initiative during the Big Ten Credit Union Conference National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood delivered an address during the Big Ten Credit Union Conference (BTCUC) at the University of Notre Dame in South Bend, IN.

»	Media Advisory - Hyland Sees Credit Unions at a Crossroads National Credit Union Administration Board Member Gigi Hyland spoke at the National Federation of Community Development Credit Unions 33rd Annual Conference on Serving the Underserved in New Orleans, LA. During her visit, Hyland also visited seven small credit unions and met with their Boards and staff.

»	The June 2007 NCUA Newsletter is available The June 2007 NCUA Newsletter is available

June 7, 2007, Alexandria, VA.- National Credit Union Administration (NCUA) Chairman JoAnn Johnson testified this morning at a hearing before the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit. Chairman Johnson was invited to share insights regarding the Federal Reserve Board's proposed revisions to Regulation Z, relating to credit card disclosures and other practices; and measures credit card issuers have made or will make to improve consumer protection.

National Credit Union Administration (NCUA) Board Member Gigi Hyland hosted the third of six scheduled Outreach Task Force Meetings yesterday in New Orleans, LA. The creation of the Outreach Task Force is in further response to the findings in NCUA's Member Service Assessment Pilot Program (MSAP) which was issued in November, 2006. The purpose of the town hall meetings is to gather input and ideas from credit unions, credit union leagues, and other interested parties on the recommendations from the MSAP.

»	Media Advisory - Chairman Johnson Encourages Credit Unions to "Get Back to the Future Via the Basics" National Credit Union Administration (NCUA) Chairman JoAnn Johnson spoke during the general session of CUNA America's Credit Union Conference and Expo in Las Vegas, NV.

»	Media Advisory -Chairman Johnson to Testify Before Congress on Regulation Z, Consumer Protection National Credit Union Administration (NCUA) Chairman JoAnn Johnson has been invited to testify at a hearing before the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit.

»	Media Advisory -NCUA Chairman Johnson's Statement on the Fifth Anniversary of the U.S. Department of Treasury's Office of Financial Education Media Advisory -NCUA Chairman Johnson's Statement on the Fifth Anniversary of the U.S. Department of Treasury's Office of Financial Education

»	Letter to Credit Unions 07-CU-07 - Consumer Information for Nontraditional Mortgage Products NCUA is joining other FFIEC Regulators in issuing final illustrations of Consumer Information for Nontraditional Mortgage Products. These illustrations provide the type of consumer information recommended by the recently issued Interagency Guidance on Nontraditional Mortgage Product Risk.

The federal bank, thrift, and credit union regulatory agencies on Thursday issued final illustrations of consumer information intended to help institutions implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks that the agencies adopted October 4, 2006. The consumer protection section of the guidance sets forth recommended practices to ensure that consumers have clear and balanced information about nontraditional mortgages before choosing a mortgage product or before selecting a payment option for an existing mortgage.

May 29, 2007, Alexandria, VA - National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood met with Congressman Spencer Bachus last week on Capitol Hill. Congressman Bachus serves as the ranking member of the House Committee on Financial Services. In recognition of President Bush's declaration of last week as National Hurricane Preparedness Week, the Vice Chairman and ranking member Bachus discussed the action taken by NCUA in order to prepare the credit union community for hurricanes and other weather related emergencies.

May 29, 2007, Alexandria, VA - National Credit Union Administration (NCUA) Board Member Gigi Hyland announced that registration is now open for an upcoming Outreach Task Force "Town Hall" meeting to be held in Los Angeles, CA on Monday, July 16. To register, please visit NCUA's website at: http://www.ncua.gov/TH-Outreach/Index.htm

»	The NCUA 2006 Annual Report is available The NCUA 2006 Annual Report is available

NCUA is proposing to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations. This change clarifies NCUA's ability to use a range of enforcement authorities, in appropriate cases, to enforce the FCU Bylaws. In addition, NCUA is adding a bylaw provision on director succession, an issue it has previously addressed in legal opinions, and is revising the introduction to the Bylaws to conform it to these changes.

»	Media Advisory - Board Member Gigi Hyland's Statement on Chartering and Field of Membership Amendments Considered at Today's Board Meeting Board Member Gigi Hyland's Statement on Chartering and Field of Membership Amendments Considered at Today's Board Meeting

»	Draft Items for the 5/24/2007 NCUA Board Meeting are Available Draft Items for the 5/24/2007 NCUA Board Meeting are Available

Donated Equity - 07-1 - This bulletin eliminates the regulatory accounting practice of recording Donated Equity upon the receipt of tangible fixed asset donations of material value in favor of following generally accepted accounting principles recognizing income; and To present a regulatory accounting practice in the basic accounting for NCUA grants received by small credit unions, i.e., credit unions under $10 million in assets.

»	Media Release - National Hurricane Preparedness Week, May 20 - 26 President Bush has declared May 20 through May 26 as National Hurricane Preparedness Week. This week is an opportunity to raise awareness of measures Americans can take to protect their families and finances in the event of these weather related emergencies.

Suspicious Activity Report Depository Institution Form - advises credit unions the Financial Crimes Enforcement Network announced the delay of the implementation of the revised Suspicious Activity Report Depository Institution Form (SAR-DI) that was to become effective June 30, 2007. This delay does not affect the BSA filing requirements for suspicious activity reporting, and credit unions should continue using the current SAR form.

»	Media Release - Credit Union Assets and Savings Expand in 1st Quarter Credit unions reported strong savings and asset growth while membership grew to over 86 million people during the first quarter of 2007 according to Call Report data submitted by the country's 8,305 federally insured credit unions.

»	Media Advisory - Vice Chairman Hood Addresses the Pennsylvania Credit Union Association's 73rd Annual Convention & Exposition National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the 2007 Pennsylvania Credit Union Association's Annual Convention and Exposition during the business meeting session in Hershey, PA.

National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the 2007 Michigan Credit Union League Annual Convention and Exposition during the keynote session in Detroit, MI. Hood was joined by Michigan State Representative Andy Coulouris, Chair of the House Banking and Financial Services Committee.

National Credit Union Administration (NCUA) Chairman JoAnn Johnson participated in the grand opening of the main branch of the Pacoima Development Federal Credit Union, (PDFCU) located in the Northeast San Fernando Valley of California, and consisting of a significant percentage of underserved communities.

National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed a conference hosted by the Hispanic Alliance for Progress Institute (HAPI) in Austin, TX. The conference focused on the state of consumer finance and solutions to predatory lending. Following the roundtable discussion, Hood met with Texas Attorney General Greg Abbott and Leslie Pettijohn, the Texas Consumer Credit Commissioner.

»	The Agenda for the 5/24/2007 NCUA Board Meeting is Available The Agenda for the 5/24/2007 NCUA Board Meeting is Available

»	The April Multiple Common Bond Expansion Report is available The Multiple Common Bond Expansion Report identifies the number of select group expansions approved, deferred and denied for federal credit unions. The report is presented in a year-to-date format and is updated monthly.

»	The April 2007 Insurance Report of Activity is available The April 2007 Insurance Report of Activity is available

»	Media Advisory - NCUA Expresses Concerns to Everest National Insurance About Coverage Claims National Credit Union Administration (NCUA) General Counsel Robert M. Fenner has sent a letter to Everest National Insurance Company expressing the agency's concern over pending litigation between Everest National and former officials of Centrix Financial, LLC (Centrix).

»	Media Release -Sharebuilders Federal Credit Union Closes The National Credit Union Administration (NCUA) liquidated Sharebuilders Federal Credit Union, of Northridge, Calif., April 25, 2007.

»	Media Release - NCUA Issues Prohibition Orders The National Credit Union Administration (NCUA) has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution.

National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the Municipal Credit Union's Annual Meeting in New York City as the first ever outside speaker invited to their Annual Meeting in over 90 years. This particular meeting marked a milestone for the credit union as they celebrated 90 years in service.

»	The April Community Development Revolving Loan Funds reports are available The April Community Development Revolving Loan Funds reports are available

»	Media Release - NCUA Issues Prohibition Orders The National Credit Union Administration (NCUA) has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution.

National Credit Union Administration (NCUA) Chairman JoAnn Johnson and NCUA staff answered questions and distributed materials regarding financial education to interested Members of Congress and their staff at an event on Capitol Hill last week. NCUA was joined by several other federal agencies and financial organizations at the event, part of “Financial Literacy Month.”