Banker rule FAQs: Regulation O and notice of branch closures

first_imgMany credit union staff are former bank employees. We forgive them for this because we’ve all made mistakes in our past.The vast majority of substantive banking experience can be very helpful inside a credit union… most consumer regulations and many consumer financial industry standards are the same. However, there are two minor rules that apply to many banks that the NAFCU Compliance Team gets inquiries about regularly: Regulation O and Notices of Branch Closures.Regulation OGenerally speaking, Regulation O (12 CFR Part 215) creates internal controls around insider loans, including additional due diligence, board responsibilities and aggregate limits. According to NCUA, the rule relies on public disclosure by banks as publicly traded institutions to deter improper insider commercial lending activities.Regulation O actually does not apply to credit unions. Regulation O defines its scope as governing “extensions of credit made by a member bank to an executive officer, director, or principal shareholder of the member bank…” 12 CFR §215.1(b). A member bank is defined as any banking institution that is a member of the Federal Reserve System. See, 12 CFR §215.2(j). Since credit unions are not members of the Federal Reserve System, the requirements of Regulation O do not apply to them. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

Once-in-a-lifetime Father’s Day miracle: Dad delivers baby in living room

first_imgAfter contractions began to get close, the Greenfields prepared to head to the hospital. But by that point, the Greenfields said it was too late to leave the house, forcing the couple to head to the floor of their living room where Jonathan helped deliver the baby. On Friday, Brittany began to have contractions, but told 12 News it was “nothing irregular.” Dad wasn’t alone, as he remained on the phone with 911 dispatch getting instrcutions. Brittany said she and her husband were able to remain calm throughout the entire process. “I thought it was slowly progressing until all of a sudden it wasn’t,” said Jonathan. “It’s the best father’s day weekend I can remember and we won’t forget this for sure,” Jonathan said. “Obviously an incredible bond between father and daughter knowing I was the first hands to bring her into this world,” said Johnathan. “She did amazing, and I got to deliver like a life-long bucket list thing of delivering one of our kids,” said Jonathan. But throughout the course of the night the situation continued to progress. ” [They] told me to tie off the umbilical cord with a shoe lace so we did that Little House on the Prairies style,” Jonathan said. “We came down stairs to get everything packed up and I had two or three more contractions before my water broke,” Brittany. The miracle right in the living room of the Greenfield household welcoming their daughter, Collins, just in time for Father’s Day. BINGHAMTON (WBNG) – Over the weekend, Broome County natives Jonathan and Brittany Greenfield welcomed their third child to the world not in a hospital, but in their living room. last_img read more