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2008 Stories
May 9, 2008
Examination and Compliance Red Flags Revealed at Latest Onsite NASCUS Seminar
From new IT issues to ongoing BSA compliance, the NASCUS Red Flags and Compliance Examination Seminar, May 5-7 in Columbus, Ohio, highlighted emerging risks for credit unions and what regulators and examiners are keeping an eye on in 2008.
House Passes Comprehensive Bill to Help Homeowners
The American Housing Rescue and Foreclosure Plan, H. R. 3221, combines a number of bills including measures to modernize the Federal Housing Administration (FHA) and reform Government Sponsored Enterprises (GSEs).
May 8, 2008
NASCUS and Wisconsin CEO Cathie Tierney Hosting Meeting with Wisconsin Credit Union Community on June 12
On June 12, the NASCUS Credit Union Advisory Council and First Community Credit Union President and CEO Cathie Tierney will host a luncheon meeting with Wisconsin state-chartered credit unions.
May 6, 2008
NASCUS Leadership Gathering in Seattle, May 8-9
NASCUS will hold its Thirdly Business Meetings of its leadership, May 8-9, 2008 in Seattle, Washington. The NASCUS Board of Directors and Credit Union Executive Council will meet to continue discussion on current and emerging issues and strategic priorities.
GETS Pilot Program: Extension of Application Deadline
NASCUS has been notified that the deadline for financial institutions in the GETS Pilot Program states to submit applications for GETS cards has been extended to May 12, 2008.
May 5, 2008
Attention Illinois Credit Union Community: Advisory Council Meeting, June 10 in Chicago
The Credit Union Advisory Council series of outreach meetings continues on June 10 in Chicago, Illinois. The event is free and open to members and nonmembers in the Illinois credit union community.
May 2, 2008
CURIA Legislation Introduced in Senate
After several months of anticipation, a Senate version of the Credit Union Regulatory Improvements Act (CURIA) was introduced May 1.
NCUA Office of Small Credit Union Initiatives Announces Schedule of Workshops
The National Credit Union Administration (NCUA) Office of Small Credit Union Initiatives will host small credit union workshops across the country throughout 2008.
April 30, 2008
Thirty State Agencies Submit Joint Comment Letter Signaling Serious Concern with NCUA’s ANPR
In an April 30 comment letter signed by 30 state agencies, NASCUS and state regulators communicate serious concern about the National Credit Union Administration’s (NCUA) Advanced Notice of Proposed Rulemaking (ANPR) on Parts 708a and 708b.
April 30, 2008
NASCUS Believes NCUA’s ANPR Intrudes on Longstanding Corporate Governance Law and Could Negatively Impact Dual Chartering
NASCUS provided comments to the National Credit Union Administration (NCUA) on April 30 emphasizing the proper role of state authority in the conversion and merger processes of state-chartered credit unions.
April 30, 2008
NCUA Releases Third Party Relationships Evaluation Questionnaire
This week, NCUA issued a letter to all federally insured credit unions regarding the new Evaluating Third Party Relationships Questionnaire that NCUA staff will use when examining credit union third party relationships.
April 29, 2008
NASCUS Offers National Perspective on State Regulatory Issues at Ohio Credit Union System Meeting
NASCUS President and CEO Mary Martha Fortney joined Ohio state regulators for a discussion with state-chartered credit unions (SCUs) during the Ohio Credit Union System’s Zenith08 event, April 25.
April 28, 2008
Pandemic Influenza Planning Webcast Series Continues Wednesday, April 30
The U.S. Department of Health and Human Services (HHS) is holding a live discussion on April 30 to enhance planning for a pandemic influenza.
April 23, 2008
Second Report of State Foreclosure Prevention Group Shows Little Improvement in Foreclosure Prevention Outcomes
A group of state regulators and state attorneys general reported April 22 that the collective efforts of servicers and government officials to improve foreclosure prevention have not resulted in meaningful change.
April 22, 2008
IRS, Treasury Accepting Comments on 2008-2009 Guidance Priority List
The U.S. Department of the Treasury and the Internal Revenue Service are encouraging the public to provide comment on recommendations for the 2008-2009 Guidance Priority List.
May 2 Deadline Approaching for GETS Pilot Program Applicants in Hurricane Regions
The GETS program, offered by the Department of Homeland Security’s National Communications System (NCS), is an important resource for the financial sector in maintaining communications resiliency during any type of disruption.
Fed’s Roger Cole Shares Lessons Learned from Market Crisis
Roger Cole, director of the Federal Reserve Board’s (Fed) Division of Banking Supervision and Regulation, addressed Women in Housing & Finance (WHF) on April 22 about the Basel II rules and lessons learned from the recent market turmoil.
Dates Announced for June 30, 2008 Call Report Process
The National Credit Union Administration (NCUA) posted important dates for the June 30, 2008 call report process. This information was sent to state regulators this week.
April 21, 2008
Mark-ups Scheduled for Mortgage Relief Bills in the House
House Financial Services Chairman Barney Frank (D, Mass.) announced that mark-ups will be held April 23 and 24 on two measures to combat the unprecedented rise in foreclosures.
April 17, 2008
NCUA Proposes Access to CUSO Books and Records
Citing safety and soundness concerns, NCUA proposes extending part of its CUSO rule to state-chartered federally insured credit unions.
NCUA Discusses CUSOs, Low-Income Designation and Other Topics at April Meeting
On April 17, the National Credit Union Administration (NCUA) Board held its monthly meeting and several Board actions affect state-chartered, federally insured credit unions.
April 16, 2008
Federal and State Regulators Gather for Annual NCUA/NASCUS National Regulators Meeting
Representatives from 38 state agencies and the National Credit Union Administration (NCUA) met in Tampa, Florida this week for the annual NASCUS/NCUA National Regulators Meeting, April 13-15, 2008.
Comment Deadline Nearing for NCUA ANPR on Conversions and Mergers, Send NASCUS Your Comments
Comments are due by April 30 on the National Credit Union Administration's (NCUA) recent Advanced Notice of Proposed Rulemaking (ANPR). The ANPR addresses several important issues concerning credit union conversions, mergers, member rights and board fiduciary duties
Secure Your Space at the 2008 NASCUS/CUNA BSA Conferences
It's not too late to register for this year’s comprehensive system wide Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Training. Last year’s conference and hotel sold out – you are encouraged to register and secure your space early.
April 9, 2008
Pennsylvania Examiners and Credit Union CEO Lead Small Credit Union IT Issues Webinar
On April 8, small credit union staff and regulators participated in a NASCUS webinar focused on managing a small credit union’s information technology (IT) program.
DoD Continues Outreach to NASCUS and State Agencies on MOUs
The Department of Defense (DoD) continues to consult with NASCUS state regulators about the memorandum of understanding (MOU) between state credit union regulators and DoD for enforcement of consumer lending regulations to the military.
IRS Requests Comments on Revised Form 990 Draft Instructions
The Internal Revenue Service (IRS) posted draft instructions to its website earlier this week for the revised Form 990, released in December 2007.
April 8, 2008
NASCUS Talks UBIT, Data Collection and Dual Chartering to Washington, D.C. Area Credit Union Executives
As the guest speaker at the Metropolitan Area Credit Union Management Association (MACUMA) lunch meeting on April 7, NASCUS President and CEO Mary Martha Fortney emphasized to a mostly federal credit union audience to continue to be mindful of challenges to both credit union charters.
Software and Hardcopy 5300 Call Report Forms Updated with Account Numbers for March 2008
State regulators and federally insured credit unions were recently informed about changes for the March 2008 Call Report Form in an April National Credit Union Administration (NCUA) Letter to Credit Unions.
April 7, 2008
NASCUS Regional Regulators Meetings, Mark Your Calendars: June and September
NASCUS is continuing its regional regulator series in Illinois and Tennessee and we encourage state regulators to attend.
State and Federal Regulators Gathering in Tampa for National Regulators Meeting
Thirty-eight states will be represented at the annual National Regulators Meeting between NASCUS and the National Credit Union Administration (NCUA) April 13-15 in Tampa, Florida.
April 3, 2008
Around the States Look at Financial Literacy Month Events
Several governors declared April as “Financial Literacy Month” encouraging financial education for their citizens throughout the month.
April 2, 2008
Bernanke: Markets Under Stress, But Remains Confident in Economy’s Long Term Prospects
Testifying before Congress’ Joint Economic Committee, Federal Reserve (Fed) Chairman Ben Bernanke explains the Fed’s strong actions to increase market liquidity and address the current economic condition
March 31, 2008
NASCUS Responds to Treasury's Proposed Regulatory Blueprint
On March 31, U.S. Treasury Secretary Henry Paulson released a proposal to reform the U.S. regulatory structure. NASCUS President and CEO Mary Martha Fortney expressed serious concerns about the proposal’s far-reaching implications, including preemption of state authority and state regulation of state-chartered institutions.
Treasury Calls for Sweeping Changes to Regulatory Structure and Supervision
On March 31, U.S. Treasury Secretary Henry Paulson released a proposal to reform the U.S. regulatory structure. The “blueprint” calls for comprehensive changes to the current regulatory system.
March 28, 2008
Kansas House Votes in Favor of FOM Bill
The Kansas House of Representatives voted to approve a bill on March 28 affecting Kansas state-chartered credit union field of membership (FOM). One hundred and fifteen members voted for the bill and eight voted against it.
NASCUS Online University Access for State Examiners
State agencies are reminded that their examination staff can access the NASCUS Online University for free due to a generous grant from the National Institute of State Credit Union Examination (NISCUE).
March 27, 2008
Kansas House to Debate and Vote on Credit Union FOM Bill
A vote by the Kansas House of Representatives is expected before its session closes April 5 on a bill affecting Kansas state-chartered credit union field of membership (FOM).
NASCUS Welcomes New Members to Credit Union Advisory Council
NASCUS also thanks the Credit Union Advisory Council members who have renewed in 2008 to continue helping us strengthen the state charter and dual chartering.
March 26, 2008
Idaho State Regulator Gavin Gee and brass|MEDIA’s Bryan Sims Added to NASCUS Summit Agenda
NASCUS has announced agenda updates for its annual NASCUS State System Summit, August 21-23, 2008 in Seattle, Washington. Idaho state regulator Gavin Gee and brass|MEDIA’s Bryan Sims join the speaker line-up of renowned credit union and financial sector experts. Click here to register online
March 24, 2008
FFIEC Updates Guidance on Business Continuity
For the first time in five years, the Federal Financial Institutions Examination Council (FFIEC) issued updated guidance to identify business continuity risks and evaluate controls and risk management practices for effective business continuity planning.
March 21, 2008
UBIT Case Assigned to Wisconsin District Court Judge
In a letter dated March 19, the UBIT case filed by Community First Credit Union in Appleton, Wisconsin has been assigned to U.S. District Judge William C. Griesbach of the Eastern District of Wisconsin.
March 20, 2008
House Financial Services Chairman Reveals Significant Policy Options to Address Economic Crisis
At the Boston Chamber of Commerce on March 20, House Financial Services Committee Chairman Barney Frank (D-Mass.) highlighted several considerable possibilities for policy reforms to stabilize the housing market and the challenged economy.
March 19, 2008
Strategic ALM Process Critical for Credit Unions in Today’s Economic Climate, Says Cunningham
Brad Cunningham, vice president of financial consulting services for WesCorp, presented strategies for managing balance sheet risk during NASCUS’ State of Asset/Liability Management webinar on March 17.
March 18, 2008
Utah State Credit Unions Receive Increased MBL Flexibility with New Bill
S.B. 296, signed by Utah Gov. Jon Huntsman Jr. on March 14, modifies restrictions on member business loans for Utah’s state-chartered credit unions.
March 17, 2008
BSA Compliance, MBL Issues Focus of Upcoming NASCUS Red Flags Seminar
At the NASCUS Compliance and Examination Red Flags Seminar, May 5-7 in Columbus, Ohio, financial industry experts from across the nation will present information on critical credit union compliance issues.
Ohio State Agency Announces Foreclosure Prevention Public Awareness Campaign
The Ohio Department of Commerce launched an initiative last week designed to help Ohioans stay in their homes
March 14, 2008
NCUA 2008 Regulatory Review
The NCUA maintains a rolling review schedule that identifies one-third of NCUA’s existing regulations for review each year and provides notice to the public of those regulations under review so the public may have an opportunity to comment.
NASCUS Accepting Comments on NCUA’s ANPR on Mergers and Conversions
NASCUS will be commenting on the ANPR and encourages state regulators and credit union executives to share their thoughts with NASCUS for inclusion in its comment letter.
March 13, 2008
OFAC and FBIIC to Meet with State Regulators at National Meeting
The U.S. Treasury Department will send representatives from two of its offices to meet with state regulators during the National Regulators Meeting between state regulators and the National Credit Union Administration (NCUA) in Tampa, April 13-15.
California Governor Appoints William Haraf as State Agency Commissioner
California Governor Arnold Schwarzenegger announced the appointment of William Haraf, Ph.D as the commissioner of financial institutions for the California Department of Institutions (DFI) on March 10.
UBIT Education Continues to Ohio, NASCUS and UBIT Steering Committee Lead Conference for Ohio Credit Union System
NASCUS President and CEO Mary Martha Fortney joined other UBIT Steering Committee representatives for an “Understanding UBIT Conference” hosted by the Ohio Credit Union League on March 12 in Columbus, Ohio.
March 7, 2008
CURRA Legislation Includes Some CURIA Provisions, But No Capital Reform
Congressmen Paul Kanjorski (D, Pa.) and Ed Royce (R, Calif.) introduced a slimmed down credit union regulatory relief bill, H.R. 5519, the Credit Union Regulatory Relief Act (CURRA) of 2008.
Need for Capital Reform and Member Business Enhancements Focus of Credit Union Regulatory Relief March 6 Hearing
The hearing “The Need for Credit Union Regulatory Relief and Improvement” was the first hearing in nearly five years focused exclusively on credit union issues.
March 6, 2008
NASCUS State Regulator Roger Little Shares Opportunities for Credit Unions in Troubled Economy, Highlights State System Priorities
Michigan state regulator and NASCUS Board member Roger Little represented NASCUS and state regulators with remarks during the March 6 general session of the Credit Union National Association (CUNA) Governmental Affairs Conference (GAC).
NASCUS Chairman Highlights Capital Modernization as Critical Element of Credit Union Regulatory Relief at March 6 Hearing
NASCUS Chairman George Reynolds (GA) highlighted a number of timely and critical issues including capital modernization, member business lending, conversions procedures and other necessary regulatory relief measures before the House Financial Services Committee on March 6. download testimony here>
March 5, 2008
NASCUS Chairman Testifying at March 6 Hearing on Credit Union Regulatory Relief
NASCUS Chairman George Reynolds (GA) will testify March 6 before the House Financial Services Committee at the hearing to discuss the Credit Union Regulatory Improvements Act (CURIA), H.R. 1537, and regulatory relief for credit unions.
Nebraska State Regulator to Head FFIEC State Liaison Committee
Starting March 27, John Munn, director of the Nebraska Department of Banking and Finance, will serve as chairman of the Federal Financial Institutions Examination Council's (FFIEC) State Liaison Committee.
February 29, 2008
NASCUS Leadership Meeting in Conjunction with 2008 CUNA GAC; Michigan State Regulator Addressing GAC Attendees March 6
NASCUS leadership will gather in Washington, D.C. next week for meetings in conjunction with the Credit Union National Association’s 2008 Governmental Affairs Conference (GAC).
February 27, 2008
NASCUS to Testify at House Financial Services Committee March 6 Hearing on CURIA and Regulatory Relief
NASCUS announced that it has accepted an invitation to testify before the House Financial Services Committee on March 6 at the hearing to discuss the Credit Union Regulatory Improvements Act (CURIA), H.R. 1537, and regulatory relief for credit unions.
NCUA Releases Recommendations Regarding Data Collection, Outreach Efforts to Underserved in Task Force Report
The National Credit Union Administration (NCUA) Outreach Task Force (OTF) issued a report to the NCUA Board February 26 recommending efforts to collect federal credit union (FCU) membership information, disclose FCU senior executive compensation and increase outreach efforts.
February 26, 2008
NASCUS Continues Consultation with the DoD on Consumer Lending to the Military, Responds to Recent Request for Comments
NASCUS responded to a request for comments from the Department of Defense (DoD) in a letter filed February 25. State regulators continue to provide guidance to the DoD on enforcement and implementation of consumer lending regulations to the military.
February 25, 2008
NASCUS Annual State System Summit Features Renowned Experts in MBL, Housing, Compliance and Regulatory Issues
The only national gathering of the state credit union system’s leaders will take place August 21-23, 2008 at the NASCUS State System Summit in Seattle, Washington.
February 22, 2008
Michigan Governor Appoints Ken Ross as State Agency Commissioner
Michigan Governor Jennifer M. Granholm announced the appointment of Ken Ross as the commissioner of the Michigan Office of Financial and Insurance Services (OFIS) on February 22.
February 14, 2008
House Financial Services Committee Holds Hearing to Explore CRA
The House Committee on Financial Services held a hearing about the Community Reinvestment Act (CRA) on February 13.
February 13, 2008
Register for Compliance and Examination Red Flags Seminar and Receive Complimentary Access to Upcoming Webinar
NASCUS encourages you to attend our Compliance and Examination Red Flags Seminar, May 5-7, 2008 in Columbus, Ohio.
Fed Continues Efforts to Protect Homeowners, Prevent Abuses, Learns NASCUS from Governor Kroszner
Federal Reserve (Fed) Governor Randall Kroszner addressed the audience of a Women in Housing and Finance (WHF) Symposium earlier this month to highlight the Fed’s efforts to mitigate foreclosures and prevent abuse, unfairness and deception in the residential mortgage market.
February 11, 2008
NASCUS Gathers State Regulators in the Northeast for Regional Regulator Meeting
The second stop on NASCUS’ 2008 Regional Regulator Meetings schedule was Boston, where regulators from seven states met with NASCUS for face-to-face dialogue on regulatory priorities and emerging issues.
February 7, 2008
Congress Schedules Hearing to Discuss Community Reinvestment Act
The House Financial Services Committee scheduled a hearing on February 13 to discuss the Community Reinvestment Act (CRA). The hearing is scheduled to coincide with the 30th anniversary of the Act.
February 6, 2008
NASCUS Updates Tennessee Credit Unions on Latest in UBIT Developments
NASCUS President and CEO Mary Martha Fortney was on the agenda of the Tennessee Credit Union League’s Leg/Reg Forum, February 4-5, presenting “need-to-know” information on unrelated business income tax (UBIT).
February 5, 2008
NASCUS and State Regulators Continue Discussing Enforcement of Consumer Lending Regulations to Military
NASCUS hosted a teleconference between the Department of Defense (DoD) and state regulators to continue the development of communication and implementation tools to enforce consumer lending regulations for the military.
February 4, 2008
FASB Announces Delay of FIN 48
The Financial Accounting Standards Board (FASB) issued a new effective date for FASB Interpretation No. 48, a suggestion made by the UBIT Steering Committee in a recent comment letter.
February 1, 2008
NASCUS Brings Together California Credit Union Executives for Outreach Meeting
NASCUS hit the road this week traveling to California to meet with credit union executives for the first Credit Union Advisory Council Outreach Meeting of 2008.
January 29, 2008
NASCUS Kicks Off Regional Regulator Meeting Series in California
Regulators from six states gathered in San Francisco, California on January 29 for the first in a series of NASCUS Regional Regulator Meetings.
Third-Party Relationships and Strategic Planning Highlighted as Key Examination Issues by NCUA
In the National Credit Union Administration’s (NCUA) “Key Examination Issues for 2008” webinar held January 29, NCUA Board member Gigi Hyland and NCUA senior staffers focused on two issues – the evaluation of third-party relationships and strategic planning.
January 28, 2008
NASCUS Members Highlight Value of MBL Training at Recent School
NASCUS continued its member business lending (MBL) training January 14-18, 2008 in San Diego with its first Intermediate Member Business Lending School taught by Jim Devine of Hipereon, Inc.
Results Released From Financial Services Pandemic Flu Exercise
A report recently released by the U.S. Treasury indicates a need for organizations to include a pandemic focus in their business continuity plans.
January 25, 2008
NASCUS Information Technology Training Continues With Recent Intermediate School
The school was attended by both state examiners and credit unions, and was taught by Tom Schauer, CEO of TrustCC. Schauer served as the trainer for NASCUS at past IT schools.
Challenges Webinar Begins Series of Small Credit Union Education Offerings
The first in a series of webinars targeted to small credit unions took place on January 22. The webinar “Small Credit Union Challenges” featured both a regulatory and credit union perspective with presentations by Donna Metcalfe, Pennsylvania’s Credit Union Administrator, and Debbie Peters, CEO of Incol Credit Union.
House Financial Services Committee Reveals Agenda for 2008, Discusses Economic Stimulus Package
NASCUS attended a news conference January 24 to understand priorities of the House Financial Services Committee for 2008 and to learn more about the Committee’s position on the recent economic stimulus package presented by the Bush Administration.
January 24, 2008
NCUA Requests Comments on Governing Mergers and Conversions in Advance Notice of Proposed Rulemaking
At its January meeting, the National Credit Union Administration (NCUA) issued an advanced notice of proposed rulemaking (ANPR) to gather comments on whether the agency should issue regulations to govern mergers of federally insured credit unions (FICU) to a financial institution other than a mutual savings bank (MSB).
Dates Announced for March 31, 2008 Call Report Process
The National Credit Union Administration (NCUA) has posted important dates for the March 31, 2008 call report process. This information was sent to state regulators this week.
January 23, 2008
Registration for LAMPS Training Open to State Regulators
The NCUA Office of Examination and Insurance will be hosting a training webcast for all state regulators on the Letters and Assignments Management Process System (LAMPS).
January 22, 2008
Louisiana Governor Reappoints Ducrest as Commissioner of State Agency
Louisiana Governor Bobby Jindal announced on January 10 that John Ducrest would continue serving as Commissioner of the Louisiana Office of Financial Institutions (OFI).
January 18, 2008
Two NASCUS / CUNA Bank Secrecy Act Conferences Planned for 2008
Mark your calendar now, NASCUS is preparing to open registration for this year’s comprehensive system wide Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Training. Last year’s conference sold out therefore two identical conferences are scheduled for 2008.
New York State Regulator Stresses Importance of State System
New York State Banking Superintendent Richard Neiman addressed the Washington Exchequer Club on January 16 with a message of about the value of the dual chartering system in today’s regulatory environment.
January 16, 2008
Dates and Locations Announced for Upcoming NASCUS Schools
Mark your calendar for two upcoming NASCUS educational programs. Additional information and a listing of NASCUS educational offerings can be found by clicking here.
Not Too Late to Join NASCUS at California Credit Union Outreach Meeting, January 30
Registrations are still being accepted from California credit union executives who want to join NASCUS in San Francisco on January 30, 2008 for a Credit Union Advisory Council Outreach Meeting.
January 15, 2008
State-Chartered Credit Union Files Lawsuit Against IRS Regarding UBIT
A complaint was filed in federal court January 15 by Community First Credit Union in Appleton, Wisconsin against the Internal Revenue Service (IRS) on unrelated business income tax (UBIT).
NASCUS Makes Contribution to National Credit Union Foundation Through Credit Union Advisory Council Membership Renewal Initiative
As advisors to NASCUS, the Credit Union Advisory Council plays an important role in supporting the work of NASCUS on behalf of state-chartered credit unions and dual chartering
January 10, 2008
Federal Reserve “Prepared to Act” States Chairman Bernanke January 10
NASCUS heard comments first-hand from Ben S. Bernanke, chairman of the Federal Reserve Board, about the economy and the downturn in the credit and housing markets at a January 10 luncheon.
MSIC President John Buddle Announces Retirement
The Massachusetts Credit Union Share Insurance Corporation (MSIC) announced that its president/CEO John Buddle will retire effective March 1, 2008.
January 8, 2008
NASCUS Remains Involved with DoD on Implementation and Enforcement of Consumer Lending Regulations to Military
State regulators continue to work with the Department of Defense (DoD) on implementation and enforcement of the consumer lending provisions of the Defense Authorization Act of 2007.
January 3, 2008
Filene Research Institute Releases Study Making Case for Alternative Capital for Credit Unions
In a NASCUS supported study, the Filene Research Institute makes the case for expanded sources of credit union capital in the newly released Alternative Capital for U.S. Credit Unions? A Review and Extension of Evidence Regarding Public Policy Reform.
To view 2007 stories, click here.
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