Let the regulatory Kabuki Dance begin!

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by. Henry MeierThe annual Kabuki Dance between regulators and the regulated, during which credit unions complained that they are being smothered to death by tone-deaf examiners and examiners complained that they are being vilified by credit unions for doing their job, kicked off on Friday with NCUA outlining its regulatory points of emphasis for the 2014 examination cycle.I often think much of the posturing and angst is overblown but inevitable given the fact that no one likes to be told what to do and regulators have a tremendous amount of power, some of which will be used to excess or be put in the hands of examiners, a small percentage of whom are not competent to exercise it. That being said, given some of the issues highlighted by NCUA, this could be a particularly contentious year — especially for smaller credit unions. Two issues in particular exemplify why friction is inevitable between examiners and the examined: cyber security and qualified mortgages (QM).Cyber security is the number two risk identified by NCUA right after interest rate risk. NCUA correctly notes that smaller institutions have been identified as “vulnerable entry points” for cyber terrorist to infiltrate larger networks. Against this backdrop, the NCUA informs us in bold that “credit unions of all sizes will be expected to implement appropriate risk mitigation controls.” We’ll have to keep a really close eye on how this point of emphasis is actually translated into examiner oversight.On the one hand, NCUA is absolutely correct in suggesting that, for cyber security purposes, the distinction isn’t so much between big and smaller institutions as it is between vulnerable and not as vulnerable institutions. On the other hand, it will never be realistic to expect smaller institutions to dedicate the same resources to deterring cyber crime as JP Morgan, for example. After all, there are many credit unions for which even hiring an IT person is cost prohibitive. continue reading »last_img read more


Klay Thompson, Stephen Curry are ‘best shooters to ever walk the earth,’ Kevin Durant says

first_imgKevin Durant hailed Klay Thompson and Stephen Curry as “the best shooters to ever walk the earth” after another historic night for the Warriors.It was Thompson’s turn to take center stage Monday in Chicago, the swingman hitting an NBA-record 14 3-pointers and scoring 52 points in just more than 26 minutes on court in a 149-124 win over the Bulls. Five crazy stats from Klay Thompson’s record-setting performance against Bulls Curry set the previous record of 13 3s two years ago and played his part in helping Thompson take his record.Durant felt fortunate to see both teammates make history. Related News Watching Klay go off is a lot of funGet a closer look at tonight’s win in our Game Rewind, presented by @verizon. pic.twitter.com/IW0BiDjBZE— Golden State Warriors (@warriors) October 30, 2018″Two great moments, great to be a part of it,” Durant said. “To see Steph break the record first two years ago and to see Klay break it. It’s only fitting that those two hold the records, hold the most 3-point shots in a game.”The best shooters to ever walk the earth, and probably nobody will ever shoot like those two ever again.” Curry had no problem losing his record to a fellow Warrior.”Records are obviously meant to be broken,” he said. “I’m just happy it’s my teammate and nobody else. And I got to witness it in person.”He added: “It was like a pitcher throwing a no-hitter. Like, you don’t really mention anything to him. It’s kind of just everybody else figuring out ways we’re going to keep feeding him the ball and running our offense to obviously cater to him to knock down shots.”last_img read more


Wall to Suit Up, but Not Play Tonight

first_imgFor the first time in months, since long before the All-Star Break, John Wall will wear a Wizards uniform on the bench. Wall will not play tonight, but this is certainly a step in the right direction. No further evidence has been given about Wall’s return to the court, but this news indicates it will be soon.Please follow and like us:last_img