Dealing with the Regulators Fairy Tales and War Stories Georgia Credit Union Executive Association Spring Meeting March 10 – 12, 2016 Presented by: Palmer.

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Presentation transcript:

Dealing with the Regulators Fairy Tales and War Stories Georgia Credit Union Executive Association Spring Meeting March 10 – 12, 2016 Presented by: Palmer Williams WilliamsGautier.com

Disclaimer – No Legal Advice The information in this presentation is intended for general informational purposes only and does not constitute legal advice. DO NOT act upon this information without first consulting directly with your attorney regarding the specific application of the laws and regulations referenced herein to your specific circumstances. No attorney-client relationship is formed as a result of this presentation.

What is the difference between a fairy tale and a war story?

A fairy tale begins with “Once upon a time...”

A war story begins with “You won’t believe this

Preparation  Documentation of major decisions.  What did we do?  Why did we do it?  What was the result?  What was our follow-up?

Preparation  Documentation of compliance efforts.  What did we do?  Why did we do it?  What was the result?  What was our follow-up?

Preparation  Review of NCUA, federal and state issuances.  Federal and state laws and regulations.  NCUA Letters to Credit Unions.  NCUA General Counsel Opinions.  NCUA examiner guidelines and questionnaires.

Preparation  Review of NCUA, federal and state issuances (cont.).  Federal agency issuances.  Trade association issuances.  Takeaways from conferences, webinars and schools.

Preparation  Organization.  Policies.  Procedures.  CPA Audits.  Attorney Contingent liability letters.  Responses to pre-examination questionnaires.

Examination Process  Initial meeting and introductions.  Point(s) of contact.  Location of materials.  Workspace.  Request for updates during examination.

Examination Process  Examination process.  Questions and responses.  Requests for documentation.  Legal opinions.  Conduct of staff and examiners.

Examination Process  Post-examination meeting.  Who attends?  Conduct of Board, staff and examiners.  Responses to examiner statements during meeting.  Examiner requests for agreement to regulatory actions.

Regulatory Actions  Document of Resolution.  Letter of Understanding and Agreement.  Preliminary Warning Letter.  Cease and Desist Order.  Removal.

Regulatory Actions  Time to review.  Review by Board, management, attorney and CPA.  Negotiation.  Formal response.  Ongoing follow up and compliance.  Release from regulatory action.

War Stories  The CAMEL 1 credit union.  Are BSA and OFAC really that important?  How not to do indirect lending.  Aren’t real estate loans and auto loans the same?  We’re too busy running the store to address an LUA.  The management assessment tool.

Always remember – they are not going away!

ANY QUESTIONS?

THE END