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James R. Devine, Hipereon, Inc.
Participation loans have grown as a percentage of credit union loan portfolios. Boards are responsible for monitoring underwriting and credit administration practices of lead lenders and ensuring they comply with the credit union’s guidelines. Increased regulatory scrutiny is likely.
From ALM to Reg Z, attorney takes inventory of 53 guidelines (up from 41 in 2011) that directors must set for their CUs.
Boards can benefit from knowing the best practices C-level executives typically apply when the regulators are coming.
A board is charged with ensuring a CU’s compliance with applicable laws and regulations, as well its safety and soundness. Here are four key thi...