NASCUS Regulatory Summaries

See below for recent NASCUS summaries of various guidance and correspondence. Some of the summaries require member access.

NCUA

  • NASCUS Summaries of NCUA Letters to FICUs, Regulatory Alerts, Legal Opinions, Accounting Bulletins and Risk Alerts
    Click here to view NASCUS summaries of NCUA 2012 correspondence and regulatory guidance to credit unions.
  • OGC Legal Opinion 12-1007 Charter Change
    NCUA's Office of General Counsel (OGC) has issued a Legal Opinion to all federally chartered credit unions (FCUs) regarding confirming that NCUA has the authority to approve a credit union’s request to receive a change in its charter and subsequently merge with another credit union with the same type of field of membership.

  • OGC Legal Opinion 12-0764 Definition of Fleet
    NCUA's Office of General Counsel (OGC) was asked to revisit the definition of a "fleet" of vehicles pursuant to the Part 723.7 of NCUA Rules and Regulations pertaining to member business loans. At issue is that NCUA's MBL rule provides an exception to collateral and security requirements for commercial loans if the loan is to purchase certain types of vehicles unless the vehicle being purchased is to be part of a "fleet" of vehicles. See §723.7(a).

  • OGC Legal Opinion
    The Office of General Counsel (OGC) Legal Opinion 11-0965 addresses whether video-teller machines meet the definition of a “service facility” as that term is used in NCUA’s Chartering and Field of Membership Manual (Chartering Manual). The OGC concluded that video-teller machine meeting certain criteria would qualify as a service facility under the federal credit union (FCU) Chartering Manual. The issue is important for FCUs because NCUA rules require geographically proximate "service facilities" as a pre-requisite for a multiple common bond FCU to add a select group or an underserved area to its field of membership.

  • NCUA Proposes Change to Definition of "Troubled Condition" for State-Chartered Credit Unions
    During the National Credit Union Administration’s (NCUA) July Board meeting, the NCUA board voted unanimously to publish a notice of proposed rulemaking to amend the definition of "troubled condition" in §701.14 and elsewhere in NCUA’s regulations. View NASCUS summary of the proposal here. (Member log-in required).

  • NASCUS Summary of NCUA Elimination of Part 742 RegFlex Rule
    NCUA has eliminated the Regulatory Flexibility Rule ( Part 742) effective July 2, 2012 while removing or amending related rules to "ease compliance burden" and retaining other provisions based on safety and soundness considerations. View the summary here. (Member log-in required).

  • NASCUS Summary: NCUA 12 CFR Part 74.3 Troubled Debt Restructuring & Appendix C
    The NCUA Board issued a final rule addressing troubled debt restructuring (TDR). The new final rule will require all federally insured credit unions (FICUs) establish and maintain written policies regarding TDR, the management of loan workout arrangements and nonaccrual policies for loans. View the summary here. (Member log-in required).

  • NCUA Addresses Troubled Debt Restructuring and RegFlex at May Monthly Meeting
    The National Credit Union Administration (NCUA) Board held its monthly meeting on May 24 to address two final rules and one final interpretative ruling and policy statement (IRPS). The NCUA also provided an insurance fund report.

  • NASCUS Summary: NCUA Interest Rate Risk Final Rule Letter to Credit Unions and FAQ
    NCUA published LTCU 12-CU-05 to provide more information to credit unions regarding NCUA's new final interest rate risk (IRR) policy and program rule, Part 741.3(b)(5). The new IRR rules become effective September 30, 2012. (A summary of the final IRR rule is available on the NASCUS website here.) In the LTCU, NCUA answers "frequently asked questions" about the new IRR rule.

  • NASCUS Summary of NCUA Elimination of Part 742 RegFlex Rule
    NCUA has eliminated the Regulatory Flexibility Rule ( Part 742) effective July 2, 2012 while removing or amending related rules to "ease compliance burden" and retaining other provisions based on safety and soundness considerations. View the summary here. (Member log-in required).
  • NASCUS Summary: NCUA 12 CFR Part 74.3 Troubled Debt Restructuring & Appendix C
    The NCUA Board issued a final rule addressing troubled debt restructuring (TDR). The new final rule will require all federally insured credit unions (FICUs) establish and maintain written policies regarding TDR, the management of loan workout arrangements and nonaccrual policies for loans. View the summary here. (Member log-in required).

  • NASCUS Summary: NCUA Interest Rate Risk Final Rule Letter to Credit Unions and FAQ
    NCUA published LTCU 12-CU-05 to provide more information to credit unions regarding NCUA's new final interest rate risk (IRR) policy and program rule, Part 741.3(b)(5). The new IRR rules become effective September 30, 2012. (A summary of the final IRR rule is available on the NASCUS website here.) In the LTCU, NCUA answers "frequently asked questions" about the new IRR rule. You can view a summary of the LTCU here by logging in.

  • NCUA Office of Inspector General Material Loss Review Vensure Federal Credit Union
    The OIG noted that although the anticipated loss to the NCUSIF for Vensure FCU does not meet the two prongs mandating a MLR (a loss exceeding $25 million or an amount equal to 10% of the total assets of the credit union) the circumstances surrounding the losses at Vensure were determined to be unusual and worthy of a discretionary audit. Click here for a summary of this MLR. (Member log-in required.)

  • NCUA Office of Inspector General 2012 Performance Plan
    The NCUA Office of Inspector General (OIG) published its 2012 Annual Performance Plan. The plan is a projection published by OIG of the audits, studies and reports it has scheduled for the coming year. A summary is available here. (Member log-in required).

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