General Dynamics Ordnance and Tactical Systems,The U.S. Army Joint Munitions and Lethality Life Cycle Management Command, Picatinny, N.J., awarded General Dynamics Armament and Technical Products an order valued at approximately $35 million to manufacture M2A1 quick change barrel (QCB) conversion kits. The QCB conversion kits feature several direct-replacement parts to modify existing M2 heavy barrel (M2HB) machine guns to the M2A1 configuration. Deliveries are scheduled to begin in January 2011 and will continue through December 2012. General Dynamics Armament and Technical Products is a business unit of General Dynamics (NYSE: GD).”With the QCB conversion kits, the U.S. warfighter can change the machine gun barrel in a few seconds. The M2A1 features fixed headspace and timing, which eliminates the need to manually calibrate the weapon after each barrel change and reduces exposure time to enemy fire,” said Mike O’Brien, vice president and general manager of gun systems for General Dynamics Armament and Technical Products. “The M2A1 is an efficient and reliable tool for American warfighters in combat.”Production work will be completed by the existing workforce at the General Dynamics facility in Saco, Maine, which employs approximately 420 people and has manufactured the M2 machine gun since 1979. Program management will be performed at General Dynamics’ Burlington Technology Center in Vermont.General Dynamics Armament and Technical Products, located in Charlotte, N.C., provides a broad range of system solutions for military and commercial applications. The company designs, develops and produces high-performance weapon and armament systems, defensive armor, countermeasure systems and aerospace composite solutions, as well as off-road axle and suspension systems. It is also a leading U.S. producer of biological and chemical detection systems. More information about General Dynamics Armament and Technical Products can be found on the Internet at www.gdatp.com(link is external).General Dynamics, headquartered in Falls Church, Va., employs approximately 91,000 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about General Dynamics is available online at www.generaldynamics.com(link is external).SOURCE General Dynamics Armament and Technical Products. CHARLOTTE, N.C., Sept. 24, 2010 /PRNewswire-FirstCall/
1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Brandy Bruyere Brandy Bruyere, NCCO was named vice president of regulatory compliance in February 2017. In her role, Bruyere oversees NAFCU’s regulatory compliance team who help credit unions with a variety of … Web: www.nafcu.org Details Within the past year, the Bureau of Consumer Financial Protection (BCFP) has gone through numerous changes reflecting new leadership. Many of these changes came as a result of reviewing various regulatory rulemakings that have had a significant impact on the credit union industry. NAFCU continues to fight on behalf of the credit union industry, as credit unions are still in need of additional relief. Here are five issues the bureau can immediately address to improve the regulatory environment. Remittance reliefSince 2013, when the bureau made changes to its remittance rule, NAFCU has been concerned about the rule’s highly burdensome compliance costs for credit unions.Responding to the bureau’s assessment of the rule last year, NAFCU asked that credit unions be exempted from the rule. “Numerous credit unions have been forced to stop offering remittance transfer services because the compliance burden is simply too high … With fewer credit unions continuing to provide such services, consumers’ options and ability to shop are severely limited,” NAFCU wrote to the bureau. Last year, the bureau said it would issue its assessment report by Oct. 28. Complaint databaseNAFCU has pressed the bureau to stop publicly publishing complaint information that cannot be fully verified in order to reduce the risk of reputational harm.In a recent letter to the bureau on the issue, NAFCU highlighted that credit unions take their member-owners’ issues seriously and work to resolve them efficiently and effectively, but that “current public reporting practices skew transparency and do not work as intended.” When unverified complaints are published on the bureau’s consumer complaint database, it “can pose serious reputational risks to targeted institutions.”NAFCU provided a list to the bureau of ways to improve consumer reporting practices, which can be read here. HMDA reliefWhile some Home Mortgage Disclosure Act (HMDA) relief was passed into law as part of the NAFCU-backed Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), the association continues to push for more.A provision in S. 2155 would exempt depository institutions that have originated fewer than 500 open-end lines of credit and or fewer than 500 closed-end mortgages in the previous two years from certain HMDA reporting and recordkeeping requirements. The law also requires the Comptroller General to conduct a study to evaluate the HMDA amendments and submit a report on the results to Congress.The association has also asked that the bureau review its HMDA data collection activities, including limiting the collection to only those fields mandated under the Dodd-Frank Act. PALs safe harborIn May, the NCUA proposed NAFCU-sought changes to expand its payday alternative loans (PALs) program to offer a second PALs option – PALs II, and explore a third option – PALs III. NAFCU has long advocated for additional mechanisms to allow credit unions to provide more small-dollar, short-term loans to members in need, and also hosted a small-dollar lending working groupto explore additional small-dollar lending options for credit unions.NAFCU has asked the bureau to expand the safe harbor exemption to include all PALs loans not only to provide regulatory relief, but also to encourage more credit unions to begin or expand PALs programs. Qualified mortgage safe harborAs a result of the bureau’s ability-to-repay and qualified mortgage (QM) rules, many of NAFCU’s members have decided to extend only those mortgages that meet the definition of a QM because of the legal and regulatory risks associated with extending non-QMs.While recent changes to the Dodd-Frank Act have provided some relief with the addition of a new safe harbor category for loans held in portfolio, more can be done. NAFCU has recommended that the bureau reconsider the 2021 expiration of the temporary government-sponsored enterprise QM category, and make this category a permanent safe harbor exemption. Doing so would ensure that credit unions continue to have access to a healthy and functioning secondary market.