News Story Archive

 

2016-17 Stories

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2017

Indiana regulator named to state panel of Exam Council
Sept. 25, 2017 -- Tom Fite, director of the Indiana Department of Financial Institutions, has been named a member of the State Liaison Council (SLC) of the Federal Financial Institutions Examination Counci. The appointment fills out the council’s membership roster. READ

House strips NCUA budget provision from bill
Sept. 14, 2017 -- The House has approved a spending plan that no longer includes a provision rolling the NCUA budget under the congressional appropriations process, because of action last evening. READ

Continuing, new leadership empaneled, appreciation expressed
Sept. 8, 2017 -- Continuing and new leadership was empaneled for NASCUS was empaneled at last week’s NASCUS State System Summit, the result of recent elections for the NASCUS Board and Credit Union Advisory Council. READ

New website offers FFIEC webinars, new and past
Sept. 6, 2017 -- Webinars about financial institution supervision are featured on a website launched Wednesday by the Federal Financial Institutions Examination Council (FFIEC), targeted to regulators, financial institutions and the public. READ

Summary provides ‘map’ of new arbitration rule
Aug. 10, 2017 -- Serving as a “map” of sorts to CFPB’s new rule regulating pre-dispute arbitration clauses in consumer financial contracts, NASCUS has developed and posted a summary of the regulation’s executive summary. READ

Merger proposal earns opposition for lack of deference to state law
Aug. 8, 2017 -- Proposed changes to NCUA rules regarding voluntary mergers are opposed by NASCUS, primarily because of the proposal’s lack of deference to state law, the association for the state credit union system wrote in its official comment letter to the agency. READ

Support voiced for appeals changes (and some refinements)
Aug. 8, 2017 -- Noting that proposed changes to its appeals process would “introduce consistency to the now varied processes” for credit union appeals over NCUA regulatory determinations to the agency board, NASCUS voiced support for the changes – and some “suggestions for refinement.” READ

3 modifications voiced for SRC procedure changes
Aug. 8, 2017 -- NASCUS supports proposed changes to procedures for appealing material supervisory determinations to NCUA’s Supervisory Review Committee, with some modifications, the association wrote in a comment letter filed Monday. READ

CFPB issues warning about ‘pay-by-phone’ fees
Aug. 1, 2017 -- Concerned about financial services and other companies that are “tricking consumers” into paying expensive fees for remitting by phone, the CFPB issued a warning Monday about charging the fees. The bureau also issued guidance that the it says will assist in compliance with the law. READ

Agency resets date for September board meeting
July 26, 2017 -- NCUA will hold its next board meeting Sept. 28 -- one week later than the agency had originally set its meeting -- as it prepares to consider dismantling the fund set up to stabilize the corporate credit union system. READ

Summary outlines comments due on home equity reporting (July 31)
July 24, 2017 -- Comments are due next week (Monday, July 31) about revised thresholds for reporting open-end lines of credit, proposed by the Consumer Financial Protection Bureau (CFPB), as noted in a summary posted by NASCUS today. READ

Agency to consolidate regions; Albany, Atlanta offices to close
July 21, 2017 -- NCUA will close offices in Albany, N.Y. and Atlanta through a consolidation of its regions from five to three, the agency announced this morning in a press release about restructuring the agency. READ

CFPB proposes raising home equity loan reporting threshold
July 14, 2017 -- Credit unions and banks making 500 or fewer home equity loans annually would not be required to report the loans to the Consumer Financial Protection Bureau (CFPB) under a proposal issued Friday by the agency. READ

Board to consider comment period on closing corporate fund
July 12, 2017 -- A comment period about closing the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) – the fund established by NCUA to resolve troubled corporate credit unions – will considered by the NCUA Board when it meets next week for its July open board session in Alexandria, Va. READ

CFPB bans arbitration clauses on credit cards, accounts
July 10, 2017 -- A ban on mandatory arbitration clauses – such as those covering consumer financial products, including credit cards and bank accounts, and which block consumers from joining in class actions to sue for alleged wrongdoing – was announced Monday by the CFPB. READ

Summary outlines 3 crucial elements of corporate proposal
July 10, 2017 -- The new, proposed corporate rule issued by NCUA at its June board meeting includes three important elements that are designed to help meet the agency’s goal of modifying the approaching capital framework benchmarks established in 2010 as part of the regulatory restructuring of the corporate system, according to a summary of the proposal published by NASCUS. READ

‘Know Before You Owe’ rules updated
July 7, 2017 -- Updates to the “Know Before You Owe” mortgage disclosure rule from CFPB, with amendments intended to formalize guidance in the rule, were released by the bureau Friday. READ

NCUA chairman seeks CFPB exam exemption for big CUs
July 6, 2017 -- Three, very large state-chartered credit unions – out of six federally insured credit unions with $10 billion or more in assets -- would receive an exemption from CFPB exam and enforcement authority under a request made Thursday by NCUA Board Chairman J. Mark McWatters. READ

Summary gets to meat of appeals procedures proposal
July 5, 2017 -- Condensing 14, three-column Federal Register pages into essentially four typewritten pages, the NASCUS summary of NCUA’s recently proposed rule on its appeal procedures gets down to the meat of the proposal while making clear that the proposal does not cover supervisory actions taken by state regulators – only those taken by federal supervisors. READ

Summary of OTR proposal points out four key changes
July 5, 2017 -- Four key changes to the methodology for determining the “overhead transfer rate” (OTR) of funds from the National Credit Union Share Insurance Fund (NCUSIF) to cover a percentage of the annual NCUA budget are outlined in a new summary published by NASCUS. READ

Report details consumer complaints state by state
June 29, 2017 -- State-by-state statistics on consumer complaints about financial services, including volume, the products and services generating the most, company response rates, and a look at complaints from servicemembers and older Americans are summarized in a special report released this week by the CFPB. READ

Trump removes ‘acting’ from McWatters’ title at NCUA
June 27, 2017 – President Donald Trump made J. Mark McWatters the 10th chairman of the NCUA Board today, removing the “acting” tag from the title borne by the NCUA leader since January. READ

GA to apply ‘S’ in CAMEL beginning next year
June 27, 2017 -- “Sensitivity to Market Risk” -- or the “S” component -- will be added to Georgia state-chartered credit union CAMEL ratings beginning Jan. 1, the state’s Banking and Finance Department told local credit unions Monday. READ

Summary outlines FHLB membership rules for non-federally insured CUs
June 22, 2017 – A summary of final rules governing non-federally insured credit union membership in the Federal Home Loan Bank (FHLB) system, and outlining procedures for non-federally insured CUs to join, has been published by NASCUS. READ

CFPB Seeks Comment on Proposed Changes to Prepaid Final Rule
June 20, 2017 –The Consumer Financial Protection Bureau (CFPB) is seeking comment on proposed updates to its prepaid rule.  The prepaid final rule, issued in 2016, required financial institutions to limit consumers’ losses when funds were stolen or card were lost, investigate and resolve errors, give consumers free and easy access to account information, and provide protections if credit is offered.  The proposal would adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets.  READ

NCUA to seek public comment on OTR methodology

June 14, 2017 – A request for public comment on the overhead transfer rate (OTR) methodology is on the agenda for the June meeting of the NCUA, which is now set for Friday (rather than the typical Thursday), June 23. The agenda item on the OTR is the first action contemplated by the board since it issued a comment call in spring, 2016 on the issue. READ

Treasury report calls for revising risk-based capital, adding supplemental capital
June 13, 2017 -- NCUA should revise its risk-based capital rules to limit the number of credit unions the rules apply to, and credit unions should have access to supplemental capital, a long-awaited report from the Treasury recommended Monday. READ

House approves CHOICE; Senate to begin work
June 8, 2017 -- The House approved the Financial CHOICE Act (H.R. 10) Thursday on a vote of 233-186, opening the door for the bill to be sent to the Senate for consideration, which is beginning to craft its own re-write of financial regulatory law, overturning much of the 2010 Dodd-Frank Act. READ

Cybersecurity ’17: First day covers wide range
June 5, 2017 -- The first day of the 2017 Cybersecurity Symposium featured nine hours of presentation and dialog that covered a wide range of topics, by expert speakers. READ

Updated CAT released, with more response options
May 31, 2017 -- Additional cybersecurity response options -- which would allow financial institutions to include supplementary or complementary behaviors, practices and processes that represent current practices in support of their cybersecurity activity assessments - are outlined in an update to the Cybersecurity Assessment Tool (CAT) released today. READ

Agencies ‘highlight’ techniques to deal with appraiser shortage
May 31, 2017 -- Two options to assist in timely consideration of loan applications by lenders in the face of limited availability of state-certified and licensed appraisers were highlighted today in a joint advisory issued by federal financial regulatory agencies, largely in response to comments made to them by insured financial institutions. READ

Averill takes seat as new Iowa regulator
May 30, 2017 -- Kate Averill is the new superintendent of Iowa's 93 state chartered credit unions taking office today, an appointment announced Friday by the office of Iowa Gov. Kim Reynolds (R), according to the Fort Dodge, Iowa, Messenger. Averill, formerly senior vice president at Citizens Community Credit Union in Fort Dodge, succeeds Joann Johnson, who has retired. READ

Proposal focuses on merger transparency;
doesn't include FISCUs (yet)

May 25, 2017 - A rule aimed at enhancing transparency of mergers between federal credit unions – but that could be applied to mergers between federally insured, state chartered credit unions -- was proposed today for a 60-day comment period by the NCUA Board, among other things. READ

‘Fiduciary rule’ to take effect June 9, but changes likely ahead
May 23, 2017 -- A rule holding financial advisers to a “fiduciary standard” affecting how they may advise clients on retirement savings will take effect on June 9, without further delay, the Secretary of Labor said Monday. READ

Summary targets information request on small biz lending
May 23, 2017 -- Comments regarding the small business lending market, in response to the CFPB’s recent “request for information,” are due July 14, according to a new summary posted by NASCUS. READ

Highlights of CHOICE for state system explored in summary
May 16, 2017 -- Highlights of the impact on the state credit union system – in particular, the effect on NCUA, the CFPB and credit unions – are outlined in a new summary of the Financial CHOICE Act by NASCUS. The analysis is available to NASCUS members only. READ

Cybersecurity in spotlight; prevention tips offered
May 15, 2017 -- Tips to help prevent the spread of a resurgence of last week's cyber attack that hit systems in up to 100 countries, taking those systems offline and in some cases shutting down businesses and institutions entirely, have been compiled by NASCUS for the state system. READ

Ito notes unique perspective of retiring Iowa superintendent Johnson
May 10, 2017 -- Joann Johnson’s service as both a state and federal regulator have given her a unique perspective, which served the entire credit union system commendably, NASCUS President and CEO Lucy Ito said today upon the announcement of Johnson’s retirement. READ

Voices across CU system join in support of capital proposal
May 10, 2017 -- Credit unions small and large, trade groups and even former regulators all joined NASCUS in supporting NCUA’s alternative capital proposal, based on a review of letters the groups and individuals filed about the proposal. READ

‘CHOICE Act’ gets thumbs up by committee, 34-26
May 4, 2017 -- After two full days of debate, the sweeping regulatory reform legislation known as the Financial CHOICE Act was adopted by the House Financial Services Committee Thursday, on a vote of 34-26 (along partisan lines). READ

Curry to step down Friday as comptroller; Washington banking attorney Noreika named interim
May 3, 2017 -- Keith Noreika, a Washington attorney, will serve as interim Comptroller of the Currency after Thomas J. Curry steps down Friday (May 5), it was reported today. READ

Spending bill blocks interference with medical marijuana
May 2, 2017 -- Medical marijuana would continue to be out of reach of Justice Department interference – at least until this fall -- as part of the spending package compromise agreed to in Congress this week and awaiting a final vote. READ

Water no barrier to rural district definition, letter opines
May 2, 2017 -- The presence of a body of water in a geographic area does not preclude the area from satisfying the definition of “contiguous” in the rural district provisions of the NCUA Chartering Manual, according to a recent opinion letter by the agency. READ

State council names TN’s Gonzales chairman
May 1, 2017 -- Tennessee’s Greg Gonzales is now the chairman of the State Liaison Council (SLC) of the Federal Financial Institutions Examination Council (FFIEC), as a result of elections by the council members. READ

Federal charter, insurance granted to former privately insured CU
April 25, 2017 -- A federal credit union charter has been granted to a Los Angeles-based institution– which will serve more than a half million fire protection industry workers around the country from offices and a call center in California – which was formerly a privately insured credit union. READ

Reports: House CHOICE bill to be marked up May 2
April 24, 2017 -- A financial regulatory reform bill – the focus of a hearing this week before the House Financial Services Committee -- will be marked up next week, according to news reports today. READ

CFPB follows state system advice; delays pre-paid rule by 6 months
April 20, 2017 -- Following NASCUS’ recommendation, the CFPB has delayed by six months the effective date of its rule on prepaid accounts, under a final rule issued by the agency Thursday. The rule on pre-paid accounts will now take effect April 1, 2018 (rather than Oct. 1 of this year). READ

Advisory council of federally insured CUs for NCUA supported
April 20, 2017 -- An advisory council of federally insured credit unions intended to provide NCUA with advice and guidance about issues related to credit union federal share insurance regulation and supervision is supported by NASCUS, the result of action taken by the association’s board this week. READ

Hearing set for fin. reg reform -- CHOICE 2.0 -- in House
April 20, 2017 -- A House hearing to consider the latest version of financial regulatory reform legislation – a draft of which was released publicly Wednesday -- has been scheduled for next week by Financial Services Committee Chairman Jeb Hensarling, R-Texas. READ

‘Compliance risk’ letter summarized
April 19, 2017 -- NCUA’s recent “Letter to Credit Unions” on compliance risk and risk-focused exams is outlined in a new NASCUS summary. READ

‘Alternative data’ summary notes comments due in a month
April 19, 2017 -- Comments about use of alternative data use in the credit process are due May 19 for a CFPB “request for information,” according to a newly posted NASCUS summary on the agency action. READ

Summary outlines CFPB credit card market inquiry
April 18, 2017 -- Up to 13 different areas of comment are being sought by the CFPB as the agency seeks comment about the credit card marketplace, according to a new NASCUS summary. READ

Proposal would clarify HMDA data collection, report
April 13, 2017 -- A proposal clarifying the information financial institutions are required to collect and report about their mortgage lending – helping them, in turn, comply with Home Mortgage Disclosure Act (HMDA) rules – was issued today by the CFPB. READ

Letters focus on compliance risk, evaluation
April 9, 2017 -- A supervisory letter on evaluating compliance risk, with updated compliance risk indicators, has been posted on the NCUA website; the letter – addressed to all NCUA field staff -- was delivered to all federally insured credit unions via a “Letter to Credit Unions” from the agency late last month. READ

NASCUS: 6-month delay for CFPB pre-paid rule ensures time to prepare
April 6, 2017 -- A six-month delay of the effective date of the CFPB’s final rule on pre-paid accounts, to April 1, 2018, is supported by the state credit union system because it will ensure credit unions and other industry participants have the time to prepare for the rule, NASCUS has written to the bureau. READ

Conversions to states resume in first two months of ‘17
April 5, 2017 -- Conversions of federally chartered credit unions to state charters is continuing in 2017, with larger credit unions converting to the state charter, resuming a four-year trend going back to 2012 (but interrupted in 2016). READ

Panel to look at impact of federal regulator rules, processes
April 5, 2017 -- A hearing on the impact of federal regulator rules and processes – including NCUA – on providers of financial institutions and their customers and members will be held Thursday by a House subcommittee. READ

Summary outlines CFPB remittance rule assessment
April 4, 2017 -- A summary of CFPB’s call for comments on the effectiveness of the bureau’s rule on remittances has been prepared and posted by NASCUS, noting six areas in which comments are being sought. Comments are due by May 23. READ

Governors cite risks to states in changing marijuana guidance
April 4, 2017 -- Any changes to “regulatory and enforcement systems” for marijuana by the federal government should be preceded by engagement with their states, four western governors have recommended to U.S. Attorney General Jeff Sessions, especially as doing so could pose safety risks to both the public and state regulators enforcing those systems. READ

TN's Gonzalez to chair SLC; ID's Hughes reappointed
April 3, 2017 --Tennessee Commissioner of Financial Institutions Greg Gonzales will be the next chairman of the state liaison committee (SLC) to the FFIEC, beginning in May, as the result of elections last week, the exam council announced today.Gonzales will replaces as SLC chair Michigan Office of Banking Director Karen Lawson, who is stepping down. READ

GAO: Privately insured CUs comply with disclosure rules, but more CFPB guidance needed
March 30, 2017 -- Privately insured credit unions have largely complied with CFPB disclosure requirements of their status as non-federally insured financial institutions, but the rules for those disclosures should be clarified in guidance from the consumer bureau, the federal Government Accountability Office states in a report released Wednesday. READ

Proposal seeks more flexibility in mortgage lending info collection
March 28, 2017 -- Providing additional flexibility to some mortgage lenders concerning the collection of consumer demographic information is the aim of a proposed amendment to Regulation B (Equal Credit Opportunity Act/ECOA) issued by the CFPB last week. READ

Agency targets 12 rules for review in 2017
March 27, 2017 -- Twelve regulations will be reviewed by NCUA in 2017 as part of its regulatory review, a process in which the agency reviews all of its existing regulations over a three-year period, the agency recently announced. Comments will be due by Aug. 14. READ

Report outlines NCUA plans for RBNW rule, sup. capital
March 22, 2017 -- NCUA intends to substantially revise the risk-based net worth rule and permit credit unions to issue supplemental capital for risk-based net worth purposes, according to comments by agency Acting Chairman Mark McWatters contained in a joint report by federal regulators sent to Congress this week. READ

Order calls for reorganizing federal government
March 15, 2017 -- A plan to reorganize the federal government, including NCUA and other independent agencies, is due to be presented to President Donald Trump in about one year, under an order signed by the president Monday. READ

Report notes agency working on OTR improvements
March 13, 2017 -- Improvements to the overhead transfer rate (OTR), and the federal credit union operating fee, are being determined by NCUA based on remarks received in last year’s comment period on the two key funding mechanisms for its budget, NCUA reports in its 2016 Annual Report, released by the agency today. READ

NCUA Board reform, OTR, alt. capital highlight web interview
March 8, 2017 -- Reform of the NCUA Board -- to increase the number of members from three to five (and designate one seat for someone with state credit union regulator experience) – and the next step in increasing transparency for the overhead transfer rate (OTR) are among the issues addressed by NASCUS President and CEO Lucy Ito during an interview streamed by the web video program CUbroadcast.com. READ/WATCH

States reach nearly even share of assets, YE ’16 stats show
March 6, 2017 -- State-chartered credit unions held just under 49% of the $1.3 trillion in assets held by all U.S. credit unions at year-end 2016, according to numbers released Monday by NCUA, and additional numbers compiled by NASCUS. READ

Supplemental capital bill introduced in House again
March 1, 2017 -- Legislation that would redefine “net worth” for federally insured credit unions to include uninsured non-share capital accounts under certain conditions – and give federal credit unions ready access to supplemental capital – and has again been introduced in the House, and again by long-time credit union supporters. READ

NCUA leader notes state system priorities in GAC remarks
Feb. 28, 2017 -- In outlining 15 areas for reducing the regulatory and supervisory burden on credit unions, NCUA Acting Chairman J. Mark McWatters selected four that NASCUS has urged him to consider in a recent letter, during his address to the credit union audience at the CUNA GAC Tuesday. READ

Letter repeats support for state regulator on NCUA Board
Feb. 27, 2017 --An NCUA board with five seats – one of which is designated for a person with state credit union regulatory experience – contained in financial regulation reform legislation in the House, and which is being readied for introduction, continues to have the support of the state credit union system, NASCUS has written. READ

Trump mandates task forces to cut regulatory red tape
Feb. 24, 2017 -- Task forces meant to eliminate red tape are required to be established by each federal agency under a new executive order signed by President Trump today, with each agency required also to evaluate existing regulations and identify candidates for repeal or modification. READ

Pointing to states, NCUA Board looking for new way to set interest rate ceiling
Feb. 23, 2017 -- Re-establishment of the federal credit union interest rate ceiling 18% was approved for the next 18 months by the NCUA Board at its meeting today, but only after the board’s two members agreed that the time may be come to consider a new way to set the rate – pointing to states as a model. READ

Op-ed: Alternative capital proposal ‘best opportunity’ in 20 years
Feb. 22, 2017 -- The proposal on alternative capital now out for comment by NCUA presents the state credit union system with the best opportunity in 20 years to speak out on this issue, NASCUS President and CEO Lucy Ito writes in a column published this week by CUToday.info. READ

Supplemental capital proposal outlined in wide-ranging summary
Feb. 20, 2017 -- Although it is titled a “summary,” NASCUS has developed a comprehensive look at the “alternative capital” proposal issued by the NCUA Board at its January meeting; this rule is out for comment to May 9 (a 90-day period). READ

Full court review granted CFPB; Cordray keeps job (for now)
Feb. 16, 2017 -- The CFPB has been granted a review by a federal appeals court of a ruling from last fall that effectively found the structure of the agency unconstitutional. READ

Senator unveils new TAILOR bill
Feb. 15, 2017 -- Legislation aimed at giving regulatory relief to smaller credit unions and banks by requiring their federal regulators (including NCUA and the CFPB) to tailor their rules to fit financial institutions’ business models and risk profiles has been reintroduced in the Senate. READ

Alt. capital proposal set to open for 90-day comment period
Feb. 7, 2017 -- Alternative capital at credit unions is the subject of an advance notice of proposed rulemaking by NCUA scheduled to be published by the Federal Register Wednesday, opening the 90-day public comment period. READ

Areas of state/federal collaboration outlined to acting NCUA chair
Feb. 7, 2017 -- Supplemental capital and an easily understood overhead transfer rate (OTR) methodolgy are two issues the state credit union system looks forward to working with new Acting NCUA Chairman J. Mark McWatters, NASCUS President and CEO Lucy Ito said in a congratulatory letter to the new leader. READ

Guidance makes clear: indy agencies/NCUA not covered by ‘1-for-2’
Feb. 6, 2017 -Independent agencies are not covered under the ‘1-for-2’ regulatory-reduction order signed by President Trump last week, confirming earlier reports. READ

Order sets 'core principles' for financial regulation
Feb. 4, 2017 --Restoring public accountability within federal financial regulatory agencies, and “rationalizing the federal financial regulatory framework” are two key points stated in President Donald Trump’s order on “Principles for Regulating the United States Financial System,” which he signed Friday. READ

Vega again in role of top staffer to (acting) NCUA chairman
Feb. 1, 2017 -- Sarah Vega, a former Illinois credit union regulator and NASCUS chairman, has been named chief of staff for NCUA Acting Chairman J. Mark McWatters. READ

Freeze ‘does not apply’ to NCUA – but ‘spirit’ will be followed
Jan. 31, 2017 -- A regulatory freeze imposed by the Trump administration does not apply to NCUA, as it is an independent federal financial regulator, but the agency will “adhere to its spirit,” according to a statement issued by the agency today. READ

Report: White House confirms independent agencies exempted from '1-for-2' order
Jan. 30, 2017 -- Independent agencies -- including NCUA -- are exempt from an executive order issued today that any new, proposed federal regulation would have to be offset by repeal of “at least two” existing regulations, according to a news report today. READ

‘One for two’ order seeks to cap, reduce regulations
Jan. 30, 2017 -- Any new, proposed federal regulation would have to be offset by repeal of “at least two” existing regulations under an executive order signed by President Donald Trump today. READ

McWatters named acting NCUA chairman; Metsger becomes board member
Jan. 26, 2017 -- J. Mark McWatters is the new acting chairman of the NCUA Board, replacing Rick Metsger, as the result of a designation Thursday by President Donald Trump, NCUA confirmed today. READ

Court dismisses banker lawsuit challenging MBL rule
Jan. 24, 2017 -- A federal court has dismissed a lawsuit against NCUA’s new member business loan (MBL) rule on procedural rules, but only after also pointing out that the suit would have been dismissed on its merits as well. READ

Alerts focus on HMDA reporting, mortgage servicing/debt collection rules
Jan. 24, 2017 -- Compliance with Regulation C, the Home Mortgage Disclosure Act (HMDA) reporting, and mortgage servicing and debt collection rules, are the subjects of two “regulatory alerts” issued by NCUA this month. READ

At least one group sees little impact on fin. regulators by Trump freeze
Jan. 24, 2017 -- NCUA may be still considering the impact on the agency of President Donald Trump’s regulatory freeze, but at least one law firm in Washington has interpreted the pause in regulating as not likely affecting federal financial institution regulatory agencies. Meanwhile, a hiring freeze has also been imposed on federal agencies by the Trump administration. READ

Agency reviewing Trump rule ‘freeze;’ hiring check imposed, too
Jan. 23, 2017 -- NCUA said today it is reviewing a memo issued by the White House Friday freezing pending regulations for 60 days, and ordering federal agencies to withdraw rules that have been proposed, but have not yet been published in the Federal Register. READ

‘Alternative capital’ proposal issued; 1st 'full-bore' attempt
Jan. 19, 2017 - Proposals on “alternative capital” and adjustments for inflation to civil money penalties were issued for comment by the NCUA Board at its Thursday meeting, in a short but significant session. READ

Nominations open for CU Council (and others) at CFPB
Jan. 18, 2017 -Nominations for appointment to the CFPB’s Credit Union Council (CUAC) have opened, with candidate applications due on or before March 1 to be considered for a slot on the council. READ

Cybersecurity, BSA are NCUA top supervisory priorities
Jan. 13, 2017 --Cybersecurity and Bank Secrecy Act compliance are at the top of the list of priorities for NCUA in its supervisory agenda for the New Year, according to a “Letter to Credit Unions” (LTCU 17-CU-01) issued by the agency Thursday. READ

‘Alternative capital’ to be considered by NCUA Board
Jan. 12, 2017 -- “Alternative capital” for credit unions will be the subject of an advanced notice of public rulemaking that the NCUA Board will consider at next week’s regular meeting in Alexandria, Va. READ

CFPB survey: ‘troubling problems’ in debt collection industry
Jan. 12, 2017 -- More than one in four consumers contacted by debt collectors feel threatened – and three in four of consumers report that debt collectors do not honor their request that collectors leave them alone, according to a new report from the CFPB, released early today. READ

Atty Gen’l designate: Up to Congress to change marijuana laws
Jan. 11, 2017 -- Saying he would enforce federal marijuana laws, Attorney General-designate (and U.S. Senator) Jeff Sessions said during his confirmation hearing Tuesday it’s up to Congress to change those laws if use and possession of the substance is going to proceed in states. READ

CUSO registrations due Feb. 1-March 31
Jan. 9, 2017 -- Annual required “reaffirmation” by credit union service organizations (CUSOs) must be completed between Feb. 1 and March 31 with the NCUA’s CUSO registry, the agency announced today. READ

Two more listed for Trump ‘landing team’ at NCUA
Jan. 9, 2017 -- Two additional names have been added to the “landing team” at NCUA for the incoming Trump Administration, which includes a former top staffer at the agency. READ

Letter outlines risk-based extended exam cycle
Jan. 4, 2017 -- Most federally insured, state-chartered credit unions will receive an NCUA exam based on risk, and at least once every five years, according to a “letter to credit unions” issued by the agency last week outlining the steps the agency is taking to “permit an extended examination cycle.” READ

Nominations for CFPB’s CU Council open Jan. 16
Jan. 3, 2017 -- Nominations for appointment to the CFPB’s Credit Union Council (CUAC) will open in about two weeks (Jan. 16), with an application due by an interested candidate on or before March 1 to be considered for a slot on the council, READ

FAQs outline advance steps to take for CECL
Jan. 3, 2017 -- Suggested steps for management to consider in preparation for implementation of the new current expected credit loss (CECL) accounting standard are among the items listed in a “frequently asked questions” document issued last week by NCUA and other federal financial regulatory agencies. READ

2016

Exec summary outlines mortgage servicing rule amendments
Dec. 22, 2016 -- An executive summary of amendments to certain mortgage servicing provisions under Regulation Z issued by CFPB this fall – as well as an interpretive rule under the Fair Debt Collection Practices Act (FDCPA), relating to servicers’ compliance with certain mortgage servicing provisions – has been developed and posted by NASCUS. READ

Only 4 state-chartered CUs face late call report filing penalties
Dec. 22, 2016 -- Only four federally insured, state chartered credit unions are among the 24 that were assessed civil money penalties by NCUA for filing their call reports late in the second quarter, the agency reported Wednesday. READ

Bureau shifts focus for 2017 to fair lending issues
Dec. 20, 2016 -- Redlining, mortgage and student loan servicing, and small business lending are among the key areas where CFPB will focus in 2017, according to a recent posting by the bureau. READ

Corporate fund position, rebate potential dominate board discussion
Dec. 15, 2016 -- Credit unions shouldn’t expect rebates on their assessments for the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) before 2021, a position reiterated during a staff briefing about the fund at Thursday’s NCUA Board meeting in Alexandria, Va. READ

Op-ed aims to clear confusion over OTR, insurance premium
Dec. 14, 2016 -- A decrease in the overhead transfer rate did not – and could not – force an insurance premium to be assessed, NASCUS President and CEO Lucy Ito writes in an op-ed appearing in Credit Union Times, and she notes that the higher the OTR, the more all credit unions -- state and federal--will be on the hook for future premium assessments to maintain the equity ratio. READ

McWatters: Enhancing dual charter system among items to pursue in 2017
Dec. 13, 2016 -- Working with state regulators to enhance the dual-chartering system is one of 18 items identified by NCUA Board Member J. Mark McWatters that the agency could pursue in 2017 “to improve operations at NCUA and to allow well-managed credit unions greater flexibility consistent with the principles of safety and soundness.” READ

Summary details products covered under final prepaid rule
Dec. 12, 2016 -- Financial products that are affected by the final prepaid accounts rule published by the CFPB – and which products are not affected – are outlined in a summary by NASCUS of NCUA’s recent Regulatory Alert on the prepaid rules. The summary is available to members only. READ

Summary outlines new FOM rule, set for publication Wednesday (Dec. 7)
Dec. 6, 2016 -- NCUA’s new rule on field membership – which is scheduled for publication in the Federal Register Wednesday (Dec. 7), and takes effect 60 days following that (Feb. 5) – is summarized in the latest offering from NASCUS. READ

State CUs build share of total assets, memberships in Q3
Dec. 5, 2016 -- State chartered credit unions now hold nearly 48.7% of all credit union assets, according to third-quarter figures released by NCUA today (and numbers compiled by NASCUS), an increase for the state financial institutions of 6.7% since the beginning of the year. READ

Bureau updates status of debt collection, arbitration, overdraft
Dec. 5, 2016 -- A report on findings of a consumer survey related to a proposed rule regulating debt collection – and other actions – are outlined in the Consumer Financial Protection Bureau’s Fall 2016 rulemaking agenda, published Friday by the agency. READ

MBL Examiners' Guidance posted by NCUA
Nov. 30, 2016 -- The examiners' guidance from NCUA about its new member business loan (MBL) rule is now available from the agency. The guidance for the new rule -- which goes into effect at the beginning of next year (just five weeks away) -- is part of NCUA's online examiners guide. READ

Summary outlines CFPB guidance on incentive programs
Nov. 29, 2016 -- A CPFB bulletin outlining compliance management steps that supervised entities should take to mitigate risks posed by production incentives (among other things) is summarized by NASCUS. READ

In letter, NCUA notes premium range could change
Nov. 28, 2016 -- Although NCUA is projecting a combined stabilization fund assessment and National Credit Union Share Insurance Fund premium range of between 3 to 6 basis points in 2017, the agency also indicates that – “in the event of an extraordinary change in economic condition” or failure of a large credit union – the premium range could be higher. READ

Summary outlines CFPB request for info on consumer access
Nov. 21, 2016 -- Consumer access to financial accounts and account-related data in electronic form is the subject of a NASCUS summary of a “notice and request for information” issued by the CFPB recently. READ

OTR reduced to 67.7%; first reduction since 2013
Nov. 17, 2016 -- An overhead transfer rate of 67.7% for 2017 was adopted by the NCUA Board as part of the revised budget for next year that it approved Thursday, a reduction in the rate from last year but – as NASCUS President and CEO Lucy Ito pointed out -- further reduction is needed. READ

Cuba travel, cannabis, mobile discussed at BSA confab
Nov. 16, 2016 -- Travel to Cuba, marijuana business banking, shared branching, mobile payments and more were the grist for lively discussion among the more than 300 participants at this week’s NASCUS/CUNA Bank Secrecy Act Conference in San Antonio. READ

Cyber-theft expert Jim Stickley to keynote 2017 Symposium
Nov. 16, 2016 -- His website says – up front – that he’s an identity thief who’s robbed banks, stolen credit cards, created fake ID cards and even hacked Social Security numbers. But it adds: He’s no criminal. READ

Board to consider budget, OTR for 2017
Nov. 10, 2016 -- A revised budget for 2017-18 – and the overhead transfer rate – are both on the agenda for consideration by NCUA Board during its regular, open meeting Nov. 17 at agency headquarters in Alexandria, Va. The board is considering adoption of a $299.2 million budget for 2017 (2.8% higher than its 2016 spending plan), and a 2018 budget of $313.1 million (a 4.6% bump from the 2017 plan it is considering). READ

8 states approve ballot measures on marijuana
Nov. 9, 2016 (Updated) -- Ballot measures legalizing recreational or medicinal use of marijuana (or expanding existing medicinal use) were approved by voters in eight states, but rejected in one, as a result of Tuesday’s election. READ

Agency urges dismissal of bankers’ lawsuit over MBL rule
Nov. 3, 2016 -- Replying to a lawsuit from a banking trade group challenging its new member business lending (MBL) rule, NCUA has urged a federal court to dismiss the action, arguing that the law’s cap on business lending does not extend to purchase of nonmember business loans or participation interests. READ

Supplemental capital discussed – but tax challenges ahead
Oct. 27, 2016 -- Supplemental capital – and its use by credit unions – will be the subject of a likely January “advance notice of proposed rulemaking” by NCUA, but the issue itself won’t be without its challenges. READ

Online, updated ‘Examiner’s Guide’ unveiled
Oct. 24, 2016 -- An updated, online “Examiner’s Guide” – featuring searchable content and updated guidance in the areas of interest rate risk, risk-focused exams, total analysis process and fidelity bond coverage – is ready for use. READ

Summary provides high-level review of CFPB’s prepaid rule
Oct. 19, 2016 -- An executive summary of CFPB’s new rule on prepaid financial products – itself 11 pages long to cover a rule that is nearly 1,700 pages in length– is summarized by NASCUS and posted on the website. READ

$1 billion to close out Stabilization Fund’s borrowings
Oct. 18, 2016 -- The $1 billion owed to Treasury to cover the costs of resolving corporate credt unions will be repaid by Oct. 31, NCUA announced Tuesday, closing out the Temporary Corporate Credit Union Stabilization Fund’s (TCCUSF) outstanding borrowings – but federally insured credit unions shouldn’t immediately expect a rebate of their assessments to the fund, the agency also made clear. READ

Agency releases interest rate risk review procedural changes
Oct. 18, 2016 -- Changes to interest rate risk review procedures – as well as a standardized measurement of the risk – will be instituted by NCUA at the beginning of next year, the agency wrote in Letter to Credit Unions (16-CU-08) posted on its website Monday. READ

3 summaries look at letter, alert and accounting bulletin
Oct. 18, 2016 -- Three new summaries – outlining a regulatory alert, letter to credit unions and an accounting bulletin, all from NCUA – have been posted to the NASCUS website. All three summaries are available to NASCUS members only. READ

FAQs look at cybersecurity assessment tool
Oct. 17, 2011 -- A guide to “frequently asked questions (FAQ)” about the Cybersecurity Assessment Tool developed by the FFIEC (and to be incorporated into NCUA exams) was released today, which answers question and clarifies points in the tool based on questions received over the past year. READ

NCUA proposes ‘revised’ 2017 budget of $299M
Oct. 14, 2016 -- NCUA is proposing a 2017 revised budget that is 2.8% more -- $8.2 million -- than the budget the board approved for 2016, according to details released by the agency today in advance of an Oct. 27 board briefing on the agency’s upcoming spending plans. READ

Court rules CFPB director must serve ‘at will’ of the president
Oct. 11, 2016 -- - A federal court Tuesday ruled that the single-director structure of the Consumer Financial Protection Bureau (CFPB) as devised is unconstitutional, representing too great a concentration of executive power – and that the director, consequently, must serve at the will of the president (and not be subject for removal only “for cause”). READ

On payday loans, let state rules be guide NASCUS writes
Oct. 11, 2016 -- Concerned that the CFPB’s payday lending proposal will hinder the ability of state chartered credit unions’ ability to administer innovative short-dollar loan programs, NASCUS has urged the agency in a comment letter to provide compliance exemptions for states that have in place “comparable regulation” to avoid increasing the regulatory burden on an “already heavily regulated class of entities.” READ

Illinois becomes 27th state accredited by NASCUS
Oct. 6, 2016 -- The 27th state has been officially accredited by NASCUS as the Illinois Department of Financial and Professional Regulation (IDFPR) today received its certificate of accreditation during the 2016 NASCUS State System Summit in Chicago. READ

‘Exam flex’ recommends some FISCUs eligible for extended exam cycle’
Oct. 6, 2016 -- “Enhanced coordination of exams for federally insured, state-chartered credit unions,” and a joint NCUA-state supervisor working group, would begin early next year, subject to approval by the NCUA Board, as two recommendations of the agency’s “Exam Flexibility Initiative” (EFI), released today. READ

McWatters: OTR action will ‘take some time’
Oct. 5, 2016 -- Noting that NCUA is conducting analysis and developing position papers on the overhead transfer rate, NCUA Board Member J. Mark McWatters Wednesday told the Summit audience that action by the agency on the OTR will “take some time – I don’t know how much.” READ

Leadership for board, council selected
Oct. 3, 2016 – Mary Ellen O’Neill will be the chairman of the NASCUS Board of Directors, and Patty Idol chairman of the NASCUS Credit Union Advisory Council, going into the next year, following the joint annual meeting of the regulators and credit union council Wednesday. READ

Supervisory letter looks at supervision of CDFI CUs
Sept. 27, 2016 -- Information about the supervision of credit unions recognized as “community development credit unions” (CDFIs) has been provided by NCUA to its staff, with the intent of establishing “a consistent framework for the exam and supervision process.” READ

PCC reporting allowed, NCUA clarifies in accounting bulletin
Sept. 21, 2016 -- In its first accounting bulletin in two years, NCUA has concluded that a credit union is permitted to use Private Company Council (PCC) alternative accounting reporting options when preparing Call Reports for filing with the agency. READ

Letters (and summaries) look at diversity, same-day ACH
Sept. 20, 2016 -- Preparation for same-day automated clearing house (ACH) payments under new rules that take effect this week, and voluntary diversity and inclusion policies and practices, are the subjects of two recent NCUA “Letters to Credit Unions” that have been summarized by NASCUS, and posted to the website. READ

NCUA hears corporate fund, cybersecurity reports
Sept. 15, 2017 -- An increase of nearly $400 million was realized for the net position of the NCUA Temporary Corporate Credit Union Stabilization Fund (TCCUSF) at mid-year, and the new cybersecurity assessment tool (CAT) likely won’t be rolled out for credit unions to use until the fourth quarter of next year, according to two reports given to the NCUA Board at its regular monthly meeting Thursday. READ

Letter thanks co-sponsors of OTR transparency bill
Sept. 14, 2016 -- As Congress gets ready to wind down before the election, NASCUS has reached out to the two co-sponsors of legislation that would increase the transparency of the overhead transfer rate (OTR) of funds from the National Credit Union Share Insurance Fund to the NCUA budget to thank them and support their efforts. READ

Summary outlines proposed mortgage disclosures
Sept. 14, 2016 -- A summary of proposed CFPB amendments to federal mortgage disclosure requirements required under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) has been published by NASCUS. READ

Committee OKs CHOICE; ‘valuable provisions for state system’
Sept. 13, 2016 -- Legislation that would make sweeping changes to the federal financial institution regulatory scheme – including that affecting the state credit union system – was adopted today, 30-26, by the House Financial Services Committee. The bill now heads to the full House for consideration. READ

Alert looks at guidance for MLA subjects
Sept. 12, 2016 – A regulatory alert outlining interpretive guidance on subjects related to the 2015 Military Lending Act (MLA) has been issued by NCUA. READ

Committee to mark up financial services reg reform bill
Sept. 9, 2016 – Legislation that would essentially replace the Dodd-Frank legislation passed in the wake of last decade’s financial crisis –   and includes provisions Increasing the size of the NCUA Board from three to five members, and requiring the agency annually to accompany its budget with a report detailing the overhead transfer rate – is scheduled to be marked up by the House Financial Services Committee on Tuesday. READ

NCUA sets Oct. 27 for budget briefing
Sept. 7, 2016 – A public briefing about the 2017 NCUA budget is scheduled for Oct. 27, the agency stated today in a release. READ

Banker group files suit over provision in new MBL rule
Sept. 7, 2016 -- A federal court has been asked by a bankers’ group to invalidate and set aside a provision in NCUA’s new member business lending rule that allows federally insured credit unions to exclude purchased commercial loans or participations in such loans from the aggregate cap on MBLs. READ

States maintain growth, assets share in first half of ‘16
Sept. 6, 2016 -- Federally insured, state chartered credit unions expanded their assets by more than 4.4% in the first half of 2016, which kept their share of total assets among all federally insured credit unions at 48%, according to mid-year numbers released by NCUA Tuesday. READ

Summary outlines ‘Alert’ on CFBP Reg Z amendments
Sept. 6, 2016 -- A summary of NCUA’s recent “Regulatory Alert” about three final CFPB rules amending Regulation Z (Truth in Lending) has been published and posted by NASCUS (available to members only). READ

Matching CDD rules proposed for institutions without federal oversight
Aug. 26, 2016 -- Credit unions, banks and other financial institutions lacking a “federal functional regulator” would be subject to new identification programs, anti-money laundering programs, and beneficial ownership requirements to match recently issued “Customer Due Diligence” (CDD) rules, under a proposed rule by the Financial Crimes Enforcement Network (FinCEN). READ

Opinion letter clarifies classification of MBLs
Aug. 25, 2016 -- Once a single closed-end MBL is paid down below the $50,000.00 threshold, it no longer needs to be classified as an MBL and counted toward the statutory MBL limit, according to a summary of a legal opinion letter from NCUA (summary: members only) READ

CFPB takes action against student lender,
intro’s mortgage servicing website for pros

Aug. 24, 2016 -- Action against a national private student lender, and the introduction of a new website to assist mortgage settlement professionals, were announced today by the CFPB. READ

Governor, lawmaker, NCUA chairman highlight Summit
Aug. 23, 2016 -- Views from state, congressional and NCUA top levels will be delivered at the NASCUS State System Summit, Oct. 5-7, as a governor, member of Congress and the top federal regulator of credit unions address the audience of state system players in Chicago. READ

Three state representatives join CFPB’s CU Council; next meeting Sept. 1
Aug. 22, 2016 -- Three state credit unions representatives have been named to the Credit Union Advisory Council of the Consumer Financial Protection Bureau, along with five representatives of federal credit unions. READ

New IRR procedures likely released in Q4 by NCUA
Aug. 18, 2016 -- New “interest rate risk” (IRR) procedures will be rolled out in the fourth quarter of this year by NCUA, with a “firm implementation” expected in January, NCUA officials said in a webinar sponsored by the agency Thursday. READ

KY names Gibson to supervise credit unions, banks
Aug. 18, 2016 -- Marni Rock Gibson will be overseeing supervision of Kentucky state-chartered and credit unions and banks as the depository division director of the state’s Department of Financial Institutions (DFI). READ

Appeals court: DOJ must back off in medical marijuana states
Aug. 17, 2016 -- A federal appeals court has ruled that medical marijuana businesses cannot be prosecuted by the U.S. Department of Justice if the enterprises are in compliance with applicable state laws. READ

‘Great flood’ in LA ‘worse than any hurricane ever’
Aug. 16, 2016 -- With reports of at least 20 Louisiana credit unions closed as a result of flooding after heavy rains, local state officials are reporting an inundation as bad, if not worse, than any hurricane. READ

CA bill updating, modernizing charter moves forward
Aug. 16, 2016
-- Legislation updating and modernizing the state's credit union charter -- giving California credit unions more flexibility – has moved another step forward in the state assembly. READ

CO's Salazar named deputy director for regulatory agencies
Aug. 15, 2016 -- Patricia Salazar, now the financial services commissioner for the Colorado Department of Regulatory Agencies (DORA), will become the department’s deputy executive director, effective Aug. 22. READ

Consolidate rules, consider a shorter
‘insured by …’ statement, NASCUS writes

Aug. 8, 2016 -- Rules affecting federally insured state-chartered credit unions (FISCUs) should be consolidated in one place – following the example of other federal regulators -- and numerous other changes should be considered in NCUA’s rules, including shortening how federal share insurance is described. READ

CFPB issues final mortgage servicing rule
Aug. 4, 2016 -- A final rule implementing amendments to mortgage servicing regulations under RESPA and TILA, mostly effective in one year, were released today by the CFPB. READ

Comment letter details six key areas
of NCUA Exam Flexibility Initiative

Aug. 3, 2016 -- Commenting on six areas – the exam cycle, extended examination cycle eligibility, the regulatory appeal process, adopting a variable approach to regulation, leveraging technology and call report reform – NASCUS has filed a letter about NCUA’s Exam Flexibility Initiative. READ

First day of Cyber Symposium focuses on issues
Aug. 1, 2016 – Issues facing credit unions and financial institutions generally in ensuring cybersecurity were on highlighted on the first day of the 2016 Cybersecurity Symposium, which continues through Tuesday in Chicago. READ

CFPB releases debt collection, 'know before you owe' proposals
Aug. 1, 2016 -- Two key proposals affecting debt collection and "know before you owe" mortgage disclosure rules have been floated in the past few days by the Consumer Financial Protection Bureau (CFPB). READ

Two named NCUA associate directors in Regions II, V
July 26, 2016 -- Two new associate directors for NCUA’s Regions II and V have been announced by NCUA Executive Director Mark Treichel, with both new associates holding veteran service with the agency. READ

Collaboration with states part of NCUA 2017-21 plan;
calendar-year examination requirement ends

July 21, 2016 -- Collaboration with state regulatory agencies, and the end of a calendar-year exam requirement for federally insured credit unions, are two outcomes of the NCUA Board’s adoption Thursday of its strategic plan for 2017-21 during its monthly open meeting in Alexandria, Va. READ

FAQs shed light on scope of new CDD requirements
July 20, 2016 -- “Frequently Asked Questions” (FAQs) to assist covered financial institutions in understanding the scope of the Customer Due Diligence (CDD) Requirements for Financial Institutions have been issued by the Financial Crimes Enforcement Network (FinCEN). The FAQs provide interpretive guidance with respect to the CDD rule. READ

Cyber threats, risk management highlighted at top-level meeting
July 20, 2016 – The current cyber threat landscape and developing common risk-based approaches among federal and state financial regulatory agencies to managing cybersecurity risk were on the agenda for discussion at the Tuesday meeting of the Financial and Banking Information Infrastructure Committee, attended by NASCUS leadership. READ

UPDATED: Bill requiring OTR transparency introduced in the House
July 18, 2016 -- Legislation (HR 5869) requiring the NCUA Board to provide a rationale for any amounts it proposes to use from the share insurance fund – particularly through the overhead transfer rate (OTR)  – has been introducedin the House by Reps. Mick Mulvaney (R-S.C.) and Denny Heck (D-Wash.) READ

NC’s Herrera nominated for NCUA Board seat
July 13, 2016 -- John A. Herrera has been nominated to the open seat on the NCUA Board, as President Obama Wednesday sent the nomination of the North Carolinian to the Senate to fill the opening created with the retirement in April of Debbie Matz. READ

Bill reforming CFPB leadership passes House; ‘CHOICE’ hearings open
July 11, 2016 -- Legislation establishing a five-member board to govern the CFPB passed the House late last week, and hearings in the House on a package of legislation to reform financial regulation begin this week. READ

House passes safe harbor bill for reporting senior abuse
July 7, 2016 -- A bill protecting “good faith reporters” at financial services institutions who properly disclose suspected financial abuse of elders was passed by the House by voice vote Wednesday. READ

CFPB proposal activates annual privacy notice exceptions
July 5, 2016 -- Exceptions to an annual privacy notice requirement for financial institutions under certain conditions, and which implement a change in the law enacted late last year, has been proposed by the CFPB in an amendment to Regulation P. READ

Summary looks at civil money penalties rule
July 5, 2016 – An interim final rule about adjusting for inflation civil money penalties imposed by NCUA is the focus of a new summary posted by NASCUS. READ

Lawmaker to introduce stand-alone OTR transparency bill
June 30, 2016 -- Legislation mandating increased transparency for the calculation of the transfer of funds from the National Credit Union Share Insurance Fund to the NCUA budget via the “overhead transfer rate” – including a breakdown of costs – will be introduced as stand-alone legislation, a member of Congress told a Washington group this week. READ

Loan management, problems breed complaints, CFPB says
June 29, 2016 -- Consumers continue to complain about issues managing their loans and problems they encounter when they are unable to pay off the loans, according to the latest Consumer Complaint Snapshot published by the CFPB this week. READ

NCUA added to ‘regulatory capture’ study by GAO
June 29, 2016 -- “Regulatory capture” at NCUA, as well as three other federal financial institution regulatory agencies, is the focus of a study by the Government Accountability Office (GAO), the Wall Street Journal reported. READ

Summary: CDRLF proposal streamlines process
June 29, 2016 -- The loan approval process for federally insured, state-chartered credit unions for the Community Development Revolving Loan Fund (CDRLF) would be streamlined under NCUA’s proposed rule, according to a new summary posted by NASCUS. READ

Regulators to provide input to exam flexibility working group
June 24, 2016 -- Representing their respective NCUA regions, five state regulators will provide input to the internal working group for NCUA’s "Exam Cycle/Exam Flexibility Initiative," which was announced by Chairman Rick Metsger last month. READ

In response to mortgage servicer violations, CFPB updates exam manual
June 23, 2016 -- Some mortgage servicers continue to use failed technology that has already harmed consumers and putting their companies in violation of the Consumer Financial Protection Bureau’s new servicing rules, a new report from the bureau states – leading the agency to release an updated mortgage servicing exam manual. READ

Privately insured CU from Illinois becomes 2nd to join FHLB
June 22, 2016 – Another privately insured credit union has been cleared to join the Federal Home Loan Bank (FHLB) system, coming closely on the heels of the first to join, according to recent reports. READ

Agencies urge institutions to plan for new CECL standard
June 20, 2016 -- Initial supervisory views regarding the implementation of the “current expected credit loss” (CECL) accounting standard -- which was finalized and released by the Financial Accounting Standards Board (FASB) last week – have been issued by the joint federal financial institution regulatory agencies. READ

Indiana CU first privately insured to join FHLB
June 17, 2016 -- Beacon Credit Union of Wabash, Ind., is the first privately insured credit union approved for membership in the Federal Home Loan Bank (FHLB) system, according to a letter from American Share Insurance to its members. READ

Board discusses S rating in CAMEL, IRR changes
June 16, 2016 -- A “sensitivity to market risk” component (or an “S”) for the NCUA CAMEL rating system likely won’t be ready for use “for a few years,” the NCUA Board heard during a special board briefing on the proposed, new component. However, no decision has yet been made on whether to proceed. READ

5-member NCUA Board, detail for OTR, also in Hensarling’s CHOICE bill
June 16, 2016 -- Increasing the size of the NCUA Board from three to five members, and requiring the agency annually to accompany its budget with a report detailing the overhead transfer rate, are two of the additional details in the broad outline for replacing the Dodd-Frank Act released by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) Thursday. READ

Summary offers insights to ‘arbitration agreements’ proposal
June 15, 2016 -- A summary of the “arbitration agreements” proposed rule by the CFPB has been posted on the NASCUS website, outlining a number of separate “comment requests” from the bureau on the proposal. READ

NCUA plans budget briefing – with public comment welcome
June 15, 2016 -- A briefing will be held in October on the NCUA’s proposed 2017–18 budget and will include an opportunity for the public to comment on the agency’s spending plan, Board Chairman Rick Metsger announced today. READ

Ito: Aim for earlier – not later – adoption of ‘S’ in CAMEL
June 14, 2016 -- Pointing out that 16 states have already adopted an “S” for “sensitivity to market risk” in their state CAMEL ratings – and at least five more are considering doing the same – NASCUS President and CEO Lucy Ito urged the NCUA Board to adopt the same rating for federally insured credit unions “earlier rather than later.” READ

NCUA Board to hear about “S” in CAMEL; consider proposed, interim final rules
June 9, 2016 -- A second “board briefing” – this one on interest rate risk supervision and adding an “S” to the CAMEL rating system – is planned for next Thursday’s open meeting of the two-member NCUA Board in Alexandria, Va. READ

FFIEC warns of network, interbank messaging cyber risks
June 8, 2016 -- Active management of risks associated with interbank messaging and wholesale payment networks is necessary to prevent financial institution losses and compliance risk – especially since cyber attacks have recently have targeted these functions, the FFIEC warned in a statement today. READ

Summary outlines letter on deposit reconciliations
June 7, 2016 – Guidance to address discrepancies that may occur with amounts deposited by a member or customer and the dollar amount credited to that account, is addressed in a new Letter to Credit Unions from NCUA, issued May 18. NASCUS has posted a summary of the letter (available to members only). READ

House leader proposes sweeping reform of Dodd-Frank
June 7, 2016 – Reform of the Dodd-Frank financial regulatory overhaul legislation – featuring, among other things, changing the CFPB’s leadership to a five-member board and subjecting the bureau’s budget to the congressional appropriations process, as well as subjecting other regulators to the congressional appropriations process -- was unveiled today by the top House Republican with oversight of the nation’s financial system. READ

Comments due Aug. 1 for modernizing NCUA data collection
June 7, 2016 – Comments on NCUA’s efforts to “modernize data collection for regulatory oversight of credit unions” are due Aug. 1, reflecting a 60-day “request for information” period published today in the Federal Register. READ

State CUs increase share of total assets
June 6, 2016 -- Now holding just a shade under 48% of all assets, federally insured, state-chartered credit unions (FISCUs) increased their share of total assets in federally insured credit unions in the first quarter of 2016 by 3.2%, according to numbers released by NCUA late last week. READ

CFPB payday loan proposal includes carve out for PAL loans
June 2, 2016 -- Payday and other “small dollar” loan products would be subject to new regulations unveiled by the Consumer Financial Protection Bureau Thursday – and which contain a specific “carve out” for small dollar loans that meet the parameters of NCUA’s payday alternative loan (PALs) program. READ

Insights to NCUA exec pay proposal outlined in summary
June 1, 2016 – A new summary of the proposed rule on “incentive-based compensation” for executives and other “risk-taking individuals” has been posted by NASCUS, pointing out the proposal would affect privately insured credit unions seeking federal coverage, and that NCUA has reserved to itself some additional powers under the proposal. READ

State examiner praised for work that led to fraud conviction
May 31, 2016 -- An Illinois state credit union examiner is earning praise from federal prosecutors and law enforcement for her role in identifying a fraud that led May 20 to the conviction of a former credit union CEO for bank fraud and other felonies. READ

Summary outlines final 'due diligence' rule under BSA
May 31, 2016 -- A summary of the "customer due diligence" final rule - outlining effective dates and scope of the rule – has been published by NASCUS. READ

Agency seeks input on exam process with email box, website
May 26, 2016 -- NCUA today unveiled tools for stakeholders to provide input on the agency's exam process, with NCUA Board Chairman Rick Metsger saying he is looking forward to a “thoughtful dialog” on the subject. READ

Call report deadlines extended for 2nd, 3rd quarters
May 24, 2016 -- Extended call report deadlines for the second and third quarters of the year will give credit unions three additional calendar days to file the reports, NCUA announced Monday. READ

Op-ed notes consistent messages in OTR letters
May 20, 2016 – Comment Letters on the overhead transfer rate (OTR) methodology show two consistent messages – that change is needed, and that thanks to NCUA are in order, NASCUS President and CEO Lucy Ito writes in an op-ed appearing in Credit Union Times. READ

Call Report changes to be forged via comment period, focus group
May 19, 2016 -- A 60-day comment period, and an industry focus group, will be among the methods used for collecting feedback in the process of modernizing the 5300 Call Report – which will work in conjunction with reviewing the overall exam process, according to comments made at today’s NCUA Board meeting. READ

Letter outlines consumer protections applicable to deposits
May 19, 2016 -- Consumer protection laws applicable to deposits is the topic of a new letter to credit unions, emphasizing that violations of federal law could occur if “credit discrepancies” are permitted or are not resolved in a timely manner. READ

NCUA to hold briefing for 'insight' to board discussions
May 18, 2016 -- Stating that he wants to provide credit union stakeholders with “insight into our thought process” and give them the opportunity to “provide early input before any rulemaking begins,” NCUA Board Chairman Rick Metsger today announced new public “board briefings” in conjunction with board meetings. READ

5 FISCUs among 22 late call report filers
May 17, 2016 -- Five FISCUs were among the 22 federally insured credit unions that have consented to penalties for filing late Call Reports in the fourth quarter of 2015, NCUA stated Monday. READ

5 federal regulators join NCUA on proposed exec pay rule
May 17, 2016 -- Following up on action taken by NCUA in late April, five other federal financial regulators have issued an interagency proposed rule to prohibit incentive-based compensation arrangements that encourage inappropriate risks at large financial institutions. READ

CFPB reports highlight exam findings, Fair Lending
May 16, 2016 -- Two reports highlighting examination reports results and the Fair Lending enforcement activities last year have been recently released by the Consumer Financial Protection Bureau (CFPB). READ

Two-person board to hear about Call Report modernization
May 12, 2016 – A briefing on 5300 Call Report modernization – which has been linked by NCUA to the implementation of its new risk-based capital rule – is on the agenda for NCUA Board Chairman Rick Metsger’s first meeting of the now two-person board next Thursday (May 19). READ

Metsger takes aim at annual exam requirement
May 12, 2016 – A review of the NCUA examination process – including the frequency of exams – is being initiated by new NCUA Board Chairman Rick Metsger, as outlined in his first speech today as agency leader. READ

Final ‘customer due diligence’ rule takes effect
(UPDATED) May 11, 2016 -- FinCEN’s final rule on “customer due diligence” under BSA – announced last week by the Treasury Department – was published today and is now in effect. READ

Consumer compliance rating system issued for 60-day comment period
April 29, 2016 -- Comments on proposed revisions to a revised, uniform interagency consumer compliance rating system are being sought for 60 days by federal financial institution regulatory agencies – including the NCUA and the State Liaison Committee – under the auspices of the Federal Financial Institutions Examination Council (FFIEC). READ

Summary looks at call for comments for mortgage servicing rules
April 29, 2016 – A new summary from NASCUS outlines the CFPB’s proposal to reopen the comment period to on a particular aspect of its proposed amendments to certain mortgage servicing provisions under Regulation X and Regulation Z. READ

Letters illustrate desire for change in OTR status quo
April 27, 2016 -- Of the dozen and a half comment letters on the overhead transfer rate that NASCUS has seen, all have one thing in common: the OTR status quo needs change. READ

CECL model to proceed; implementation date now 2020
April 27, 2016 – The “current expected credit loss” (CECL) model will be effective for annual periods beginning after December 15, 2020 for credit unions and other private companies, not-for-profit organizations, and employee benefit plans, the Financial Accounting Standards Board (FASB) approved today, while also voting to proceed model, and publish standards in June. READ

IL supervisor urges changes in OTR,
FCU op fee methodologies

April 26, 2016 -- Noting that Illinois “leads the nation with 202 federally insured, state-chartered credit unions,” the state’s top credit union regulator has urged the NCUA to revise the overhead transfer rate (OTR) methodology and rely on safety and soundness exams of FCUs and FISCUs “to the greatest extent possible.” READ

BSA fines/penalties reap $12 billion since 2009, GAO reports
April 25, 2016 -- Fines and penalties for non-compliance with the Bank Secrecy Act (BSA) and anti-money laundering efforts has reaped more than $12 billion since 2009, according to a recent federal report. READ

CT commissioner outlines 3 areas of OTR concern
April 25, 2016 -- Providing greater transparency, engaging key stakeholders and ensuring equitable treatment of state and federally chartered credit unions are three reasons that NCUA should reconsider the methodology for the overhead transfer rate (OTR), the Connecticut Department of Banking has written in its official comment letter. READ

Proposal on exec comp plans affects 258 FICUs
April 21, 2016 -- A proposed rule on executive compensation plans, affecting 258 large federally insured credit unions -- both state and federally chartered --, was issued for comment by the NCUA Board today at its regular monthly meeting , Board Chairman Debbie Matz’ last – in Alexandria. READ

NCUA names 29-year veteran Freed new Region V director
April 19, 2016 -- Cherie Freed has been named Region V NCUA Director, replacing Elizabeth Whitehead, who retires in May, the agency announced today in a press release. READ

WA regulator seeks changes to OTR methodology
April 18, 2016 -- Noting its concern with the rising rate of the overhead transfer rate (OTR), and a corresponding declining rate for the federal credit union operating fee, the Washington State Department of Financial Institutions (WDFI)/Division of Credit Unions has asked NCUA to revise its OTR methodology to “rely on safety and soundness examinations” to the maximum extent feasible. READ

Video outlines 5 key comment points on OTR (due April 26)
April 14, 2016 -- Five key points about the overhead transfer rate (OTR) methodology for stakeholders to consider in their comments are outlined in a new video by NASCUS President and CEO Lucy Ito. READ

Texas regulator: OTR leads to ‘inequitable treatment’
April 13, 2016 -- The federal savings insurance fund for credit unions was meant to be a supplementary, and not the primary, source of funding for the NCUA budget, based on a plain reading of the law – which leads to a “strong argument” that the fund, through the overhead transfer rate (OTR), is not being managed equitably, the Texas Credit Union Department stated in a comment letter to the agency. READ

Time-out on posting credit card agreements ends (per CFPB)
April 11, 2016 -- Credit card issuers must submit their currently offered card agreements to the Consumer Financial Protection Bureau to be posted on the bureau’s website, the agency recently reminded in a notice – marking the end of a one-year suspension of the requirement. READ

Custodial deposit services acceptable, NCUA opines
April 6, 2016 -- Custodial services of deposits are acceptable for federal credit unions, under certain conditions, NCUA has written in a recent comment letter, and summarized by NASCUS. The summary is available on the NASCUS website (members only).READ

Summary outlines guidance
on CIP requirements for pre-paid cards

April 5, 2016 -- A summary of interagency guidance for applying customer identification program (CIP) requirements to holders of prepaid cards is now posted on the NASCUS website, outlining the guidance published by federal financial regulatory agencies – and FinCEN – late last month. READ

Urging respect for states, ND offers corrections to OTR
April 4, 2016 -- Pointing out the weaknesses of the current overhead transfer rate (OTR) methodology, and suggesting methods for correcting those weaknesses, North Dakota’s top credit union regulator has posted a comment letter to NCUA – and urged the federal agency to respect the role of states. READ

GAO suggests consolidating federal financial regulators
March 31, 2016 -- A recommendation that the federal financial regulatory agencies be consolidated – including the “federal agencies involved in overseeing the safety and soundness of depository institutions” -  was made in a February report by the U.S. Government Accountability Office (GAO), but released only this week. READ

$2M CU in MI becomes 4th liquidated FICU this year
March 29, 2016 -- Veterans Health Administration Credit Union of Detroit became the fourth federally insured credit union liquidation in 2016 following the decision by the State of Michigan Department of Insurance and Financial Services, which named NCUA the liquidating agent. READ

'Non-debt' collection biggest complaint, CFPB notes
March 29, 2016 -- Attempts to collect on a debt a consumer has reported was not owed is the most common complaint related to debt collection, the CFPB reported today in its latest monthly consumer complaint snapshot. READ

Senators ask federal financial regulators
for combined guidance on marijuana banking

March 25, 2016 -- Letters to all five federal financial institution regulators – and FinCEN – asking them to issue combined guidance governing how financial institutions can effectively serve marijuana-related business have been sent by four senators representing states that have recently legalized marijuana use. READ

CFPB reports highlight debt collection in military, elder financial abuse
March 23, 2016 -- Military servicemembers have been submitting debt collection complaints at nearly twice the rate of non-military consumers, and 17 percent of elder consumers have said that they have been the victim of financial exploitation, according to two recent reports issued by the CFPB. READ

FinCEN updates jurisdictions with AML/CFT deficiencies
March 23, 2016 -- An updated list of international jurisdictions with strategic deficiencies in their anti-money laundering and countering the financing of terrorism actionshas been published by the Financial Crimes Enforcement Network (FinCEN). READ

Reg review comments make 13 recommendations in six areas
March 22, 2016 -- Thirteen recommendations for regulatory changes in six different areas – some which would amend existing rules, and others which suggest exempting state-chartered credit unions from existing rules -- have been made by NASCUS in a comment letter responding to NCUA’s notice of regulatory review and call for comments under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). READ

Interim final rule issued to implement HELP Act
March 22, 2016 -- Small creditors that operate in rural or underserved areas could avail themselves of certain special lending provisions under an interim final rule issued Tuesday (and which takes effect March 31) by the CFPB. READ

Feds issue guidance for CIP applicability to pre-paid cards
March 21, 2016 -- Joint guidance clarifying the applicability of the Customer Identification Program (CIP) rule to prepaid cards issued by banks, credit unions and other institutions was unveiled today by federal financial institution regulators, including NCUA, and FinCEN. READ

Legal opinion outlines ‘traits’ of associational common bond
March 21, 2016 -- If a group of potential credit union members are 50 years of age or older residing in a specific state, but share additional traits, it is possible that those additional traits would qualify that group for an associational common bond under a federal credit union charter, NCUA wrote in a recent legal opinion letter. READ

MBL rule outlined in latest summary
March 17, 2016 -- Reflective of the 31 pages in the March 14 Federal Register occupied by the new member business/commercial lending final rule adopted by the NCUA Board in February, NASCUS has published a substantial summary of the regulation, focusing on the needs and interests of states. READ

Ito commends Matz for stabilizing CU system,
initiating review of OTR, engagement
March 9, 2016 -- NASCUS President and CEO Lucy Ito in a statement Wednesday thanked and commended retiring NCUA Board Chairman Debbie Matz for her leadership during the financial crisis, for taking the initiative on the overhead transfer rate methodology and for engaging with the state credit union system. READ

Tennessee regulator named to federal panel
March 9, 2016 -- Greg Gonzales, commissioner of the Tennessee Department of Financial Institutions, has been appointed to the State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council (FFIEC), an umbrella group for federal financial regulators, including NCUA. READ

Opinion finds network CUs permissible;
summary details points for FISCUs

March 7, 2016 – NCUA has issued its first legal opinion of the year, finding that a “network credit union” is permissible for federal credit unions under the Federal Credit Union Act (FCUA). READ

Senator seeks coordination on federal cybersecurity exams
March 7, 2016 -- Federal regulators need to “take the initiative and to increase the coordination of cybersecurity examinations,” a member of the Senate Banking Committee has written to the chairs of two federal regulatory umbrella groups. READ

State-chartered CUs grew faster in assets, members in 2015
March 3, 2016 --State-chartered, federally insured credit unions grew at a faster rate in both assets and memberships than their federally chartered counterparts in 2015, as indicated by year-end data released by the NCUA today. READ

Bill seeking to eliminate ‘one size fits all’ rules moves forward
March 2, 2016 -- Legislation aimed at providing regulatory relief to smaller institutions – by requiring federal regulators of credit unions and bank, including NCUA and the CFPB, to consider the institution’s business model and possible unintended consequences of new regulations -- is headed for the House floor after action Wednesday in the Financial Services Committee. READ

CFPB unveils ‘rural’ application designation process
March 2, 2016 -- Institutions that wish to be designated as “rural” may submit applications to the Consumer Financial Protection Bureau (CFPB) beginning March 31, the agency announced today. READ

Changes to the ‘FBARs’ proposed by FinCEN
March 2, 2016 -- Financial professionals who file “Reports of Foreign Bank and Financial Accounts” (FBARs) would see some changes in what they file under a proposed rulemaking issued this week, intended to “revise and clarify certain provisions in the rules.” READ

BSA compliance deficiencies bring penalties of $6.5 million
Feb. 26, 2016 -- Penalties of $6.5 million have been assessed against a Florida bank for “willfully violating” federal anti-money laundering under the Bank Secrecy Act, the Financial Crimes Enforcement Network (FinCEN) has announced. READ

Reg alert details HMDA reporting requirements
Feb. 24, 2016 -- Credit unions with assets of more than $44 million as of year-end 2014 and that engage in certain types of residential mortgage lending must file a report this year regarding mortgage applications received during 2015, required under the Home Mortgage Disclosure Act (HMDA – the CFPB’s Reg C), NCUA notes in a recent “regulatory alert.” READ

Letter by lawmakers urges CFPB exemptions
Feb. 23, 2016 -- A “dear colleague” letter urging lawmakers to support asking the Consumer Financial Protection Bureau to use its authority to exempt (and thus protect) credit unions from certain rulemakings is being circulated in the House. READ

Diverse agenda crafted for CU Executive Forum
Feb. 22, 2016 -- Commercial/business lending; earthquake preparedness; an economic outlook; and national issues – including the Overhead Transfer Rate and others – make up the diverse agenda of leading-edge topics for the 2016 Credit Union Executive Forum, March 23 in Seattle. READ

MBL rule adopted; ‘proof will be in the pudding
Feb. 18, 2016 -- A new “principles-based” rule on member business lending was adopted unanimously Thursday by the NCUA Board, which incorporates major recommendations made by NASCUS. However, as President and CEO Lucy Ito pointed out, what remains to be seen is whether the spirit of the discussion by board members regarding state MBL rules ultimately is implemented by the agency. READ

Cybersecurity Symposium agenda – Aug. 1-2 – taking form
Feb. 17, 2016 -- Six things you can do right now to improve your information security is one of the featured sessions at the NASCUS/CUNA Cybersecurity Symposium, Aug. 1-2 in Chicago. READ

Senators call for EGRPRA action; NASCUS urges rule consolidation
Feb. 16, 2016 -- Incorporating in one place all of NCUA’s share insurance rules – as NASCUS has urged --would be one way that NCUA could respond to the call of nine senators who last week urged NCUA and other federal financial institution regulators to take action under the Economic Growth and Regulatory Paperwork Reductions Act (EGRPRA). READ

MBL rule on NCUA Board agenda
Feb. 11, 2016 -- Consideration of a final rule affecting credit union member business lending is on the agenda for the NCUA Board’s regular monthly meeting next week (Feb. 18) in Washington. READ

Lawmakers circulate letter on 18-month CU exam cycle
Feb. 11, 2016 -- Urging NCUA to return to an 18-month exam cycle is the main point of a letter being circulated for signatures by two members of Congress for their fellow lawmakers.READ

Federal 'cybersecurity action plan’ has $19 billion price tag
Feb. 10, 2016 -- A “cybersecurity action plan” with $19 billion behind it – including funding additional federal government transition to EMV, fostering development of additional authentication factors, and moving away from use of Social Security numbers for identification-- is called for in President Obama’s proposed 2017 budget, released by the White House Tuesday. READ

Summary outlines proposed changes to BCTR
Feb. 9, 2016 -- Five specific changes to the current Bank Secrecy Act Currency Transaction Report (BCTR) are being sought by the Financial Crimes Enforcement Network (FinCEN), which is also seeking specific comments in six areas from financial institutions and regulators, a new NASCUS summary of the proposal reveals. READ

10 risk-weight ‘buckets’ described in new RBC rule summary
Feb. 8, 2016 -- The 10 “buckets” for risk-weighting off-balance sheet items by complex credit unions under NCUA’s new risk-based capital rule are described in a new summary of the final rule, which is now posted on the NASCUS website. READ

Alert describes enhanced SIF coverage for IOLTAs, others
Feb. 3, 2016 -- A regulatory alert on “enhanced share insurance coverage” for three types of credit union accounts – including “interest on lawyer trust accounts” (IOLTAs) – has been issued by NCUA. READ

FinCEN seeks comment on currency report changes
Feb. 3, 2016 -- Comments are due April 4 to BSA currency transaction report (BCTR) revisions, which are designed to address limitations of the current report and allow for “alternative reporting models,” the Financial Crimes Enforcement Network (FinCEN) announced in a Tuesday (Feb. 2) notice in the Federal Register. READ

CFPB warns of inaccurate checking account reporting
Feb. 3, 2016 -- Stating it is concerned that “inaccuracies” and “lack of account options” is keeping some consumers out of the banking system, the CFPB Wednesday issued a flurry of letters and a warning to credit unions and banks that failure to accurately report negative account histories to credit reporting companies could result in Bureau action. READ

Idaho, Vermont approved for reaccreditation
Feb. 1, 2016 -- State financial institution regulatory agencies in both Idaho and Vermont have been approved for reaccreditation by NASCUS and the Conference of State Banking Supervisors (CSBS) following recent reviews. READ

Exception for providing annual privacy notices outlined in summary
Jan. 27, 2016 -- Federal examiners will only expect annual privacy notices to be provided if a credit union does not meet new requirements outlined in a letter to credit unions which was sent this week to all federally insured credit unions by NCUA. READ

Summary outlines key points of NCUA strategic plan
Jan. 26, 2016 -- NASCUS has summarized in one page the contents of a 23-page document issued by the NCUA Board at its Jan. 21 meeting.describing the agency’s 2017-21 strategic plan. READ

OTR issued for 90-day comment period;
‘an unprecedented opportunity'
Jan. 21, 2016 -- Whether the overhead transfer rate should be determined by a formula or set at the discretion of the NCUA Board -- and what adjustments or changes, if any, should be made to the current calculation – are among the questions posed for comment on the rate’s methodology by the board as a result of Thursday’s meeting. READ

Letter outlines new CUSO registry
Jan. 15, 2016 -- Credit union service organizations (CUSOs) and the NCUA’s new registry for them is the subject of a Letter to Credit Unions issued today by the agency and sent to all federally insured credit unions. READ

State CUs paying more for OTR, analysis shows
Jan. 15, 2016 --FISCUs paid more for their portion of NCUA’s insurance cost than federally credit unions, an analysis by NASCUS of numbers from NCUA regarding the overhead transfer rate (OTR) shows. READ

FHFA drops investment requirements for FHLB membership
Jan. 12, 2016 -- Credit unions and other financials would not have to hold a certain percentage of assets in mortgages in order to qualify for Federal Home Loan Bank (FHLB) membership, under new rules issued Tuesday. READ

Cyber-security, BSA among top NCUA reg priorities for 2016
Jan. 12, 2016 -- Cyber-security assessments and protecting member data lead off the six areas of “supervisory priorities” for NCUA in 2016, according to a Letter to Credit Unions issued by the agency Monday. READ

Obama to name McWatters to Ex-Im Bank board
Jan. 11, 2016 -- The White House today disclosed President Obama's intention to nominate NCUA Board Member J. Mark McWatters to the board of the Export-Import Bank of the United States. Reportedly, he will stay at his position with NCUA until confirmed for the new post. READ

Letter to CUs in preparation for CUSO registry
Jan. 4, 2016 -- A formal “letter to credit unions” with additional information about the new Credit Union Service Organization (CUSO) registry will be issued this month, with the initial registration beginning Feb. 1, according to a letter sent last month by NCUA to credit union vendors. READ

CFPB posts corrections for inadvertent Reg Z omissions
Jan. 4, 2016 -- Technical corrections to Reg Z – and to “official interpretations of Reg Z” – which were inadvertently left out of federal postings have been published by the Consumer Financial Protection Bureau. READ

GAO outlines ‘moderate’ reduction of credit from Dodd-Frank
Jan. 4, 2016 -- A study of the impact of the 2010 Dodd-Frank legislation on financial institutions indicates a moderate to minimal initial reduction in the availability of credit, according to the results revealed by the U.S. Government Accountability Office (GAO) last week. READ

2015

IOLTA summary outlines key questions for new rule
Dec. 24, 2015 -- Four key questions about the NCUA’s new rule on pass-through share insurance for certain escrow accounts (including Interest on Lawyer Trust Accounts, IOLTAs, and “other similar escrow accounts”) are outlined in a NASCUS summary of the regulation. READ

Summary covers round 4 of NCUA reg review
Dec. 22, 2015 -- Fifteen subjects in the two categories of “rules of procedure” and “safety and soundness” are included in round four of NCUA’s regulatory review, out for comment for 90 days, as noted in a new NASCUS proposed rule summary. READ

Registry process for CUSOs gets underway
Dec. 16, 2015 -- The first steps in rolling out a credit union service organization (CUSO) registry are underway by NCUA in the form of letters sent to more than 700 “known CUSOs” the agency has mailing addresses for, the agency said today. READ

NCUA budget provision left out of big spending bill
Dec. 16, 2015 -- Legislation that would require annual hearings for the NCUA budget (including the overhead transfer rate) did not make the final cut in the “omnibus” $1.1 trillion spending package agreed to by House and Senate negotiators early today. The revised spending bill is expected to be considered for a final vote by both chambers within the next week. READ

Ito comments headline Banker story on ‘year of reg relief’
Dec. 15, 2015 -- Quotes from NASCUS President and CEO Lucy Ito headline a story in today’s (Dec. 15) issue of American Banker newspaper focusing on NCUA’s self-described “year of regulatory relief”.".READ

Assets, members grow through 3rd quarter at FISCUs
Dec. 11, 2015 -- Asset and member numbers have expanded at federally insured, state-chartered credit unions through the first three quarters of the year – but the number of FISCUs has declined over that time. READ

NCUA budget transparency bill OK’d by House committee
Dec. 9, 2015 -- Legislation that would require the NCUA Board to hold annual budget hearings – which would include input on the overhead transfer rate (OTR) -- has been approved and sent to the House floor by the Financial Services Committee, by a vote of 40-16 Wednesday morning. READ

Proposed FOM changes summarized in new posting
Dec. 8, 2015 -- Sweeping, proposed changes to field of membership (FOM) rules have been partially driven by NCUA’s perception that many state credit union FOMs are more beneficial to state credit unions READ

NCUA budget transparency bills in action this week
Dec. 7, 2015 -- Legislation mandating that the NCUA Board open to notice and comment its budget process– including the overhead transfer rate (OTR) – is scheduled to be marked up in a House committee Tuesday. Action on a similar bill in the Senate could also be this week. READ

UPDATED: On president's signature, reg revisions become law
Dec. 4, 2015 -- President Obama late Friday afternoon signed into law legislation giving privately insured, state-chartered credit unions access to the Federal Home Loan Bank (FHLB) system – as well as a number of additional regulatory revisions for credit unions and other financials, which were overwhelmingly approved by Congress Thursday. READ

OIG: NCUA should add an “S” to CAMEL to reflect market risk
Dec. 1, 2015 -- NCUA should add an “S” for market risk sensitivity to its CAMEL rating system, and revise the “L” to reflect only liquidity factors, because the current system “may not be effectively capturing interest-rate risk (IRR) when assigning a composite CAMEL rating to a credit union,” according to a Nov. 13 report of the agency’s Office of Inspector General (OIG). READ

Flood insurance changes noted in Reg Alert summarized
Nov. 30, 2015 -- Changes to section 760 of NCUA’s rules addressing force-placement of flood insurance, exemptions for detached structures, and escrow requirements for flood insurance payments, and which are contained in a Regulatory Alert recently issued by the agency, has been summarized by NASCUS. READ

Mortgage lending webinar, share insurance videos offered by NCUA
Nov. 30, 2015 -- A webinar on mortgage lending, and new videos on federal share insurance, are the latest offerings from the NCUA. READ

Report details approach for RBC supplemental capital rule
Nov. 24, 2015 -- Recommendations on how additional forms of supplemental capital could be included in NCUA’s risk-based capital ratio are expected to be made by a working group to the agency “in the near future,” according to a 228-page report submitted to Congress Monday by NCUA. READ

Summaries of CLF, MLA rules posted
Nov. 23, 2015 -- Summaries of a final rule on Central Liquidity Facility (CLF)-related loans from corporate credit unions, and an NCUA “regulatory alert” on the Military Lending Act (MLA) final rule issued by the Department of Defense (members only), have been prepared by NASCUS and posted on the association’s website. READ

OTR raised to 73.14%; growth in FISCU insured shares cited
Nov. 19, 2015 -- An overhead transfer rate (OTR) of 73.14% -- an increase of 134 basis points from the previous year – was approved by the NCUA Board in a split vote of 2-1 Thursday at its regular monthly meeting in Alexandria, Va. READ

Pot banking, human trafficking center stage at BSA Conference 2nd day
NOV. 17, 2015 -- Marijuana business banking and human trafficking were two top issues of discussion during the morning session of the second day of the NASCUS/CUNA Bank Secrecy Act (BSA) Conference Tuesday in Fort Lauderdale. READ

MSBs hot topic at opening day of BSA conference
NOV. 16, 2015 -- The role and status of money service businesses (MSBs) were hot topics at Monday’s opening session of Monday’s NASCUS/CUNA Bank Secrecy Act (BSA) Conference in Fort Lauderdale. READ

300 to take deep dive into BSA requirements
NOV. 12, 2015 -- About 300 participants will dig into the details of Bank Secrecy Act requirements when they meet in Fort Lauderdale beginning Monday at the NASCUS/CUNA BSA Conference, which runs through Wednesday. READ

OTR, proposed FOM rule highlight NCUA Nov. 19 agenda
NOV. 10, 2015 -- The 2016 “overhead transfer rate” and a proposed rule on chartering and fields of membership highlight the NCUA Board meeting agenda for Nov. 19. READ

FFIEC outlines IT governance in revised booklet
NOV. 10, 2015 -- Principles of sound information technology governance are outlined in a revised Management booklet by the Federal Financial Institutions Examination Council (FFIEC), released today. READ

House OKs FHLB for privately insured CUs (again)
NOV. 5, 2015 -- A provision to give privately insured, state-chartered credit unions access to membership in the Federal Home Loan Bank system is part of legislation approved by the House Thursday. READ

Extortion via cyber attacks focus of FFIEC statement
NOV. 3, 2015 -- The increasing frequency and severity of cyber attacks involving extortion is the subject of a joint statement issued today by the Federal Financial Institutions Examination Council (FFIEC). READ

Forum touches on OTR, alternating exams, 18-mo. cycle
OCT. 30, 2015 -- A 70-minute “open forum” hosted by NCUA Board Chairman Debbie Matz Friday touched on the overhead transfer rate, an 18-month exam cycle, alternating exams with state authorities, the agency’s budget and other issues. READ

Ito explores wide array of topics in CU Times interview
OCT. 28, 2015 -- The relationships between regulators and the regulated, the overhead transfer rate, supplemental capital and the recently approved risk-based capital rule are all issues NASCUS President and CEO Lucy Ito addressed in an interview published this week in Credit Union Times newspaper. READ

Metsger: Proposed rule on FOM likely by year’s end
OCT. 22, 2015 -- A proposed rule to modernize NCUA’s field of membership rules likely will be issued before year’s end, NCUA Board Vice Chairman Rick Metsger told the NASCUS Summit participants in New Orleans Thursday. READ

McWatters: Don't wait until 2019 for supplemental capital
OCT. 21, 2015 -- NCUA should not wait until 2019 to issue a rule on supplemental capital, but “should have something on the books today,” NCUA Board Member J. Mark McWatters told participants at the NASCUS Summit today in New Orleans. READ

Ito: OTR is no comfortable conversation
OCT. 21, 2015 -- Regulators need to get comfortable with discussing the "uncomfortable" about the overhead transfer rate (OTR), NASCUS President and CEO Lucy Ito tells 2015 Summit in New Orleans. READ

Fixed-asset final rule summarized
OCT. 13, 2015 -- NASCUS has published a summary of NCUA's rule on fixed assets -- a final regulation that affects only federally chartered credit unions, but which the summary notes, explains how NCUA will evaluate fixed assets for safety and soundness regardless of state law limits. READ

Final RBC rule on NCUA Board agenda
OCT. 8, 2015 -- The NCUA Board will consider a final rule on “risk-based capital” at its Oct. 15 meeting in Alexandria – what has come be known as “RBC2” after the board issued a second proposed rule on the subject earlier this year. READ

House OKs TRID ‘safe harbor’ period
OCT. 7, 2015 -- The House has passed legislation on a vote of 303 - 121 that would extend and formalize the grace period of the CFPB’s new mortgage rule, and create a safe harbor protecting credit unions from legal recourse through Feb. 1, 2016. READ

House vote on TRID 'safe harbor' in the works for Wednesday
OCT. 6, 2015 -- Legislation that would that would delay the implementation of the CFPB’s new mortgage rule, and create a safe harbor protecting credit unions. READ

National Cyber Security Awareness month starts

OCT. 1, 2015 -- A basket of materials to promote participation in the month is provided. READ

Fair lending compliance topic for Oct. 15 webinar

SEPT. 28, 2015 -- Fair lending law compliance is the subject of an Oct. 15 webinar sponsored by the Federal Reserve System, featuring participation by NCUA. READ

GAO report focuses on public participation in fees set by federal agencies
SEPT. 22, 2015 -- Transparency and public participation are “especially important” for certain federal regulatory fees charged by agencies, including NCUA, GAO report states. READ

Summary outlines MLA rule effective dates
SEPT. 21, 2015 -- New rules implementing the Military Lending Act (MLA) take effect next week, a summary of the rule posted by NASCUS reminds. READ

'Small entity' rule notes NASCUS recommendation

SEPT. 17, 2015 -- NCUA adopts new rule on definition of small CU -- and notes NASCUS recommentation. READ

Conn. program takes in-depth look at cybersecuri
ty
SEPT. 14, 2015 -- A number of topics related to cyber security were covered at the 2015 Connecticut Cybersecurity Basics Conference for Credit Unions.

Day 2 of Cybersecurity Symposium looks at hacking, payments, assessment tool

AUG. 25, 2015 -- “Password guessing” and theft of passwords through network domain name servers (DNS) and broadcast protocols are two of the techniques hackers use to attack and infiltrate computer networks, an anti-hacking expert showed participants in day two of the NASCUS/CUNA Cybersecurity Symposium. READ

Cybersecurity symposium puts key issues on table in day 1
AUG. 24, 2015 -- The first day of the NASCUS/CUNA Cybersecurity Symposium opened to a packed house and a packed agenda of the latest developments in the realm of cyber security. More than 100 regulators, policy makers and IT professionals were present at the opening of the program, being staged in Denver, Colo. READ

Tina Miller takes reins in Tennessee as top CU supervisor

AUG. 21, 2015 -- Tina G. Miller has officially taken the reins as top credit union supervisor in Tennessee, according to a release from the state’s financial institutions department. READ

Summary outlines new rule for FCU fixed assets
AUG. 13, 2015 -- A summary of NCUA’s new rule on fixed assets – which only applies to federal credit unions but changes a number of regulatory approaches to fixed assets by the agency – has been posted by NASCUS for reference. READ

Trade journals report on response letter to NCUA OGC
AUG. 12, 2015 -- .Knowing an interesting story when the see it, the major credit union trade journals have reported on NASCUS' letter in response to the NCUA Office of General Counsel (OGC). READ

Survey: CU CEOs see car loans as ‘best opportunity’
AUG. 11, 2015 -- Credit union chief executives see auto lending as their best opportunity for loan growth and focus over the next 12 months, with mortgage lending not far behind, according to survey results released Tuesday by TransUnion. READ

Vendor exam authority for NCUA falls short in Senate
AUG. 6, 2015 -- An amendment to give NCUA exam authority over third party vendors – including those providing cyber security practices – fell short of being added to cyber security legislation under consideration by the Senate Wednesday. READ

Ito: NCUA letter on OTR represents ‘progress’ on issue
AUG. 3, 2015 -- A trade journal is reporting about a letter sent by the NCUA Office of General Counsel to NASCUS by certified mail, which outlines the agency’s disagreement with a legal analysis prepared by the association and concludes that the overhead transfer rate (OTR) is subject to “notice and comment” under the Administrative Procedure Act (APA). READ

Markup includes proposal for temporary ‘safe harbor’ from TRID
JULY 27, 2015 -- Legislation providing a temporary safe harbor for credit unions and other financials from enforcement of the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule (TRID) will be marked up by the House Financial Services Committee Tuesday (July 28). READ

2011 Report: NCUA should solicit public feedback on OTR
JULY 27, 2015 -- NCUA should “possibly” solicit feedback from stakeholders about how it classifies its “insurance related” and operational activities for the purposes of determining the overhead transfer rate (OTR), according to a national accounting firm in an unedited 2011 report made public by the agency Friday. READ

OTR takes prominent role in NCUA hearing on Hill

JULY 23, 2015 -- The overhead transfer rate (OTR) played a prominent role, along with some other issues, in a hearing by the House financial institutions subcommittee on NCUA’s budget and operations Thursday, as NCUA Chairman Debbie Matz was pressed by a number of members to provide details and clarity about the NCUA budget process. READ

OTR figured into developments at NCUA Board meeting, too
JULY 23, 2015 -- Earlier Thursday, the NCUA Board approved two final rules and reprogrammed the agency’s 2015 operating budget – action that also saw the OTR figure into developments. READ

'Inequitable impact' on state CUs, regulators focus of NASCUS letter to Hill panel
JULY 22, 2015 -- Concern that NCUA’s funding mechanism and examination cycles are having an inequitable impact on state-chartered credit unions and state regulators is the key topic of a letter from NASCUS to the leaders of the subcommittee holding a hearing with agency Board Chairman Debbie Matz on Thursday. READ

Video details purpose, mechanics of OTR

JULY 22, 2015 -- The “overhead transfer rate” (OTR) – the ratio that NCUA applies in transferring money from the National Credit Union Insurance Fund (NCUSIF) to the agency’s operating fund to cover “insurance-related expenses” – is explained in a new video by NASCUS, in simple, brief terms. READ

Budget, stress testing, stabilization fund on NCUA agenda
JULY 22, 2015 -- Mid-year budget reprogramming, capital planning and stress testing and a “corporate stabilization fund assessment” are among the items on the agenda for the NCUA Board to tackle Thursday in its regular meeting. The board meets at 10 a.m. in Alexandria, Va. READ

Measure for state CU FHLB membership, NCUA hearings advances
JULY 22, 2015 -- A Senate appropriations subcommittee has approved legislation that would, among other things, allow privately insured, state-chartered credit unions to become members of Federal Home Loan Banks (FHLBs) and require NCUA to hold annual, public budget hearings. READ

Matz testimony shifts to Thursday (from Friday)
JULY 22, 2015 -- NCUA Board Chairman Debbie Matz is now scheduled to testify Thursday (instead of Friday) before the House financial institutions subcommittee. Her appearance is scheduled for 2 p.m., and follows the regular monthly meeting of the NCUA Board, which will have occurred that morning (beginning at 10). READ

Following NASCUS suggestion, CFPB delays TRID to Oct. 3
JULY 22, 2015 -- Following a recommendation made by NASCUS, the CFPB has pushed back compliance with its TILA-RESPA Integrated Disclosure rules (TRID) to Oct. 3. READ

NCUA webinar on cyberassessment tool offers sneak peek
JULY 22, 2015 -- Just weeks before the NASCUS/CUNA Cybersecurity Symposium gets underway (Aug. 24-25 in Denver), NCUA announced Tuesday it would host a webinar in one week on the Federal Financial Institutions’ Exam Council (FFIEC)’s new cyber-assessment tool – which is widely expected to be incorporated into the agency’s exams. READ

Int’l regulators hear presentations on cyber threats, common bond
JULY 17, 2015 -- U.S. credit union regulators were well-represented this week by NASCUS and NCUA when the International Credit Union Regulators' Network (ICURN) met for its annual conference in Denver, Colo. READ

CFPB No. 2 Antonakes to step down; Ito offers best wishes
JULY 17, 2015 -- Although the agency has yet to announce it officially, multiple news sources in Washington are reporting today that Steve Antonakes, the second-ranking official at the Consumer Financial Protection Bureau (and a former state regulator) is tendering his resignation. READ

Summary outlines proposed EGRPRA rule
JULY 15, 2015 -- NCUA’s third notice of regulatory review and request for comments of a comprehensive review of the agency’s regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) is outlined in the latest proposed rule summary from NASCUS. READ

Include certain prepaid card accounts
under pass-through insurance, NASCUS writes

JULY 14, 2015 -- Federal share insurance coverage should be passed-through to certain prepaid card accounts, similar to that coverage provided for IOLTA accounts and similar escrow accounts, NASCUS told NCUA in a comment letter. READ

2 more House members sign on to budget transparency bill
JULY 13, 2015 -- Two more U.S. House members have signed on to the NCUA Budget Transparency Act (HR 2287), bringing the total to 14. Reps. Cheri Bustos (D-IL) and Keith J. Rothfus, (R-PA) signed on in the latter part of last week. READ

Ito urges public review of OTR in op-ed
JULY 13, 2015 - The favoritism that the “overhead transfer rate” engenders for federal credit unions over state charters must come to an end if the if the dual-chartering system is to thrive, NASCUS President and CEO Lucy Ito writes in an editorial appearing in The Credit Union Journal today (July 13). READ

Advisory focuses on securing merchant payment systems from cybersecurity threats
JULY 8, 2015 -- An advisory focusing on methods for securing merchant card payment systems from the risks of cyber exploitation has been published by three key players in cybersecurity. READ

Georgia Dem signs on to NCUA Budget Transparency Act
JULY 8, 2015 -- As a result of outreach by NASCUS, credit unions and others, U.S. Rep. David Scott (D-GA) signed on to the NCUA Budget Transparency Act (H.R. 2287) Tuesday as a cosponsor. READ

NCUA should rely on state exams of 3rd party tech service providers
JULY 7, 2015 -- NCUA should rely on exams of third-party technology service providers that are already administered by state credit union supervisory agencies “to the maximum extent feasible,” NASCUS President and CEO Lucy Ito said today in response to a recommendation made by the Government Accountability Office (GAO) in a July 2 report. READ

Analysis outlines ‘dramatic change’ in MBL rule proposal
JULY 6, 2015 -- A “potentially dramatic change” in NCUA’s approach to regulating member business lending is outlined in its proposed rule on member business lending (MBL), according to an analysis of the proposed prepared by NASCUS. READ

Application published for Mass. branching under new law
July 2, 2015 – Boston, Mass. – An official application for Massachusetts credit unions wishing to branch in one of the other New England states or New York – or for credit unions from those states to branch into the Bay State -- has been finalized and distributed by the commonwealth’s Office of Consumer Affairs & Business Regulation (OCABR), Division of Banks. READ

Exam Council releases cybersecurity assessment tool
June 30, 2015
-- A cybersecurity assessment tool designed to help credit unions and other financial institutions identify their risks and assess their cybersecurity preparedness was released today (June 30) by the Federal Financial Institutions Exam Council (FFIEC). READ

Analysis of NCUA diversity policies, practices letter available
JUNE 29, 2015 -- We have posted our analysis (members only) of NCUA’s letter to credit unions on diversity policies and practices, which was released by the agency late last week. READ

Colorado to begin search for successor to Myklebust
JUNE 26, 2015 -- When the state of Colorado begins looking next month for a new state commissioner of financial services to replace Chris Myklebust, it will be looking for someone new who can take up regulation of state credit unions, savings and loan associations and life care institutions for the first time since 2006. READ

NCUA: Will ‘carefully consider’ NASCUS legal analysis of OTR
June 24, 2015 -- In response to NASCUS’ watershed legal analysis demonstrating that the “overhead transfer rate” is subject to notice and comment provisions under the Administrative Procedures Act (APA), NCUA issued a comment stating it would “carefully consider” the study’s conclusions. READ

Proposed MBL rule considers 3 options for state regulators
June 18, 2015 – Three options to address regulation of business lending by state chartered credit unions are being considered by the National Credit Union Administration (NCUA) in its proposed member business lending (MBL) rule, issued Thursday by the NCUA Board. READ

Letter supports budget transparency act
June 11, 2015 – In a letter to the leaders of the House financial institutions subcommittee, NASCUS has noted its support for legislation that would require the National Credit Union Administration (NCUA) to open its budget process to notice and comment from stakeholders and the public. READ

NASCUS Files Comments on NCUA Proposed Risk-Based Capital Rule
April 27, 2015 – The National Association of State Credit Union Supervisors (NASCUS) filed comments today on the NCUA’s proposed changes to NCUA Rules and Regulations Parts 700-703; 713, 723, and 747 regarding prompt corrective action (PCA) and risk-based capital (RBC). This is the second proposal put forth by the NCUA on this important topic; the revised rule was presented at the NCUA’s Jan. 15 board meeting. READ

Regulatory Relief Bills Pass House

April 14, 2015 – Five pieces of legislation supported by NASCUS passed the House Tuesday: H.R. 685, the Mortgage Choice Act; H.R. 299, the Capital Access for Small Community Financial Institutions Act; H.R. 601, the Eliminate Privacy Notice Confusion Act; H.R. 1259, the Helping Expand Lending Practices in Rural Communities Act; and H.R. 1480, the SAFE Act Confidentiality and Privilege Enhancement Act. READ

Registration for 2015 Cybersecurity Symposium Now Open

April 13, 2015 – Registration for the 2015 Cybersecurity Symposium is now open. READ

FFIEC Releases Statements on Identifying and Mitigating Cyber-Attacks

March 30, 2015 – The Federal Financial Institutions Examination Council (FFIEC) on Monday released two statements about ways that credit unions and other financial institutions can identify and mitigate cyber-attacks that compromise user credentials or use destructive software, known as malware. READ

Washington Division of Credit Unions to Implement CAMEL Component “S” Rating May 1

March 25, 2015 – The Washington Division of Credit Unions (DCU) has announced that it will begin using CAMEL component “S,” which stands for “Sensitivity to Market Risk” (interest rate risk), for examinations on May 1. READ

NASCUS Files Comments On Round Two of EGRPRA

March 23, 2015 – NASCUS filed comments with NCUA in response to the agency’s second round of requests for comments under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). READ

NCUA Warns Consumers of Phishing Scam
March 18, 2015 – The NCUA on Tuesday announced that it has received reports of an online phishing scam, which uses a website with a logo and design similar to the agency’s own and in an attempt to convince customers to provide information or send money. READ

Kolhoff Appointed to NASCUS Performance Standards Committee

March 18, 2015 – John Kolhoff, director of the Michigan Department of Insurance and Financial Services (DIFS) Office of Credit Unions and an active member of the National Association of State Credit Union Supervisors (NASCUS), has been appointed to the NASCUS Performance Standards Committee (PSC). READ

NCUA Vice Chairman Metsger Discusses FOM During Open Mic Session at CUNA GAC

March 10, 2015 – During an open mic session at the 2015 CUNA Governmental Affairs Conference (CUNA GAC) today, NCUA Vice Chairman Rick Metsger candidly discussed his thoughts on field-of-membership. READ

NASCUS Releases Summary of NCUA’s Small Credit Union Threshold Proposal

March 4, 2015 – The National Association of State Credit Union Supervisors (NASCUS) released a summary today of the NCUA’s  proposal to raise the asset threshold for the definition of a small federally insured credit union from $50 million to $100 million under the Regulatory Flexibility Act. READ

NASCUS Holds Directors' College in Massachusetts

February 27, 2015 – NASCUS, along with the Massachusetts Division of Banks (DOB), Credit Union Association of Rhode Island, Massachusetts Credit Union League, Inc., and New Hampshire Credit Union League held a NASCUS Directors’ College this week at the Cooperative Credit Union Association (CCUA) in Marlborough, Mass. READ

NASCUS Submits Statement for the Record to Senate Committee on Banking, Housing and Urban Affairs

February 20, 2015 – The National Association of State Credit Union Supervisors (NASCUS) submitted a statement for the record of the Feb. 10, 2015, Senate Banking Committee hearing regarding regulatory relief for community banks and credit unions. READ

Rutkowski to Begin Post as Ohio Deputy Superintendent for Credit Unions Feb. 23

February 19, 2015 – Columbus, Ohio – With nearly 30 years of experience in the legal profession, including 14 working with the credit union industry in areas of law including regulatory compliance, contract negotiation, employment law and real estate law, Robert W. Rutkowski has been named by Ohio Department of Commerce Director Andre T. Porter as Ohio’s next deputy superintendent for credit unions. READ

Quandahl Chosen to Lead Nebraska Banking Department

February 19, 2015 – Lincoln, Neb. Nebraska Gov. Pete Ricketts has chosen attorney Mark Quandahl to head the Nebraska Department of Banking and Finance. He replaces Acting Banking Director Ray Pont. READ

Perez Selected as Connecticut’s New Commissioner of the Department of Banking

February 18, 2015 – Hartford, Conn. Connecticut Gov. Dannel P. Malloy announced Feb. 13 that Jorge Perez of New Haven, Conn., will serve as Connecticut’s Commissioner of the Department of Banking. READ

Colorado Adds Sensitivity Rating to CAMEL to Measure Interest Rate Risk

January 16, 2015 – Denver, Colo. Colorado’s Division of Financial Services (DFS), the regulator of state-chartered credit unions in the state, will begin using Uniform Financial Institutions Ratings System (UFIRS), otherwise known as the CAMELS rating system. The change is effective April 1, 2015. READ

NCUA Presents Second Risk-Based Capital Rule at Today’s Board Meeting

January 15, 2015 – In a 2-1 vote at its Board meeting this morning, the NCUA presented its second risk-based capital rule. READ

NASCUS Submits Comment Letter to FHFA on their Proposal to Amend Regulations Governing FHLB Membership

January 12, 2015 – The National Association of State Credit Union Supervisors (NASCUS) submitted its comment letter today to the Federal Housing Finance Agency (FHFA) on its proposal to amend its regulations governing Federal Home Loan Bank (FHLB). READ

Interstate Branching Bill Passed in Massachusetts

January 8, 2015 – The Massachusetts Legislature has passed a regional interstate banking and branching measure permitting Massachusetts state credit unions to branch in the New England area. READ

NASCUS Files comments on NCUA Proposed Corporate Credit Union Rule

January 5, 2015 – NASCUS filed comments on NCUA’s proposed changes to Part 704, Corporate Credit Unions. In its comments, NASCUS supported NCUA’s changes to the rule as positive improvements and recommended several additional enhancements. READ

Idaho Regulator Mary Hughes Appointed to FFIEC State Liaison Committee

January 5, 2015 – Mary Hughes, an active member of the National Association of State Credit Union Supervisors (NASCUS) who serves as the Financial Institutions Bureau Chief of the Idaho Department of Finance, has been selected to serve on the State Liaison Committee (SLC) to the Federal Financial Institutions Examination Council (FFIEC). READ

NCUA Releases Summary of Regulatory Modernization Results

December 29, 2014 – NCUA has published a matrix detailing the results of the Regulatory Modernization Initiative undertaken by the Agency beginning in September of 2011. READ

NASCUS Submits Follow-Up Information to Joint Military Lending Act Comment Letter

December 26, 2014 – On Dec. 26, the National Association of State Credit Union Supervisors (NASCUS), together with the African American Credit Union Coalition (AACUC), Credit Union National Association (CUNA), and the Defense Credit Union Council (DCUC) submitted a separate filing to its Dec. 22 joint Military Lending Act (MLA) comment letter. READ

Share Insurance Now Covers Lawyers’ Trust Accounts

December 22, 2014 – Legislation, H.R. 3468 the Credit Union Share Insurance Fund Parity Act, has been signed into law. Starting immediately, National Credit Union Share Insurance Fund (NCUSIF) share insurance is extended to cover the funds in Interest on Lawyer Trust Accounts (IOLTA) and other escrow accounts. READ

Connecticut Department of Banking Commissioner Howard Pitkin to Retire

December 19, 2014 – Conn. Gov. Dannel P. Malloy today announced that after nearly 40 years of service with the state agency, Department of Banking Commissioner Howard Pitkin intends to retire in January. READ

NCUA Issues Final Appraisal Rule and EGRPRA Comment Notice at December Board Meeting

December 11, 2014 – The National Credit Union Administration (NCUA) Board held its final open meeting of 2014 on Thursday. During the meeting, the Board approved a final appraisal rule, published a Notice and Request for Comment under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA), and approved the 2015 budget for the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund). NCUA Board Chairman Debbie Matz also announced that NCUA will establish two working groups on issues relating to field of membership and “secondary capital.” READ

Senate Banking Committee Focuses on Cyber Security in Johnson's Last Hearing

December 10, 2014 – The National Association of State Credit Union Supervisors was present for the Senate Committee on Banking, Housing and Urban Affairs' oversight hearing today on Capitol Hill, during which cyber security was the topic of discussion. READ

Defense Department and FHFA Extend Comment Periods

November 27, 2014 – Comment periods on two proposed federal regulations have been extended. Both regulations affect some credit unions. READ

Colorado Issues Charter to Marijuana Credit Union

November 24, 2014 – On Wednesday, the Colorado Division of Financial Services (Division) issued a credit union charter to The Fourth Corner Credit Union. The Fourth Corner’s field of membership will include any legal marijuana enterprise as well as any members of non-profits that support the legalized cannabis movement. The credit union’s Facebook page linked to several news stories about the charter issuance. READ

CFPB Posts Fall Rulemaking Agenda

November 24, 2014 – The Consumer Financial Protection Bureau released its Fall 2014 rulemaking agenda on Friday, November 21, 2014 in conjunction with the Office of Management and Budget’s (OMB) Unified Agenda of Regulatory and Deregulatory Actions.  The Unified Agenda is published in the Federal Register twice a year to give the public some insight into federal agency priorities for the coming months. READ

NCUA to Re-Propose RBC Rule in January 2015

November 24, 2014 – NCUA has announced that the second risk-based capital (RBC) rule will be presented at the January 15, 2015 NCUA Board meeting for a 90-day comment period. READ

NASCUS Calls for Public Comment Period Over NCUA’s Ever-Increasing OTR
November 20, 2014 –
The National Credit Union Administration (NCUA) Board today announced another increase to the agency’s Overhead Transfer Rate (OTR) from the already staggering previous year’s rate of 69.2 percent to 71.8 percent. At the same time, the NCUA decreased the federal credit union operating fee by $0.72 million, or 0.90 percent. NCUA’s overall budget increased by 4.2 percent. READ

Inaugural Credit Union Cyber Security Symposium Concludes
November 14, 2014
After two days of intense discussion about cyber security, specifically on topics like breaches, protecting credit unions, the National Institute of Standards and Technology framework and disaster recovery, the inaugural Credit Union Cyber Security Symposium has come to an end. READ

Inaugural Credit Union Cyber Security Symposium to Conclude Today
November 14, 2014
The two-day inaugural Credit Union Cyber Security Symposium, hosted by NASCUS in partnership with Credit Union National Association and emceed by Tom Schauer, CEO of IT security firm TrustCC, will conclude today. READ

NASCUS Congratulates Corley on New Post as Banking Commissioner

November 13, 2014 –
Mississippi Gov. Phil Bryant on Monday appointed Charlotte Corley banking commissioner. READ

Inaugural Credit Union Cyber Security Symposium to Conclude Today

November 14, 2014 –
The two-day inaugural Credit Union Cyber Security Symposium, hosted by NASCUS in partnership with Credit Union National Association and emceed by Tom Schauer, CEO of IT security firm TrustCC, will conclude today. READ

Day One of Inaugural Credit Union Cyber Security Symposium Concludes

November 13, 2014 –
Nearly 100 individuals, including about 50 representing credit unions in 27 states, took part in day one of the inaugural Credit Union Cyber Security Symposium at the Hyatt Arlington in Arlington, Va. READ

Inaugural Credit Union Cyber Security Symposium Begins Today

November 13, 2014 –
The much-anticipated inaugural Credit Union Cyber Security Symposium will begin today at the Hyatt Arlington in Arlington, Va. READ

CFPB Finalizes QM Cure; Excludes CUs from New Nonprofit Exemption

November 12, 2014 –
On Nov. 3, 2014, the Consumer Financial Protection Bureau (CFPB) issued a final rule that allows creditors to secure qualified mortgage (QM) protection for loans that otherwise meet QM standards at consummation, but that exceed the three-percent limitation on points and fees. READ

Reminder: OSCUI Consulting Applications Due Nov. 30

November 12, 2014 –
The National Credit Union Administration (NCUA) today reminded credit unions interested in receiving consulting assistance from NCUA’s Office of Small Credit Union Initiatives (OSCUI) that they have until Nov. 30 to complete their applications. READ

NASCUS and CUNA Hosting Inaugural Credit Union Cyber Security Symposium This Week in Virginia

November 10, 2014 –
NASCUS, in partnership with Credit Union National Association, is holding its inaugural Credit Union Cyber Security Symposium Nov. 13-14 at the Hyatt Arlington in Arlington, Va. READ

FFIEC Releases Report Regarding Cyber Security Assessment as NASCUS Prepares for Upcoming Credit Union Cyber Security Symposium

November 4, 2014 –
The Federal Financial Institutions Examination Council (FFIEC) released a report yesterday regarding the recent cyber security examination work program, and recommended that regulated financial institutions participate in the Financial Services Information Sharing and Analysis Center (FS-ISAC). (To review the report in its entirety, click here. To read NASCUS' summary of the report, click here.) READ

Ito Takes Reins as NASCUS President and CEO

November 4, 2014 –
Lucy Ito, the former executive vice president and chief operations officer of the California and Nevada Credit Union Leagues (CCUL/NCUL) joined NASCUS Monday as the organization’s president and CEO. READ

Inaugural Credit Union Cyber Security Symposium to Begin in Two Weeks

October 30, 2014 –
NASCUS, in partnership with CUNA, will hold the inaugural Credit Union Cyber Security Symposium in two weeks. READ

NASCUS Board Member Werner Paul Passes Away
October 30, 2014 –
It is with great sadness that we inform you of the passing of Werner Paul, deputy commissioner of the Virginia Bureau of Financial Institutions, on Tuesday, Oct. 28. Paul, who had served on the NASCUS Board since 2011, had been an active member of NASCUS for many years, serving on various NASCUS committees and NCUA task forces. READ

BSA Conference Encourages Networking, Education on BSA Compliance Issues

October 28, 2014 –
The CUNA Bank Secrecy Act Conference, in partnership with NASCUS, is being held this week in Las Vegas, Nev. READ

State Examiners Attend NCUA Board Meeting

October 28, 2014 –
NASCUS President Mary Martha Fortney extended greetings to Eduardo Montenegro (Calif.), Jonathan Alicea (Fla.), LaTonya Jacox (Md.), Heidi Labree (N.D.), Monica Hedrick (Nev.), and Antoine Hick (Texas), who were in Alexandria, Va., last week to attend their New Examiners level 3 training at the NCUA building. The six examiners had the privilege of attending the NCUA Board meeting on Thursday, Oct. 23. Level 3 provides detailed review and practice in quantitative and qualitative analysis with emphasis on NCUA’s CAMEL ratings. READ

CUToday.info Publishes NASCUS President and CEO Fortney’s Story

October 21, 2014 –
CUToday.info, whose goal it is “to help credit unions grow and better serve their member owners,” published an article Oct. 19 about NASCUS President and CEO Mary Martha Fortney. “The Twenty-Year Tug of War,”  by CUToday.info owner Frank J. Diekmann, recalls Fortney’s past with NASCUS and notes the great impact she has had on the credit union movement. Fortney, who has worked for NASCUS for 22 years, 11 as the organization’s CEO, is retiring. She will be succeeded by Lucy Ito, executive vice president and chief operations officer of the California and Nevada Credit Union Leagues, who will join the association on Nov. 1. READ

NASCUS President/CEO Mary Martha Fortney Meets with New CUNA CEO Jim Nussle

October 17, 2014 –
NASCUS President and CEO Mary Martha Fortney met Friday with Jim Nussle, the new president/CEO of CUNA. Nussle was named head of the trade group on Sept. 9. READ

NASCUS’ Fortney Presents at MACCU Conference, Gives Remarks During NC Credit Union Commission Meeting

October 14, 2014 –
NASCUS President and CEO Mary Martha Fortney spoke Thursday in Asheville, N.C., at the Management Association of Carolinas Credit Unions (MACCU) Conference. She was also asked by N.C. Credit Union Division Administrator and NASCUS Board member Rose Conner to give remarks during the N.C. Credit Union Commission meeting. READ

Credit Union Cyber Security Symposium Hotel Room Block Date Extended until Oct. 17

October 14, 2014 –
If you haven’t reserved your room at the Hyatt Arlington for the Nov. 13-14 Credit Union Cyber Security Symposium, it’s not too late! The deadline to reserve your room at the $199 per night rate (plus applicable taxes) has been extended to Oct. 17. Click here to reserve your room online, or phone (888) 421-1442. READ

NASCUS Celebrates National Cybersecurity Awareness Month 2014

October 1, 2014 –
On Wednesday, President Barack Obama proclaimed October 2014 National Cybersecurity Awareness Month. READ

NCUA Board Chair to Request Revised Proposed Risk-Based Capital Rule Be Issued with New Comment Period

September 30, 2014 –
NCUA Board Chair Debbie Matz announced Monday that, “as a result of significant structural changes being considered,” she intends to request that a revised proposed risk-based capital rule be issued for additional public comment. READ

FFIEC Advises Financial Institutions to Move Quickly to Address Shellshock Vulnerability

September 29, 2014 –
The Federal Financial Institutions Examination Council (FFIEC) announced late Friday that, due to the vulnerability reported in the GNU Bourne Again Shell (Bash), “financial institutions and their service providers should assess the risk to their infrastructures and execute mitigation activities with appropriate urgency.” READ

NASCUS Participating in National Cyber Security Awareness Month 2014

September 26, 2014 –
In 2004, the Department of Homeland Security, in cooperation with the National Cyber Security Alliance and the Multi-State Information Sharing and Analysis Center, launched National Cyber Security Awareness Month (NCSAM). READ

NASCUS Submits Statement for the Record to Senate Committee on Banking, Housing and Urban Affairs

September 25, 2014 –
The National Association of State Credit Union Supervisors (NASCUS) submitted a statement for the record of the Sept. 16 Senate Banking Committee hearing regarding the state of small depository institutions. READ

NASCUS Comments on CFPB's Proposed Policy Statement on Disclosure of Consumer Complaint Narrative Data

September 23, 2014 –
On Monday, the National Association of State Credit Union Supervisors (NASCUS) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) with regard to its proposed policy statement that would expand the complaint data it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives. READ

UBIT Steering Committee Receives Prestigious NASCUS Pierre Jay Award

September 11, 2014 –
The winner of this year’s prestigious NASCUS Pierre Jay Award is the UBIT Steering Committee which, after nearly 20 years of diligent work, finally saw Internal Revenue Service examiner guidance recognize the broad application of previous court victories, providing concrete guidance for state credit union operations moving forward. READ

Childs and Boesch Continue Service on NASCUS Credit Union Advisory Council

September 10, 2014 –
The NASCUS Credit Union Advisory Council held its 2014 Annual Meeting on Sept. 10 in Nashville, where two state credit union CEOs began new terms on NASCUS’ Credit Union Advisory Council. The credit union membership is governed by the Advisory Council, a group of 12 directors who are credit union executives from around the country. READ

Massachusetts, North Carolina and Wisconsin Regulators Elected to
the NASCUS Board

September 10, 2014 –
At the 2014 NASCUS Annual Meeting on Sept. 10 in Nashville, three NASCUS Board members began new three-year terms. READ

Tennessee Gov. Bill Haslam Declares Sept. 10 “Mary Martha Fortney Day”

September 10, 2014 –
At the National Association of State Credit Union Supervisors’ (NASCUS) State System Summit today, Greg Gonzales, commissioner of the Tennessee Department of Financial Institutions, announced that Tennessee Gov. Bill Haslam declared Sept. 10 to be “Mary Martha Fortney Day” in the state of Tennessee. READ

NASCUS Welcomes Nussle as New CUNA President/CEO

September 9, 2014 –
According to a Tuesday release, Jim Nussle has been named the new president/CEO of the Credit Union National Association (CUNA). READ

NASCUS Hosting Annual State System Summit This Week in Nashville

September 8, 2014 –
The state credit union system’s leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit this week. READ

NASCUS Announces Lucy Ito as the Association’s New Chief Executive Officer

September 3, 2014 –
The NASCUS Board of Directors and Advisory Council are pleased to announce the selection of Lucy Ito as the organization’s next president/chief executive officer. Ito will replace incumbent Mary Martha Fortney, who will retire later this year. She has been with the California and Nevada Credit Union Leagues (CCUL/NCUL) for the past 10 years. READ

NASCUS Comments on Regulatory Publication and Review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996

September 2, 2014 –
NASCUS filed comments today regarding NCUA regulations up for review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996. READ

NASCUS Files Comments in Response to NCUA’s Proposed Changes to NCUA Rules and Regulations Parts 721 and 741

August 27, 2014 –
On Monday, NASCUS filed comments with the NCUA in response to the NCUA’s proposed changes to NCUA Rules and Regulations Parts 721 and 741 regarding securitization of assets. READ

NASCUS Congratulates McWatters on Taking Oath of Office

August 26, 2014 –
Mark McWatters took the oath of office today and joined the board of the National Credit Union Administration. READ

More Speakers Being Added to NASCUS State System Summit Program

August 21, 2014 –
More speakers have been added to the NASCUS State System Summit, which will take place Sept. 10-12 at the Omni Hotel in Nashville, Tenn., including former NCUA Board member Geoff Bacino, an expert in the area of Dodd-Frank legislation and its impact on both credit unions and government-sponsored lending entities, and Al Ralston, a consultant to BECU, one of the nation’s largest credit unions. READ

FinCEN Issues Advisory on Promoting Culture of Compliance

August 12, 2014 –
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to U.S. financial institutions on promoting a strong culture of BSA/AML compliance for senior management. READ

NASCUS Announces Inaugural Cyber Security Symposium

August 7, 2014 –
The National Association of State Credit Union Supervisors (NASCUS) announced today plans for an inaugural symposium focusing on cyber security. READ

NASCUS Files Comments on NCUA 2014 Regulatory Review

August 7, 2014 –
On Monday, NASCUS filed comments with the NCUA Office of the General Counsel in response to the 2014 NCUA Regulatory Review. NASCUS’ comments urged NCUA to consolidate its share insurance rules applicable to state-chartered credit unions in a single section of its rules and regulations, as well as recommended a specific amendment to NCUA’s regulation of Bank Secrecy Act (BSA) obligations. READ

NASCUS Welcomes Rose Conner to NASCUS Board; Says Goodbye to Utah Regulator Orla Beth Peck

August 6, 2014 –
Rose Conner, administrator of the North Carolina Credit Union Division, has been appointed to the NASCUS Board. Conner replaces Utah regulator Orla Beth Peck, who recently retired from her position as supervisor of credit unions with the Utah Department of Financial Institutions (DFI). READ

Hawaii’s Infrastructure Could Be Impacted by Hurricane Iselle

August 6, 2014 –
While Hurricane Iselle is slowly weakening as it approaches Hawaii, it is still a major hurricane with maximum sustained winds of 125 mph with higher gusts, and it could still be a hurricane when it makes landfall there tomorrow. READ

NASCUS Congratulates NCUA Board Member Rick Metsger on Being Named NCUA Vice Chairman

August 4, 2014 –
The National Association of State Credit Union Supervisors (NASCUS) today congratulated National Credit Union Administration (NCUA) Board member Rick Metsger on being named vice chairman of NCUA by NCUA Board Chairman Debbie Matz. READ

NASCUS' Fortney Gives Presentation at World Credit Union Conference

August 1, 2014 –
NASCUS President and CEO Mary Martha Fortney presented on anti-money laundering and countering the financing of terrorism (AML/CFT) compliance responsibilities, and fine tuning risk-based approaches at the 2014 World Credit Union Conference held this week in Australia. READ

NASCUS Attends NCUA Board Member Michael Fryzel’s Final Board Meeting

July 31, 2014 –
Today’s NCUA Board meeting was the last for Michael Fryzel, who was nominated to the NCUA Board by President George W. Bush on Nov. 30, 2007. READ

House Passes SAFE Act Confidentiality and Privilege Enhancement Act

July 30, 2014 –
The U.S. House of Representatives has passed the SAFE Act Confidentiality and Privilege Enhancement Act (H.R. 4626) by voice vote. READ

Kansas Gov. Sam Brownback Announces Credit Union Administrator Appointee

July 29, 2014 –
Kansas Gov. Sam Brownback’s office announced that former credit union regulator Jerel Wright will replace John Smith as administrator of the Kansas Department of Credit Unions. Wright previously held the position from 1998-2005. READ

UPDATE: NASCUS’ Fortney Re-elected President of Women in Housing & Finance Foundation Board of Directors

July 21, 2014 –
NASCUS President and CEO Mary Martha Fortney, whose re-election to another two-year term on the Women in Housing & Finance (WHF) Foundation  Board of Directors was announced on June 9 during the WHF Annual Meeting, has been re-elected to serve as the Foundation’s president. READ

NASCUS Unveils "Around the States"

July 16, 2014 –
The National Association of State Credit Union Supervisors (NASCUS) has unveiled a new portion of the website: Around the States. The section, which includes an interactive map of the United States, features news stories from throughout the nation. To access Around the States online, click here. To submit a news article for consideration, email NASCUS Director of Communications and Marketing Elizabeth Kirkland at elizabeth@nascus.org. READ

Alabama and Washington Earn NASCUS Reaccreditation

July 7, 2014 –
The National Association of State Credit Union Supervisors (NASCUS) recently approved the reaccreditation of the Alabama Credit Union Administration (ACUA) and the Washington Department of Financial Institutions (DFI) Division of Credit Unions. READ

FFIEC Launches Cyber Security Web Page and Commences Cyber Security Assessment

June 24, 2014 –
The Federal Financial Institutions Examination Council (FFIEC), on June 24, launched a webpage on cyber security.The site is a central repository for current and future FFIEC-related materials on cyber security. READ

NASCUS Congratulates McWatters on Senate Confirmation

June 19, 2014 –
Tax attorney Mark McWatters, the assistant dean for graduate programs and an adjunct professor at the Southern Methodist University Dedman School of Law, was confirmed by the Senate today to serve on the three-person NCUA Board. READ

TruMark Financial Credit Union CEO Richard Stipa Appointed to NASCUS Credit Union Advisory Council

June 16, 2014 –
Richard F. Stipa, chief executive officer of the Trevose, Pa.-headquartered TruMark Financial Credit Union since 2001, has been appointed to the National Association of State Credit Union Supervisors (NASCUS) Credit Union Advisory Council. READ

June 30 Deadline to Amend CUSO Agreements Drawing Near

June 13, 2014 –
The June 30 deadline for an NCUA rule amending federally insured credit unions’ agreements with credit union service organizations (CUSOs) is fast approaching. READ

Michigan Earns NASCUS Reaccreditation

June 13, 2014 –
The National Association of State Credit Union Supervisors (NASCUS) recently approved the reaccreditation of the Michigan Department of Insurance and Financial Services Office of Credit Unions (DIFS OCU). Michigan was the first state to earn NASCUS’ accreditation in 1989. READ

NASCUS’ Fortney Re-elected to Another Two-Year Term on Women in Housing and Finance Foundation Board of Directors

June 10, 2014 –
NASCUS President and CEO Mary Martha Fortney has been re-elected to another two-year term on the Women in Housing and Finance (WHF) Foundation Board. The WHF Foundation Board consists of members of WHF, Inc., who are professionals in the areas of finance, housing and law. The core mission of the organization is to partner with local nonprofit organizations whose missions are to help low-income women and children with basic financial literacy skills, housing assistance, transition services and economic empowerment. READ

Wisconsin Regulator Appointed to NASCUS Board

June 6, 2014 –
Kim Santos, director of the Office of Credit Unions (OCU) at the Wisconsin Department of Financial Institutions, has been appointed to the NASCUS Board of Directors. Santos has been active within NASCUS for a number of years, having served on many of the Association’s committees and task forces. READ

Massachusetts Division of Banks Receives First Joint Bank, Credit Union, and Mortgage Accreditation

June 2, 2014 –
NASCUS, The Conference of State Bank Supervisors (CSBS), and the American Association of Residential Mortgage Regulators (AARMR) announced today that the Massachusetts Division of Banks has received certificates of accreditation, certifying that the Division maintains the highest standards and practices in state banking, credit union, and mortgage supervision, as set forth by the NASCUS Accreditation Program, the CSBS Bank Accreditation Program, and the AARMR/CSBS Mortgage Accreditation Program. READ

North Carolina Credit Union Division’s Acting Administrator Rose Conner Accepts Appointment as Division Administrator

May 29, 2014 –
Rose Conner, an active member of NASCUS who has served as acting administrator of the North Carolina Credit Union Division for the past 17 months, has been offered and has accepted the appointed position of Division administrator. READ

NASCUS Files Comments on NCUA Proposed Risk-Based Capital Rule

May 28, 2014 –
The National Association of State Credit Union Supervisors (NASCUS) filed comments this morning on the NCUA’s proposed Risk-Based Capital Rule. NASCUS recognizes designing a risk-based system is a complicated undertaking and that it has been a contentious issue. No doubt NASCUS is not alone in its belief that the proposed rule is too broad. Notably, NASCUS’ comment letter addresses the need for the NCUA to include supplemental capital for non-low income consumer credit unions within its proposed risk-based regulatory framework. That they have not, writes NASCUS in its May 28, 2014, letter, “is unfortunate and disappointing.” READ

Washington State-Chartered Credit Union Changes Bylaws Regarding Frequency of Board Meetings

May 27, 2014 –
One month after Washington’s issuance of a final rule on the frequency of board meetings that allows credit union boards the option to meet six times a year if needed in order to allow for a greater focus on operations, a Washington State-chartered credit union has changed its bylaws to require at least six regular board meetings each year, with at least one of these meetings held in each calendar quarter. READ

UPDATE: Colorado Pot Co-op Bill Passes House and Senate, Awaits Governor’s Signature

UPDATE May 8, 2014 –
Colorado H.B. 1398 has passed both the Colorado House and Senate and is awaiting the signature of Gov. John Hickenlooper. As originally written the bill would only have allowed state-licensed marijuana businesses to create not a bank or credit union but a financial cooperative. As amended, however, the bill covers marijuana businesses and suppliers, and the hemp industry. READ

NASCUS Directors College Held in Seattle, Next Scheduled for May 20 in North Carolina

May 8, 2014 –
More than 70 credit union board members attended the NASCUS Washington Directors College, which was held in Seattle, Wash., April 30. The college, hosted by NASCUS, the Washington Department of Financial Institutions and the Northwest Credit Union Association (NWCUA), was a one-day event geared toward enhancing directors’ understanding of the critical statutory, fiduciary and regulatory responsibilities of a director. Attendees heard presentations on national issues, providing services to state licensed marijuana businesses, emerging payment systems related to digital currencies, and state specific examination issues. The NWCUA provided a presentation on the state’s director compensation rules. READ

Financial Stability Oversight Council (FSOC) Releases Fourth Annual Report

May 8, 2014 –
The Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act in 2010 and charged with identifying risks and responding to emerging threats to US financial stability, and providing direction to the Treasury Department’s Office of Financial Research, has released its fourth annual report. The 155-page report includes a section on the FSOC’s outlook on the credit union system, which begins around page 68. READ

UPDATE: Regulatory Relief Bills Pass House

May 7, 2014 –
Three pieces of legislation supported by NASCUS passed the House last night: the Capital Access for Small Community Financial Institutions Act of 2013 (H.R. 3584), Credit Union Share Fund Insurance Parity Act (H.R. 3468) and the CFPB Rural Designation Petition and Correction Act (H.R. 2672). READ

Flaw Found in Internet Explorer Leads US-CERT to Recommend that Computer Users Review Microsoft Security Advisory for Mitigation Actions, Workarounds

May 2, 2014 –
According to the Department of Homeland Security's United States Computer Emergency Readiness Team (US-CERT), which leads efforts to improve the nation's cybersecurity posture, coordinate cyber information sharing, and proactively manage cyber risks to the nation, a vulnerability affecting Internet Explorer versions 6 through 11 that could allow unauthorized remote code execution has been found. US-CERT recommends that users and administrators review Microsoft Security Advisory 2963983 for mitigation actions and workarounds. Those who cannot follow Microsoft’s recommendations, such as Windows XP users, may consider using an alternate browser. To read the official US-CERT warning, click here. READ

Cotney Reappointed to the FFIEC State Liaison Committee and Reelected as State Liaison Committee Chairman

May 1, 2014 –
The Federal Financial Institutions Examination Council (FFIEC) announced today that David J. Cotney, Commissioner of Banks for the Commonwealth of Massachusetts, has been reappointed to the FFIEC’s State Liaison Committee (SLC). This will be Cotney’s second full term on the SLC, and will extend through April 30, 2016. READ

Nebraska Department of Banking and Finance Director John Munn Retiring

April 25, 2014 –
Nebraska Gov. Dave Heineman announced this week that John Munn, who has served as the director of the Nebraska Department of Banking and Finance since January 2005, is retiring. Munn has served the department for nine years—the third longest tenure of a Nebraska banking regulator since the State Banking Board was established in 1892, according to a statement released by Heineman’s office.

NCUA Final Stress Testing Rule Includes NASCUS' Changes

April 24, 2014 –
In a vote of 2-1 today, with NCUA Board member Michael Fryzel voting “no,” the NCUA Board approved a rule that requires federally insured credit unions (FICUs) with assets of $10 billion or more to develop and maintain capital plans. The rule also provides for NCUA annual stress testing of those credit unions.

NCCIC Releases Information Regarding Recent OpenSSL Vulnerability "Heartbleed"

April 10, 2014 –
The National Cybersecurity and Communications Integration Center (NCCIC) released information to the public today regarding "Heartbleed," which was accidentally added to a vital piece of software called OpenSSL. OpenSSL is the software that makes it safe to do such things as move financial information online. The information released by the NCCIC reads, in part, "At this time there have not been any reported attacks or malicious incidents involving this particular vulnerability, but because it is a highly visible media topic, it is possible that cyber-criminals could exploit it in the future." To read more about the recently-discovered OpenSSL vulnerability, and to find out what you can do to reduce your risk of becoming the target of a cyber-attack, click here.

NASCUS Announces Positive Resolution on Crucial UBIT Issues

April 9, 2014 –
Today, the UBIT Steering Committee, of which NASCUS is a member, announced that the Internal Revenue Service has issued a memorandum that clears nearly all credit union products at stake in the litigation from being subject to unrelated business income tax (UBIT). The IRS action opens the door for credit unions to receive refunds of past payments.

California Earns NASCUS Reaccreditation

April 9, 2014 –
The National Association of State Credit Union Supervisors (NASCUS) recently approved the reaccreditation of the California Department of Business Oversight (DBO). The DBO, which is led by Commissioner Jan Lynn Owen and Deputy Commissioner of Credit Unions Erick Orellana, supervises 146 credit unions with combined assets of approximately $79.3 billion. The DBO was formed on July 1, 2013 through the consolidation of the former Department of Financial Institutions and the former Department of Corporations.

NCUA Region IV to Host Capital Markets Subject Matter Expert Training

April 3, 2014 –
The NCUA Region IV office is hosting a Capital Markets Subject Matter Expert (SME) Training Conference for region IV state regulators April 8-10 in Chicago. Agenda items include “Economic Update,” by NCUA Chief Economist John Worth, “5300 IRR Risk Trends and Analysis,” “Liquidity and IRR—A Close Relationship,” and much more. NASCUS Regulatory and Public Policy Counsel Sabrina Cotter and NASCUS State Programs Coordinator Tammy Gentilini will be attending the conference, in addition to the state and federal regulators from Region IV.

NASCUS Approved as Registered Sponsor on National Registry of CPE Sponsors
March 13, 2014 –
NASCUS announced on Wednesday, March 12, its approval as a registered sponsor on the National Registry of Continuing Professional Education (CPE) Sponsors, effective March 1, 2014. The status affirms NASCUS’ commitment to the delivery of high-quality continuing professional education in compliance with the statement of Standards for CPE Programs and the program requirements of the National Registry of CPE Sponsors.

NASCUS Wishes CUNA President/CEO Cheney Well in New Position as President/CEO of Calif.-Based SchoolsFirst FCU
March 12, 2014 –
According to a Wednesday release, after four years as president/CEO of the Credit Union National Association (CUNA), the national organization that represents credit unions of all sizes from every part of the United States, Bill Cheney is leaving. A national search for a new president/CEO of CUNA will be launched immediately, according to CUNA Chairman Dennis Pierce, as Cheney will be returning to California in June to be president and CEO of the 9.7 billion-asset SchoolsFirst FCU in Santa Ana.

NASCUS Congratulates Bloom Raskin on Confirmation as Treasury Deputy Secretary

March 12, 2014 –
Sarah Bloom Raskin, who from 2007 until 2010 served as the commissioner of financial regulation for the state of Maryland and from 2010 until now as a Federal Reserve Board governor, was confirmed today to be the U.S. Treasury Department’s deputy secretary. She was nominated last year by President Barack Obama to serve in the Treasury’s No. 2 position and approved twice by the Senate Finance Committee, first in December and again in January after the second session of this Congress began.

NASCUS Members Invited to Treasury Department Panel Discussion on How Technology is Shaping the Financial Industry in the Post-Crisis Era
March 5, 2014 – On Friday, March 14, at 9:30 a.m., in the Cash Room of the U.S. Department of the Treasury, the U.S. Treasury Department’s Office of Financial Institutions Policy and Center for Financial Policy at the University of Maryland’s Smith School of Business will hold the first in an occasional series of events that will address how technology is shaping the financial industry in the post-crisis era. The panel discussion, which has been titled “Beyond the Back Office: How Technology is Transforming Financial Institutions,” is designed for business practitioners, regulators, academics and other stakeholders. Those interested in attending the event, which is closed to the press, must RSVP by Monday, March 10. Attendees will need to submit clearance information to gain access to the Treasury building. To access the invitation, click here.

Mary Martha Fortney to Retire as NASCUS President and CEO
NASCUS Will Begin Executive Search

February 21, 2014 – Arlington, Va. The National Association of State Credit Union Supervisors (NASCUS) today announced that Mary Martha Fortney, President and Chief Executive Officer, will retire after more than 21 years with NASCUS, including the past 11 years as President and CEO.

Department of Homeland Security's National Cybersecurity and Communications Integration Center Publishes DDoS Quick Guide
The Department of Homeland Security's (DHS') National Cybersecurity and Communications Integration Center (NCCIC) has published a DDoS (distributed denial-of-service) Quick Guide. The guide, which contains possible attack methods per OSI (Open System Interconnection) layer as well as the potential impact and the applicable recommended mitigation strategies and relevant hardware, can be found here. The guide also provides possible DDoS traffic type descriptions.

NASCUS Files Letter with Senate Committee on Homeland Security and Governmental Affairs Regarding Conference, Travel Spending
January 30, 2014 – Arlington, Va.
The National Association of State Credit Union Supervisors (NASCUS) filed a letter last night with the Senate Committee on Homeland Security and Governmental Affairs regarding the committee’s Jan. 14 hearing, which examined conference and travel spending across the federal government.

NASCUS Comments on Proposed Rulemaking for Part 701—Requirements for Contacts with Federal Credit Unions
January 24, 2014 – Arlington, Va. – The National Association of State Credit Union Supervisors (NASCUS) submitted comments in response to the National Credit Union Administration’s (NCUA’s) proposed changes to NCUA Rules and Regulations Part 701, which would require examinations and other contacts between NCUA staff and staff or officials of a federal credit union (FCU) to occur in an FCU commercial office or other public location.

NCUA Issues Proposed PCA and Risk-Based Capital Rule

NCUA published a proposed Prompt Corrective Action (PCA) and Risk-Based Capital rule at its Jan. 23 board meeting. Over the past several months, NASCUS state regulator members participated in a joint task force with NCUA to help discuss and shape this rulemaking. Now that it is public, NASCUS staff will begin to analyze the nearly 200-page rulemaking, and a comprehensive summary will be available to members soon.

NCUA Listens to NASCUS and State Regulators in Limiting Final Derivatives Rule to Federal Credit Unions
January 23, 2014 – Arlington, Va. – Today, the National Credit Union Administration (NCUA) announced that the agency had approved a final rule granting federal credit unions limited derivatives transaction authority. Notably, the final rule addresses only federal credit unions, deferring to state authority for federally-insured state-chartered credit unions. This represents a significant and welcome change from the rule as proposed—a change NASCUS has worked hard to achieve since the rule was published for comment last year.


2013 Stories

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NASCUS Encourages NCUA to "Right Size Asset Threshold, Make Results Confidential, and Keep State Regulator Informed, In Comment Letter on Capital Planning and Stress Testing Proposal
In its comments on the NCUA's latest proposed capital planning and stress testing rule, NASCUS agrees with NCUA that a properly developed, thoughtfully implemented, and carefully evaluated stress testing program for very large credit unions could benefit the credit union system. NASCUS encouraged the agency, however, to consider refining the rule in several key areas, including raise the asset size for covered credit unions to submit capital plans from $10 to $50 billion as comparable with the Federal Reserve’s asset limits, treat stress testing results as confidential examination information, and more thoroughly ensure the state regulator is fully involved in the capital planning and stress testing supervisory process in covered federally insured state-chartered credit unions (FISCUs).

NASCUS Visits Capitol Hill to Discuss Supplemental Capital for Credit Unions, Express State Regulators’ Support for Capital Access for Small Business and Jobs Act

NASCUS met with the legislative staff of Congressmen Ed Perlmutter (D-Colo.) and John Carney (D-Del.) last week to discuss supplemental capital for credit unions and express state regulators’ support for the Capital Access for Small Business and Jobs Act (H.R. 719). NASCUS is joined by NCUA, as well as CUNA and NAFCU in supporting this important legislation.

Jeff Dahlstrom Elected Chairman of National Institute of State Credit Union Examination (NISCUE), NASCUS' Educational Foundation

The National Institute of State Credit Union Examination (NISCUE), the educational foundation of the National Association of State Credit Union Supervisors (NASCUS), recently elected Jeff Dahlstrom, co-president and CEO of Southeast Financial Credit Union in Tennessee, to serve as its chairman. Dahlstrom succeeds John Kolhoff, NASCUS chairman and director, Michigan Office of Credit Unions.

President Nominates McWatters for NCUA Board Position

Tax attorney Mark McWatters, the assistant dean for graduate programs and an adjunct professor at the Southern Methodist University Dedman School of Law, was nominated Tuesday by President Barack Obama to fill Republican Michael Fryzel’s spot on the three-person NCUA Board. Fryzel, whose term on the NCUA Board officially expired Aug. 2, has been serving on the NCUA Board since July 2008.

USDA’s Guaranteed Loan Program Opened to Credit Unions

The U.S. Department of Agriculture (USDA) has announced reforms to its Single Family Housing Guaranteed Loan Program (the Program) that would make credit unions eligible to participate as lenders for the first time. The changes are intended to help strengthen rural housing markets by increasing the availability of home loans in rural areas. The new rule will take effect on September 1, 2014.

FDIC Chairman Martin Gruenberg Discusses State of Banking Industry at Women in Housing & Finance Luncheon

On Tuesday, Dec. 17, 2013, NASCUS attended a luncheon sponsored by Women in Housing & Finance. FDIC Chairman Martin Gruenberg was the guest speaker. During the luncheon, Gruenberg revealed that the banking sector is gradually recovering and that interest rate risk is the key challenge facing the banking industry. Gruenberg aslo indicated that the FDIC is researching the consolidation of the industry and the increase in bank asset size. The FDIC is planning on publishing the results of this research in early 2014.

NCUA Quarterly U.S. Map Review for the Third Quarter of 2013 Now Available
NCUA has published its Quarterly U.S. Map Review for the third quarter of 2013. The Review provides comparisons of federally insured credit union performance across all 50 states and the United States Territories containing federally insured credit unions.

Attention NASCUS Membership: Join us December 18th for Quarterly Teleconference
Plan to join NASCUS on December 18, 2013 at 1:00pm Eastern for our first quarterly teleconference of NASCUS state credit unions and state regulators. Though we meet regularly in person at our Summit and educational sessions and via phone with our Committees throughout the year, NASCUS wants to provide our state credit unions and state regulators more opportunities to discuss issues impacting the state charter today.

Statements from NASCUS President and CEO Mary Martha Fortney on NCUA 2014 Overhead Transfer Rate and Credit Union Service Organization final rule
The National Credit Union Administration (NCUA) Board addressed critical issues for the state credit union system, including the supervision of credit union service organizations (CUSOs) and the agency’s 2014 Overhead Transfer Rate (OTR) and operating budget. The NCUA increased the OTR to 69.2 percent from the previous year's 59.1 percent. The NCUA decreased the federal credit union operating fee by an average of 18.4 percent.

NASCUS Regional Meeting Taking Place January 14 at the San Francisco Federal Reserve
NASCUS will continue its regional regulator meeting series to allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers.The next meeting to take place will be on January 15 at the Federal Reserve Bank of San Francisco.

NASCUS Advocates for Small Lender Access to the Secondary Market in Statement for the Hearing on Housing Finance Reform
NASCUS took the opportunity to submit a Statement for theRecord for the Senate Committee on Banking, Housing, and Urban Affairs' November 5th Hearing on Housing Finance Reform: Protecting Small Lender Access to the Secondary Mortgage Market. NASCUS' comments focus on the prudential benefits of secondary market access for credit unions, and the importance of streamlined coordination and information sharing between any new federal regulatory agency and the primary prudential state or federal regulator for the issuing or servicing financial institution.

NASCUS Regional Meeting Taking Place January 14 at the San Francisco Federal Reserve
NASCUS will continue its regional regulator meeting series to allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers.The next meeting to take place will be on January 15 at the Federal Reserve Bank of San Francisco.

NASCUS Advocates for Small Lender Access to the Secondary Market in Statement for the Hearing on Housing Finance Reform
NASCUS took the opportunity to submit a Statement for theRecord for the Senate Committee on Banking, Housing, and Urban Affairs' November 5th Hearing on Housing Finance Reform: Protecting Small Lender Access to the Secondary Mortgage Market. NASCUS' comments focus on the prudential benefits of secondary market access for credit unions, and the importance of streamlined coordination and information sharing between any new federal regulatory agency and the primary prudential state or federal regulator for the issuing or servicing financial institution.

NASCUS and the State System Represented Around the Country in October
NASCUS Regulators and management were traveling across the country this past month to collaborate with each other and other supporters of the state system as well as raise awareness of NASCUS priorities. This story features some of the details of this important work.

CFPB Remitttance Transfer Rule: In Effect Now
The remittance transfer rule is designed to protect consumers who send money to foreign countries via Electronic Funds Transfers, or "remittance transfers." The rule requires that the company making the transfer (often non-depository "money transmitters") provide the consumer with a disclosure and receipt that lists the exchange rate, fees and taxes charged, and the amount of money to be delivered abroad. This rule is effective October 28, 2013.

NCUA Capital Planning and Stress Testing Rule - NASCUS Developing Comments Now
Although credit unions were not explicitly included in the Dodd-Frank mandate, NCUA has nevertheless proposed a rule to apply a stress testing framework to federally insured credit unions with assets of $10 billion or more. NCUA points out that the four credit unions in this category have assets totaling nearly ten times the balance of the National Credit Union Insurance Fund, and that safe and sound capital planning in these institutions is therefore essential to the health of the credit union system as a whole.

NASCUS Seeks Member Input on Flood Disaster Protection Act Changes
NASCUS is reviewing the rule and will be working with the NASCUS Legislative & Regulatory Affairs Committee to determine if NASCUS will file comments and develop the response if warranted. If you have thoughts on this proposed rule you would like to share with NASCUS, please contact Sabrina Cotter (sabrina@nascus.org) or Brian Knight (brian@nascus.org).

Washington Launches Consumer Compliance Initiative
The Washington Department of Financial Institutions, Division of Credit Unions, has moved forward with a new initiative to conduct separate consumer compliance examinations on its state chartered credit union with assets in excess of $500 million.

NASCUS Files Comments on NCUA's Mandatory Electronic Filing Proposal
In July, NCUA published for comment a proposed rule to require all regulatory mandated reports from federally insured credit unions (FICUs) to be filed electronically. The proposed change would affect 59 FICUs that filed manually as of March 31, 2013 (out of 6,753 FICUs,

Spotlight on Capitol Hill
Congress returned from its summer recess this week, and both houses are expected to resume work on several financial regulatory reform initiatives that could affect credit unions.

NASCUS Regional Meetings Scheduled in MO, CT and GA in October
NASCUS will continue its regional regulator meeting series to allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers. Three regional meetings will take place in conjunction with the Conference of State Bank Supervisors (CSBS)Regional Meetings.

NASCUS Discusses State Authority, Supplemental Capital, Examination Efficiencies and More at DCUC's Golden Anniversary Conference
NASCUS' President and CEO Mary Martha Fortney discussed NASCUS' priorities at the Defense Credit Union Council's Golden Anniversary Conference today at the Greenbrier in West Virginia.

Richard Metsger Sworn in as NCUA Board Member
The Honorable Richard T. Metsger was sworn on Friday, August 23 at a private swearing-in ceremony in the Senate Banking Committee hearing room. Metsger provided attendees with comments about his vision as the newest board member, noting that regulators need to be sure credit unions can be innovators.

NASCUS meets with Congressman Gary Miller's Staff to Advocate for Supplemental Capital and a State Regulator on the NCUA Board
NASCUS' Mary Martha Fortney met with Congressman Gary Miller's (R-Calif.) legislative staff to discuss H.R. 2572, the Regulatory Relief for Credit Unions Act of 2013, which was authored by the Congressman.

NASCUS Congratulates Senator Metsger on NCUA Board Confirmation
NASCUS is pleased that former Oregon State Senator Rick Metsger's nomination to serve on the NCUA Board was confirmed by the Senate. Certainly, his experience as a State Senator and as Vice Chairman of Portland Teachers Credit Union has given him a deep understanding of state government and credit unions.

NASCUS Seeking Committee Members
NASCUS Committees do important work to set policy and direction for the organization. We encourage you to consider serving on a committee. Terms are 1 year and run September to September. Below are descriptions of the committees. If you are interested in serving on a committee, email Jenny Champagne at jenny@nascus.org.

NCUA Preemption of State Derivatives Authority Raises Serious Concerns: Proposal Fails to Recognize State Expertise and Experience
In today's letter to the National Credit Union Administration (NCUA), NASCUS wrote that it cannot support the proposed derivatives regulation in its current form as the proposal would limit the authority of state regulators to supervise derivatives activities in their states.

Open Letter to NASCUS Membership Regarding NCUA's Derivatives Proposal
Since NCUA proposed changes to its derivatives regulation, NASCUS has noticed confusion within the credit union movement about the nature of the proposal. Specifically, some have characterized the proposal as "giving credit unions an authority to engage in these transactions." What NCUA has actually done with this proposed rule is more complicated than that. It is true that for federal credit unions, NCUA is proposing to expand their authorities under section 703 of NCUA's Rules and Regulations. But to be clear, for federally insured state-chartered credit unions (FISCUs), NCUA is not expanding their authority: rather, NCUA is proposing to take away existing authority for some state-chartered credit unions.

NASCUS Participates in Congressional Briefing on H.R. 719
The Coalition for Credit Union Access hosted a Congressional Briefing on July 18 on H.R. 719, the credit union supplemental capital bill. The Briefing provided an opportunity to raise awareness on the need for supplemental capital and how supplemental capital could help credit unions meet member demands and support communities.

NASCUS Highlighting Director Compensation, the Future of Regulatory Capital and Technology Risks at this Year's NASCUS Summit
The state credit union system's leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit September 18-20 in Coeur d'Alene, Idaho. One issue attendees will dive deep into during the Summit is whether credit unions should compensate Directors.

NASCUS Legislative and Regulatory Affairs Committee Meeting Update
The NASCUS Legislative and Regulatory Affairs Committee held a call on Thursday, June 27, to discuss NCUA's proposed derivative rule, NCUA's 2013 Rule Review, credit union legislation before Congress and to answer other regulatory or legislative questions from the membership. In addition to the L&R Committee, all state regulators and NASCUS Advisory Council members were invited to participate in the call.

Member Comments Welcome on NCUA 2013 Rule Review
The National Credit Union Administration (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. You can find list of rules under review and NCUA’s request for public comment here.

 

Statements from NASCUS President and CEO Mary Martha Fortney on NCUA's Final Loan Participations Rule

NCUA approved its long anticipated final rule on Loan Participations. The final rule, while applying to all federally insured credit unions, does contain some important differences for state-chartered federally insured credit unions. Most significantly, the final rule contains a 5% minimum risk retention for federally insured state-charters while maintaining the higher 10% risk retention for federal credit unions.

 

FFIEC Forms Cybersecurity and Critical Infrastructure Working Group

The Federal Financial Institutions Examination Council (FFIEC) formed a working group yesterday to further promote coordination across the federal and state banking regulatory agencies on critical infrastructure and cybersecurity issues.

NASCUS and CFPB Sign MOU, Build on Foundation of Coordinated Supervision

The Consumer Financial Protection Bureau (CFPB) and NASCUS on Monday signed a memorandum of understanding (MOU) to build on the foundation of state and CFPB coordination and cooperation for the supervision of state chartered credit unions.

NASCUS Welcomes Nomination of Senator Metsger to NCUA Board

NASCUS is pleased the President intends to nominate former Oregon State Senator Rick Metsger to serve on the NCUA Board. Certainly, his experience as a State Senator and as Vice Chairman of Portland Teachers Credit Union (now OnPoint Community Credit Union) will serve the credit union system and the NCUA well.

NASCUS to Participate in Congressional Briefing on H.R. 719

The Coalition for Credit Union Access will be hosting a Congressional Briefing on H.R. 719, the Capital Access for Small Business and Jobs Act, on Thursday, July 18 at 12:00pm, in Washington, DC.

 

Leading Practices in ERM Webinar on June 27

An enterprise risk management (ERM) program is more than a collection of organizational functions. Join NASCUS for an informative discussion on how ERM integrates all credit union risk efforts under one set of common definitions, process framework and system solutions.Webinar will be facilitated by Ann Davidson from CUNA Mutual Group. Find out more and register here.

NASCUS Heading to Wisconsin for Fourth Annual Directors College!

The Wisconsin Office of Credit Unions, NASCUS, and the Wisconsin Credit Union League encourage all credit union board members, supervisory committee members and other volunteers along with credit union management to attend this important one-day educational event on Tuesday, June 18 at Empower Credit Union in Milwaukee, Wisconsin.The day includes many interactive sessions intended to enhance credit union volunteers' knowledge on current best practices in credit union governance, compliance and operations from the regulatory perspective.

NASCUS Advisory Council Members Discuss Improving Examination Efficiencies

NASCUS and our regulator members are taking a comprehensive look at the examination process to identify efficiencies and changes that could improve the process make better use of agency, and credit union, time and resources. State Regulator Linda Jekel (WA) is leading this initiative and looks forward to continued dialogue with NASCUS' credit union members.

 

NASCUS Submits Regulatory Relief Testimony For April 10 Hearing

NASCUS and state regulators took the opportunity to submit tesitmony to the Subcommittee on Financial Institutions and Consumer Credit for the April 10 Hearing on Examining Credit Union Regulatory Burden. NASCUS' testimony touches on several concepts for consideration to improve the regulatory supervision of state-chartered credit unions while providing prudent regulatory relief, including the need for credit union capital reform, state regulatory representation on the National Credit Union Administration (NCUA) Board, and increasing the size of the NCUA Board.

FFIEC Names State Regulators to the State Liaison Committee

The Federal Financial Institutions Examination Council (FFIEC) announced on April 1 the appointment of three new members of the Council's State Liaison Committee (SLC). Thomas (Tom) Candon, NASCUS Past Chairman and Deputy Commissioner of Banking and Securities of the Vermont Department of Financial Regulation, was appointed to succeed Harold Feeney, Texas Credit Union Commissioner, as NASCUS' representative.

NASCUS Regulators Meeting with NCUA on National Policy Issues

Annually, state regulators and the National Credit Union Administration (NCUA) gather for their National Regulators Meeting for regulator-to-regulator discussion on national policy issues affecting state-chartered credit unions. This meeting took place, March 18-20 in San Antonio, Texas.

Supplemental Capital as a Tool for Safety and Soundness - Remarks of NASCUS Chairman at CUNA's GAC

Supplemental Capital is also not an exotic unknown that is somehow incompatible to the credit union movement. Our low income designated credit unions have access to it. And virtually all developed credit union systems worldwide, and all banking systems worldwide have access to it. In short Supplemental Capital is tool that is widely available in the world of depository instutions. Like all tools, it should be used properly by someone who knows what they are doing.

NASCUS works with NCUA on LICU Designation for FISCUs

State-chartered credit unions will find it easier to determine if they are eligible for designation as low-income credit unions (LICU) through a cooperative effort by the National Credit Union Administration (NCUA) and the National Association of State Credit Union Supervisors (NASCUS).

NASCUS Supports Supplemental Capital Legislation

Today, Representatives Peter King (R-NY) and Brad Sherman (D-CA) introduced the Capital Access for Small Businesses and Jobs Act, legislation that will allow credit unions to access supplemental capital, a reform long supported by NASCUS. This bill is similar to H.R. 3993 which was introduced in the 112th Congress.

 

NASCUS Elects New Board Officers; Georgia Regulator Appointed

The NASCUS Board of Directors recently elected two new officers. John Kolhoff, Deputy Commissioner for Credit Unions for the Michigan Office of Financial and Insurance Regulation, was elected Chairman-Elect and Michael Wettrich, Deputy Superintendent for Credit Unions, Ohio Division of Financial Institutions was elected Secretary-Treasurer.

Connecticut Regulator Mary Ellen O'Neill Appointed to NASCUS Board of Directors

NASCUS Chairman Orla Beth Peck (UT) has appointed
Connecticut regulator Mary Ellen O'Neill to the NASCUS Board of Directors.
O'Neill is currently Director of the Financial Institutions Division for the
Connecticut Department of Banking.

NCUA Board Finalizes Troubled Condition Rule at January Meeting

At the January 10 meeting, the NCUA Board approved the issuance of a final rule to amend the NCUA's definition of a credit union in "troubled condition," to permit NCUA or the state regulator to declare a FISCU in troubled condition. The rule clarifies that NCUA will not declare a FISCU to be in troubled condition until after an onsite contact at the credit union.

Update on Developing CFPB

The Consumer Financial Protection Bureau (CFPB) had a busy 2012 and closed out the year with several changes to pending rules, completion of staffing its advisory bodies, and announcing a reorganization of its headquarters Office of Supervision.

 

2012 Stories

 

NASCUS comments on NCUA's proposed rule to change the definition of "small" credit unions

In response to NCUA's proposed rule to change the definition of "small credit unions," NASCUS suggested recommendations on behalf of the state credit union system including considering relief for credit unions based on metrics other than just size, such as non-complexity. NASCUS acknowledges in the letter that this rulemaking is specifically related to a Congressional mandate to relieve burden on "small" entities.

NASCUS Reviewing National Supervision Policy Manual

The National Credit Union Administration (NCUA) recently released a public version of its new National Supervision Policy Manual (NSPM). The manual describes the agency’s internal operations and procedures for supervisory staff .

 

November 15, 2012
NCUA 2013 Budget and OTR Approved

The National Credit Union Administration (NCUA) Board approved its fiscal year 2013 budget as well as the 2013 Overheard Transfer Rate (OTR) during its monthly November meeting.


NASCUS Summary of Material Loss Review (MLR) of O.U.R Federal Credit Union

NCUA's Office of Inspector General (OIG) has published a Material Loss Review (MLR) of O.U.R Federal Credit Union a federal credit union located (FCU) in Eugene, Oregon. The failure of the $4.3 million FCU resulted in $3.7 million loss to the National Credit Union Share Insurance Fund (NCUSIF).

November 6, 2012
Join NASCUS for Prepaid Webinar with Comptegrity November 8

On November 8, 2012, NASCUS is presenting a webinar by the leading compliance experts at Comptegrity focusing on the complex regulatory and operational issues related to pre-paid cards. If your examiners encounter pre-paid card programs in the course of their examinations, or your credit union has its own program or serves members with a program, this webinar is for you.

November 6, 2012
CUNA/NASCUS Bank Secrecy Act Conference

Presented by CUNA in partnership with NASCUS. The Bank Secrecy Act Conference brings together BSA compliance officers, state and federal examiners and industry experts for discussion, networking and education on BSA compliance issues.

October 30, 2012
NASCUS Office will Re-Open Wednesday

NASCUS' office will be open Wednesday, October 31. In response to the approach of hurricane Sandy NASCUS had initiated its contingency plan for the duration of the storm. As such, while NASCUS maintained continuous operations via remote operation protocols, the physical office was closed. NASCUS staff may be reached by e-mail and phone.

October 28, 2012
Call Report and Profile Distribution Process Changing Beginning with December 2012 Cycle

As part of their Green Initiatives, NCUA is changing the Call Report and Profile distribution process. NCUA will no longer provide letters to or for online filing credit unions

October 25, 2012
NASCUS Continued Regional Regulator Meeting Series in Atlanta

State credit union regulators from across the southeastern states met at the Atlanta Federal Reserve this past Monday for another of the ongoing Regional Regulator meetings held by NASCUS.

October 14, 2012
NASCUS Summary of Material Loss Review (MLR) of O.U.R Federal Credit Union

NCUA's Office of Inspector General (OIG) has published a Material Loss Review (MLR) of O.U.R Federal Credit Union a federal credit union located (FCU) in Eugene, Oregon. The failure of the $4.3 million FCU resulted in $3.7 million loss to the National Credit Union Share Insurance Fund (NCUSIF).

September 21, 2012
NASCUS and State Regulators Express Appreciation for Gigi Hyland's Service on NCUA Board

As her term ends, NASCUS thanks National Credit Union Administration (NCUA) Board member Gigi Hyland for her commitment to the credit union dual chartering system during her service on the NCUA Board.

September 20, 2012
State Regulators meeting in Atlanta on October 22

NASCUS is continuing our regional regulator meeting series that allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers.

September 14, 2012
Idaho, Virginia State Regulators Continue Serving on NASCUS Board; Louisiana Regulator Appointed

At the 2012 NASCUS Annual Meeting on Sept. 12 in Denver, two current NASCUS Board members officially began new three-year terms.

September 14, 2012
McDaniel Begins Service, Idol and Tierney Continue Service on NASCUS Credit Union Executive Council, Fouch Re-appointed

Denver, CO - The NASCUS Credit Union Advisory Council held its 2012 Annual Meeting on Sept. 12 in Denver where three state credit union CEOs began new terms on NASCUS' Credit Union Executive Council. One state credit union CEO was newly elected. The Credit Union Advisory Council is governed by the Executive Council, a group of 12 directors who are credit union executives from around the country.

September 13, 2012
Past NASCUS Chairman Linda Jekel Honored with NASCUS Pierre Jay Award

Denver, CO - Linda Jekel, credit union regulator from Washington and past NASCUS Chairman and longtime NASCUS Board Director, was honored with the 2012 NASCUS Pierre Jay Award.

September 11, 2012
NASCUS Hosting State System Summit This Week in Denver

On September 12-September 14 in Denver, the state credit union system's leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit.

September 11, 2012
NASCUS Now Developing Comment Letters - Your Comments Welcome by September 19

NASCUS is currently working on NCUA's proposed rulemaking on "troubled condition" for state-chartered credit unions and the proposed rule on Emergency Liquidity.

September 7, 2012
NASCUS gathering for Annual Summit next week in Denver!

NASCUS leadership and staff are preparing for what promises to be a great NASCUS Summit next week, September 12-14 in Denver, CO.

September 5, 2012
NASCUS 2nd Annual Colorado Directors College to be held October 10 in Denver

On Oct.10 at Denver Community Credit Union, NASCUS will hold the 2nd Annual Directors College for Colorado credit unions. The Colorado Division of Financial Services. Mountain West Credit Union Association and NASCUS encourage all credit union board members, supervisory committee members and other volunteers along with credit union management to attend this important one-day educational event. 

August 28, 2012
NASCUS Monitoring Hurricane Isaac

NASCUS, as a member of the Financial and Banking Information Infrastructure Committee (FBIIC), is monitoring issues related to Hurricane Isaac. We are keeping in touch with our NASCUS members impacted by the hurricane, as usual in cases such as this.

August 22, 2012
NASCUS Announces Management Departure

NASCUS President and CEO Mary Martha Fortney announced today that after nearly eight years on the management team, Kate Hartig is leaving NASCUS to embrace a new opportunity.

August 10, 2012
NCSL Reaffirms Policy on Dual Chartering for Credit Unions and State Sovereignty in Financial Services

The National Conference of State Legislatures (NCSL) recently approved a condensed version of its banking, insurance and internet electronic commerce policies. As part of these policies, the strong policy on credit union dual chartering and state sovereignty in financial services was reaffirmed, actions applauded by NASCUS.

August 8, 2012
NASCUS Responds to NCUA Annual Rule Review

NASCUS suggested recommendations on behalf of the state credit union system including providing parity for federal insured state chartered credit unions (FISCUs) in some areas of NCUA's regulations and a consolidation of insurance rules in Part 741.

July 27, 2012
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.

July 24, 2012
State CU System Leaders Testify on Capitol Hill

NASCUS members were in Washington, D.C. this week testifying before Congress on consumer protection and preemption issues.

July 16, 2012
Dates Announced for 2013 NASCUS/NCUA National Meeting

NASCUS asks state regulators to save the date for the 2013 NASCUS/National Credit Union Administration (NCUA) National Regulators Meeting, March 19-20, 2013 in San Antonio, Texas.

July 10, 2012
New: NASCUS Announces Introduction to Prepaid Cards Webinar

The July 31 webinar will provide a foundation to understanding the nuances and complexity of the unique and emerging marketplace of prepaid cards.

June 18, 2012
Florida Regulator Linda Charity Appointed to NASCUS Board of Directors

NASCUS Chairman Orla Beth Peck (UT) has appointed Florida regulator Linda Charity to the NASCUS Board of Directors. Charity is the Interim Commissioner for the Florida Office of Financial Regulation (OFR) and also serves as Director of the OFR's Division of Financial Institutions. 

June 18, 2012
Gary Oakland Honored with Lifetime Honorary NASCUS Membership

NASCUS honored Gary Oakland, past President and CEO of BECU and long time state system supporter, with a Lifetime NASCUS Membership at a celebration recognizing his 30-year credit union career last week.

June 13, 2012
NASCUS Holds Asset Liability Management Training for Examiners

NASCUS recently partnered with the Ohio Department of Commerce's Division of Financial Institutions (DFI) for an examiner training on asset liability management (ALM) and related investment issues. The training was also attended by examiners from other states.

June 4, 2012
Your Comments Welcome on NCUA Regulatory Review

NASCUS encourages your feedback for its comments on NCUA's annual regulatory review. The NCUA maintains a rolling review schedule that identifies one-third of NCUA’s existing regulations for review each year and provides an opportunity to comment. 

May 24, 2012
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.

May 16, 2012
Upcoming NASCUS Webinars in Investment Issues for Credit Unions

NASCUS is hosting webinars on May 31 and June 13 on investment hazards and sound investing in today's interest rate environment. The sessions are open to both examiners and credit unions.

May 14, 2012
Reg Burden, IRR and Communication During Examinations Hot Topics of NCUA's Listening Session

NASCUS participated in the National Credit Union Administration (NCUA) Listening Session on May 9 in Alexandria, Va. This was the second in a six-part series aimed at providing opportunities for dialogue between NCUA and credit unions.

May 8, 2012
Amendment to Postal Bill Could Limit Government Agency Participation in Conferences

NASCUS co-signed with other associations and professional societies in an American Society of Association Executives (ASAE) letter encouraging Congress to amend this legislation. As presented, the legislation could restrict dialogue between the private sector and the federal government.

May 1, 2012
Nebraska's Munn Reelected Chairman of FFIEC State Liaison Committee, Cotney Also Reappointed to SLC

The Federal Financial Institutions Examination Council (FFIEC) announced that John Munn, Director of the Nebraska Department of Banking and Finance, will continue service as Chairman of the FFIEC State Liaison Committee (SLC). Massachusetts Division of Banks Commissioner David Cotney was also reappointed to the SLC.

May 1, 2012
Colorado's Sooper Credit Union Announces Solar Panel Loan Program

The program is the first of its kind at state-chartered Sooper CU to address the community-owned solar panel marketplace with low-interest loans.

May 1, 2012
NASCUS Hosting Asset Liability Management Training for Regulators

In conjunction with NASCUS, the Ohio Department of Financial Institutions is holding an examiner training on asset liability and management (ALM) issues June 5-7, 2012 in Columbus, Ohio. This regulators-only event is open to other state examiners from state agencies.

May 1, 2012
NASCUS Directors College Registration Open in Illinois, North Carolina, Utah, Ohio, Wisconsin and Kansas
NASCUS' Directors Colleges continue to be highly rated by attendees as valuable training opportunities for credit union directors and management. The events focus on the regulator’s expectations of directors and also include industry experts on financial statement reviews, emerging issues, compliance obligations and more.

April 25, 2012
Washington CU Division's Lacy-Roberts Named CU Program Manager

The Washington Division of Credit Unions (Division) announced that Doug Lacy-Roberts is the new Division Program Manager, effective May 1, 2012.

April 19, 2012
NASCUS Discusses CU Impact of Dodd-Frank and Compliance Considerations with GAO

The U.S. Government Accountability Office (GAO) contacted NASCUS for feedback on the impact of the Dodd–Frank Wall Street Reform and Consumer Protection Act (DFA) on credit unions. NASCUS met with GAO on April 17 to discuss the DFA and the general regulatory and compliance landscape impacting credit unions.

April 17, 2012
NASCUS Holds Investments Training for California Examiners and Credit Unions

For the fourth year, NASCUS recently partnered with the California Department of Financial Institutions for their annual department-wide examiner training. The school was also open to credit unions for side-by-side training with examiners on issues affecting both groups.

April 11, 2012
NASCUS Joins Twitter Online Community

You can now find NASCUS on Twitter by following @TheNASCUS.

April 11, 2012
NASCUS Holding Directors Colleges in Illinois and North Carolina in May

NASCUS is pleased to announce our Directors College series is returning to North Carolina for the fourth time and Illinois for the second time in May.

April 10, 2012
Filing FinCEN’s new CTRs and SARs

The Financial Crimes Enforcement Network (FinCEN) issued guidance to alert covered entities that it has begun to accept the new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) into FinCEN's BSA E-Filing System. NASCUS members can view a summary of this guidance at this link. (Member log-in required)

April 2, 2012
Not Too Late to Attend Directors College on April 11 in Northern California

NASCUS is pleased to announce that Teveia Barnes, the newly appointed Commissioner of the California Department of Financial Institutions, will be on hand to discuss her priorities as Commissioner at the April 11 event.

March 26, 2012
NASCUS Discusses State System Issues with Treasury and CFPB Officials

Recently, NASCUS met with officials at the U.S. Treasury and the Consumer Financial Protection Bureau (CFPB) to continue dialogue with them on issues impacting the state credit union system.

March 22, 2012
Early Bird Registration Open for 2012 State System Summit

We invite you to join the system’s leaders in Denver, Colorado, Sept. 12-14 to address the top challenges confronting state credit unions and regulators.

March 13, 2012
Senate Introduces Exam Fairness Legislation Similar to House Bill

Sen. Jerry Moran introduced S. 2160, the Financial Institutions Examination Fairness and Reform Act, a nearly identical legislation to H.R. 3461, the House version of exam fairness.

March 13, 2012
White House Withdraws Decker Nomination to NCUA Board

Upon her request, the White House withdrew the nomination of Carla M. León-Decker to be a member of the National Credit Union Administration (NCUA) Board.

March 5, 2012
NASCUS Bringing Directors Colleges to Northern and Southern California

NASCUS is excited to host our Directors College series in California on March 30 in San Diego and again on April 11 in Walnut Creek. 

Feb. 21, 2012
NASCUS Recommends Different and Less Preemptive Approach for Loan Participation Risk

In a Feb. 21 comment letter, NASCUS recommends NCUA work with state regulators to address supervisory concerns regarding loan participations in a manner that does less harm to the dual chartering system, more effectively mitigates material risk, and improves oversight while not unnecessarily burdening credit unions.

Feb. 15, 2012
NASCUS Directors College Coming to San Diego, CA on March 30

Speakers to date include William Haraf, Commissioner of California Financial Institutions, former NCUA Chairman Dennis Dollar and renowned compliance expert Mary Lou Heighes.

Feb. 10, 2012
New Bill Would Allow Supplemental Capital to Count Toward Credit Union Net Worth

The bill would make a change to the definition of net worth in the Federal Credit Union Act to allow non-share capital accounts to count toward a natural person's credit union's net worth.

Feb. 9, 2012
NASCUS Applauds Introduction of Supplemental Capital Bil
l
Rep. Peter King (R-NY) introduced the Capital Access for Small Businesses and Jobs Act, H.R. 3993, legislation that will allow credit unions to access supplemental capital, a reform long supported by NASCUS.

Feb. 8, 2012
NCUA Continues to Eye Derivatives as Mitigating Tool for Interest Rate Risk

NASCUS is encouraging state regulators to review state regulations to determine what activities to mitigate interest rate risk are permissible for state-chartered credit unions. A summary of the NCUA ANPR for FCUs is available for NASCUS members to assist in studying the appropriate applicability to SCUs.

Feb. 8, 2012
IRS Corrects Erroneous Correspondence Regarding SCU Tax Exempt Status

In September 2011, some state regulators and credit unions received erroneous correspondence from the Internal Revenue Service (IRS) regarding the revocation of some credit unions' tax exemption. This week, the IRS clarified that it was a error on their part and the tax exempt status had not been revoked.

Feb. 2, 2012
Special Offer for Archived Webinars - Access Two for $99!

For a limited time, NASCUS is offering a special price of $99 for access to two archived NASCUS webinars for 30 days.

Jan. 27, 2012
NCUA Finalizes Interest Rate Risk Rule, Addresses Loan Workouts and Derivatives

The National Credit Union Administration (NCUA) made final a rule requiring credit unions to have a written interest rate risk (IRR) policy, among other actions, at its January 26, 2012 open board meeting.

Jan. 23, 2012
NASCUS Encouraging Feedback on NCUA and CFPB Proposals

NASCUS is in the process of developing comment letters on several proposals including NCUA's rulemakings on loan participations and emergency liquidity access. We encourage NASCUS member feedback and opinions.

Jan. 18, 2012
NASCUS Publishes New Edition of Profile of State CU Regulatory Agencies

Published every two years, the NASCUS Profile of State Credit Union Regulatory Agencies is a reference to the general organizational structure, personnel policies, statutes and regulations of the state credit union regulatory agencies. The 2012 edition is now available. (Member log-in required).

Jan. 11, 2012
Mark Your Calendars for NASCUS' 2012 Education Events

NASCUS has announced a number of education and training events for 2012. Additional events will be added throughout the year.

Jan. 4, 2012
GAO Recommends Earlier Actions by NCUA to Address Troubled Credit Unions

As directed by the National Credit Union Authority Clarification Act of 2011, the Government Accountability Office (GAO) released a report on Jan. 4 addressing credit union failures and NCUA's responses to those failures as well as implementation of Prompt Corrective Action (PCA).

Jan. 4, 2012
President Uses Recess Appointment for CFPB's Cordray

On Jan. 4, President Barack Obama used a recess appointment to install Richard Cordray as the Director of the Bureau of Consumer Financial Protection (CFPB) thereby skirting a stalled Senate confirmation process.

Jan. 3, 2012
More Than 1,250 Directors Trained in NASCUS Directors College Series

NASCUS, with the help of the state regulators and leagues, has traveled the country to provide continuing education for directors concentrating on the critical statutory, fiduciary and regulatory responsibilities. NASCUS will continue this series in 2012.

2011 Stories

Dec. 20, 2011
NASCUS Encourages NCUA Regulatory Relief for State Charters

NASCUS has encouraged the agency to consider additional relief for state charters, as the proposed efforts thus far primarily provide regulatory relief for federal credit unions (FCUs).

Dec. 19, 2011
NASCUS Assessing State Law Impact of Proposed Extension of Loan Participation Rules to FISCUs

The National Credit Union Administration (NCUA) approved a proposed rule that would extend existing loan participation rules for federal credit unions to federally insured state-chartered credit unions and impose new concentration limits.

Dec. 12, 2011
NASCUS Executive Committees Meeting in Washington Dec. 14-16

The officers of the NASCUS Board of Directors and the Credit Union Executive Council will gather in Washington, D.C. Dec. 14-16 to discuss NASCUS organizational business and also to meet with the NCUA and others.

Dec. 8, 2011
CFPB Director Nomination Blocked in the Senate

Richard Cordray, President Obama's nomination to be director of the Bureau of Consumer Financial Protection, was blocked by Senate Republicans for confirmation to the post.

Dec. 6, 2011
House Approves Bill Amending Rulemaking Process

The U.S. House of Representatives approved the "Regulatory Accountability Act of 2011," H.R. 3010, on December 2 amending the Administrative Procedures Act regarding rulemaking and adding provisions for rulemaking that imposes significant cost on the economy.  

Nov. 29, 2011
CFPB Publishes Request for Comments on Streamlining Regulations

The Bureau of Consumer Financial Protection (CFPB) published a request for comments on streamlining regulations it recently inherited from other Federal agencies.

Nov. 29, 2011
"Exam Fairness" Legislation Introduced in the House

H.R. 3461, the Financial Institutions Examination Fairness and Reform Act, was introduced by Rep. Shelley Moore Capito (R-WV) and Rep. Carolyn Maloney (D-NY) in an effort to improve elements of the federal examination process.

Nov. 21, 2011
CFPB Publishes Supervisory Statement on Determining $10 Billion Asset Threshold

Determination of which institutions immediately fall under the CFPB's authority will be based on the June 30, 2011 Call Report data.  Future determination of whether an institution surpasses the $10 billion asset threshold, or conversely, falls below the threshold, will be based on four consecutive Call Reports.

Nov. 17, 2011
NCUA Approves 5.1 Percent Increase for 2012 Operating Budget, 53.9 Percent OTR and Estimates 2012 Premiums

The National Credit Union Administration (NCUA) Board approved its fiscal year 2012 budget during its monthly November meeting.

Nov. 16, 2011
NASCUS Directors College Series Continues in Missouri

NASCUS, along with the Missouri Division of Credit Unions, hosted the first Missouri Directors College in Independence earlier this month. 

Nov. 10, 2011
Matz Reiterates Support for Supplemental Capital, Estimates 8-11 Basis Point Corporate Assessment for 2012

National Credit Union Administration (NCUA) Chairman Debbie Matz held a online "Town Hall" with more than 2,400 attendees on Nov. 9 to discuss issues of interest to the credit union community.

Nov. 9, 2011
NASCUS Adds Webinars on New Garnishment Rules, CARD Act Changes and More

Registration is open for a number of NASCUS educational opportunities this fall and winter

Nov. 4, 2011
NCUA Chairman Holding Online "Town Hall" Nov. 9

During the live webinar, participants will be able to type in questions about any topic for response from NCUA Chairman Debbie Matz. Registration remains open.

Nov. 4, 2011
NASCUS Continued Regional Regulator Meeting Series in Atlanta

NASCUS Chairman Orla Beth Peck (UT) brought together several state credit union regulators from the southeastern part of the country in Atlanta on Oct. 31 for another of the ongoing Regional Regulator meetings held by NASCUS. 

Oct. 31, 2011
NASCUS Partnering with CUNA on Comprehensive Bank Secrecy Act Training This Week

This conference is the largest credit union specific BSA/AML conference and brings together regulators, credit unions, leagues and other compliance professionals for three days of comprehensive discussion of the issues.

Oct. 27, 2011
NCUA Approves Final Rule Revising Community Development Revolving Loan Fund Processes

NCUA staff noted that changes in the economy and other factors prompted this update to the CDRLF processes intended to improve the organization, structure and ease of use by credit unions.

Oct. 21, 2011
President Nominates Former D.C. Credit Union President to NCUA Board

President Barack Obama nominated Carla M. León-Decker to serve as a Board Member of the National Credit Union Administration (NCUA).

Oct. 18, 2011
NCUA Inspector General Issues Report on NCUA's DOR Follow-Up Process

The Inspector General concluded that NCUA failed to effectively monitor or follow up on unresolved DOR items and recommended improvements.

Oct. 17, 2011
NASCUS Makes FISCU Regulatory Relief Recommendations to NCUA Chairman

Recently, the National Credit Union Administration (NCUA) Chairman announced a Regulatory Modernization Initiative aimed at providing some regulatory relief for credit unions. NASCUS recommended additional reforms for federally insured state-chartered credit unions including consolidating insurance rules into one section and improvements to online resources.

Oct. 17, 2011
CFPB Releases Examination Manual and Guide

The Consumer Financial Protection Bureau (CFPB) released its CFPB Supervision and Examination Manual, the guide for their examiners to use in overseeing companies that provide consumer financial products and services.

Oct. 17, 2011
Colorado CU Directors Join NASCUS for Directors College

NASCUS, along with the Colorado Division of Financial Services hosted the first annual Colorado Directors College at Denver Community Credit Union on Oct. 6. Close to 70 directors and several credit union management attended the training event.

Oct. 12, 2011
NASCUS Announces Fall Webinar Lineup

Registration is open for webinars on risks associated with business accounts, compliance issues for directors and updates on the CARD and SAFE Acts.

Oct. 12, 2011
NASCUS Holding Regional Regulators Meeting, Atlanta, Oct. 31

NASCUS welcomes credit union regulators from all states and encourage regulators, chief deputies and senior examiners to attend.

September 28, 2011
Longtime NASCUS Member and State Regulator from Mississippi Announces Retireme
nt
John Allison, Commissioner of the Mississippi Department of Banking and Consumer Finance, announced that he is retiring from state service September 30, 2011.

September 27, 2011
NASCUS Urges NCUA to Leverage Existing Resources and Enhance Risk Focus for Supervision of CUSO Activities

NASCUS urges NCUA to reconsider this proposal and work with state regulators to enhance supervision by improving existing authority and monitoring programs, and minimize regulatory burden by adopting a targeted approach to CUSO oversight.

September 26, 2011
NCUA Issues Final Rule Regarding Net Worth from Senate Bill 4036

In January of this year, the President signed Senate Bill 4036 which included amendments to the Federal Credit Union Act to clarify the use of the term net worth in combination transactions and to allow Section 208 assistance to be counted towards net worth.

September 19, 2011
System Leaders Addressing IRS' Erroneous Tax Exemption Correspondence to Credit Unions

NASCUS has learned that state regulators and credit unions have received erroneous correspondence from the Internal Revenue Service (IRS) regarding the revocation of some credit unions' tax exemption. This is paperwork and recordkeeping mistake by the IRS, and not a change in the law. The credit unions' tax exemptions are not threatened.

September 15, 2011
Illinois Governor Quinn Addresses NASCUS Summit on Role of Regulators and Credit Unions in Today's Economy
Illinois Gov. Pat Quinn addressed the NASCUS State System Summit in Chicago to an audience of state regulators, state-chartered credit unions and system leaders. In his remarks, Gov. Quinn complimented the credit union movement and also commended regulators for "keeping an eye on things."

September 15, 2011
NASCUS Installs New Leadership at State System Summit

On Sept. 14, 2011, Utah's credit union regulator, Orla Beth Peck, became the NASCUS Chairman for a two-year term following Tom Candon of Vermont. Additionally, Catherine Tierney, Community First Credit Union, Wisconsin, was installed as the new Chairman of the NASCUS Credit Union Advisory Council following the chairmanship of Parker Cann of BECU, Washington.

September 15, 2001
Past NASCUS Chairman Roger Little Honored with NASCUS Pierre Jay Award

Roger Little, retired credit union regulator from Michigan and past NASCUS Chairman and longtime NASCUS Board Director, was honored with the 2011 NASCUS Pierre Jay Award.

September 12, 2011
NASCUS Hosting Annual State System Summit This Week in Chicago

On September 14-16, 2011 in Chicago, the state credit union system’s leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit.

NASCUS 2010 Audit Completed; Reports Available
Each year, NASCUS contracts an independent audit by a CPA firm to ensure that the financial reports accurately reflect the fiscal condition of the association, NASCUS, and the National Institute for State Credit Union Examination (NISCUE), its affiliated corporation.

August 31, 2011
Illinois Governor Pat Quinn to Speak at NASCUS State System Summit in Chicago

NASCUS is pleased to announce that Illinois Governor Pat Quinn will speak at NASCUS' annual gathering of the state credit union system, the 2011 State System Summit in Chicago, Illinois.

August 30, 2011
Corporate Stabilization Assessment Set at 25 Basis Points, Lower 2012 Assessment Expected

On August 29, the National Credit Union Administration (NCUA) Board announced a 25 basis points assessment for the corporate stabilization fund totaling $1.96 billion.

August 29, 2011
Join NASCUS and CUNA for Annual Comprehensive BSA/AML Conference

This conference, Oct. 30-Nov. 2 in San Diego, is the largest credit union specific BSA/AML conference and brings together regulators, credit unions, leagues and other compliance professionals for three days of comprehensive discussion of the issues.

August 26, 2011
Credit Unions, State Agencies Prepare for Hurricane Irene
Credit unions and state agencies in the path of Hurricane Irene as well as NCUA have taken precautionary measures in advance of Hurricane Irene. NASCUS remains in communication with state agencies and with Treasury and other federal agencies for disaster recovery information sharing. Hurricane resources can be found on FBIIC's site and disaster prepardeness guidance is also on NCUA's website. NASCUS can be contacted here.

August 15, 2011
NCUA Begins Disclosing CAMEL Ratings to FISCUs

In an August 2011 Letter to Credit Unions, NCUA explained that FISCUs would be informed of NCUA CAMEL ratings during all insurance reviews and supervision contacts in which NCUA examiners are on-site.

August 11, 2011
FTC Issues Final Rule Applicable to SCUs on Deceptive Mortgage Acts and Practices

The Federal Trade Commission issued a final rule effective August 19, 2011 that requires state-chartered credit unions to comply with certain rules regarding mortgage advertising.

August 11, 2011
NASCUS Requests Clarification of NCUA's Corporate Assessment Authoritie
s
In a letter to National Credit Union Administration (NCUA) Chairman Debbie Matz, NASCUS inquired about the agency's corporate stabilization fund assessment authorities if credit unions depart from the National Credit Union Share Insurance Fund (NCUSIF).

August 11, 2011
NMLS FBI Criminal History Record Information Training - Understanding the FBI Criminal History Records Webinar

The National Mortgage Licensing System (NMLS) is sponsoring a professionally-moderated conference call and webinar on Aug. 18 for state regulators and institutions to learn directly from FBI experts how information contained in a criminal background check is compiled and how to understand that information. 

August 8, 2011
NASCUS Encourages NCUA to Consolidate Insurance Rules in Rule Review Comments

NASCUS responded to the National Credit Union Administration (NCUA) 2011 Rule Review in an August 5, 2011 comment letter.

August 5, 2011
Summit Early Bird Registration Extended to August 12 - Don't Miss $200 in Savings

NASCUS’ annual State System Summit is Sept. 14-16 in Chicago, Illinois. Register before August 12 and save $200 on registration.

August 3, 2011
NCUA: Corporate Prepayment Program Will Not Move Forward

The National Credit Union Administration (NCUA) announced that it did not meet $500 million in credit union commitments for the Voluntary Prepayment of Corporate Stabilization Fund Program to move forward.

July 27, 2011
NASCUS Mourns the Loss of Former Chairman and Michigan Regulator Mike Fitzgerald

NASCUS has learned that a former NASCUS Chairman and retired Michigan Regulator Michael Fitzgerald passed away on July 22.

July 26, 2011
NASCUS Continues Regional Regulator Meeting Series in San Francisco

State credit union regulators from across the western states met in San Francisco recently for another of the ongoing Regional Regulator meetings held by NASCUS. 

July 25, 2011
NCUA July Monthly Board Meeting Actions: CUSOs, Budgets and More

In addition to a proposed rule regarding credit union service organizations (CUSOs), the National Credit Union Administration (NCUA) Board addressed several other issues including its mid-year budget review and an alternative for corporate credit unions in accounting calculations for the new capital requirements. See more about the CUSO proposed rule here.

July 21, 2011
NASCUS Announces Consumer Compliance Schools in Texas and Washington

In response to training requests on consumer compliance issues, NASCUS has scheduled two Consumer Compliance Schools, October 18-20, 2011, in Houston, Texas and Dec. 6-8, 2011 in Olympia, Washington.

NCUA Board Proposes Expanded CUSO Regulations
At the July NCUA Board meeting, a proposed rule was approved for a 60-day comment period that expands the reporting requirements for credit union service organizations (CUSOs) of federally insured credit unions (FISCUs).


July 13, 2011
NASCUS Summit Early Bird Ends July 29 – Save $200 on Registration

Join NASCUS and your state credit union system peers as we navigate this era of new and challenging regulatory, Congressional and member expectations.

CFPB July 21 Implementation Date Nearing
Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has examination authority for entities with more than $10 billion in assets.

July 7, 2011
NASCUS Holds Second Annual Directors College in Wisconsin

More than 130 Wisconsin credit union directors and management gathered for a day-long NASCUS event focused on continuing education for directors on June 29, 2011 at the Fox Valley Technical College in Appleton, Wisconsin.

June 30, 2011
Federal Reserve Sets Higher Interchange Debit Fee Cap, Incorporates Fraud Costs

A final rule released by the Federal Reserve Board sets a 21-cent transaction interchange fee cap for debit cards along with a five basis points per transaction for fraud costs. The final rule is effective Oct. 1, 2011.

June 29, 2011
NCUA Approves “Pre Pay” Corporate Assessment Program with $500 Million Program Target

The National Credit Union Administration (NCUA) approved a program on June 29 that would allow credit unions to voluntarily pre pay for future corporate stabilization fund assessments.

June 20, 2011
NCUA Board Seeks Feedback on Derivative Use for FCUs and Other Actions

During its monthly meeting on June 17, the National Credit Union Administration (NCUA) Board acted on several items including an advanced notice of proposed rulemaking (ANPR) on the possible use of derivatives for federal credit unions.

NASCUS Encourages NCUA to Ensure Prudent Participation in Corporate Prepayment Program
NASCUS’ comments are confined to ensuring that a credit union’s decision to participate is a prudent one given its particular condition and recommends the agency add a safety and soundness threshold for participation.

June 16, 2011
NCUA and Credit Union Industry Encourage Senate Banking Panel to Support Raise in MBL Cap

NCUA Chairman Debbie Matz told the Committee that many credit unions could engage in MBL, but do not because of the cap of 12.25 percent restrictive cap.

June 15, 2011
NASCUS Chairman Shares Credit Union Capital Perspectives with International Regulators

Credit union regulators from 26 countries gathered in Alexandria, Virginia from June 8-10 for the International Credit Union Regulators Network “Regulators Roundtable.” NASCUS Chairman Tom Candon (VT) participated in the meeting and presented on enhancing credit union capital to his international peers.

NASCUS Holding Regional Regulator Meeting, July 12, San Francisco
NASCUS will continue its regional regulator meeting series to allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers and with NASCUS leadership.

June 10, 2010
Senate Banking Committee Holding Hearing on Credit Union Member Business Lending

The hearing scope is expected to include discussion of S. 509, introduced by Sen. Mark Udall (D-CO), a bill to enhance MBL for credit unions for qualified credit unions.

June 8, 2011
Attempt to Delay Interchange Debit Fee Provisions Fails in Senate

An attempt to delay the implementation of debit interchange fee regulations failed in the Senate on June 8 by six votes. The provisions are to take effect on July 21, as part of the Dodd-Frank Wall Street and Consumer Reform Act signed into law last summer.

June 7, 2011
CFPB Announces NCUA Rules Transferring to New Agency

In a recent Federal Register notice, the new Consumer Financial Protection Bureau identified the rules for transfer over to the agency on July 21. The public has until June 30, 2011 to provide comments.

June 1, 2011
NASCUS Recommends Consultation with State Regulators on Incentive-Based Compensation Proposal

NASCUS commented recently to the National Credit Union Administration (NCUA) on its proposed rule regarding incentive-based compensation disclosure, a rulemaking required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

May 24, 2011
NASCUS Responds to NCUA Proposals on Interest Rate Risk, Net Worth and Equity Ratios

NASCUS recommends alternative interest rate risk management approach and comments on the proposal to implement legislation approved earlier this year.

Michigan CU Regulator Appointed to NASCUS Board
NASCUS Chairman Tom Candon (VT) has appointed John J. Kolhoff, Michigan's Deputy Commissioner of Credit Unions, to the NASCUS Board of Directors. 

May 20, 2011
NCUA Acts on Golden Parachutes, Interest Bearing Accounts and Announces Proposed Stabilization Fund Prepayment Program

The National Credit Union Administration (NCUA) Board met for its monthly meeting on May 19 approving three final rules, one proposed rule and announcing a program for credit unions to prepay future corporate stabilization fund assessments.

May 19, 2011
NCUA Proposes Voluntary Prepayment of Future Corporate Stabilization Fund Program Assessments

The National Credit Union Administration (NCUA) proposed a program that would allow credit unions to voluntarily pre pay for future corporate stabilization fund assessments up to 36 basis points.

May 18, 2011
Consumer Financial Protection Bureau Launches Initiative to Combine TILA and RESPA Disclosures

The Consumer Financial Protection Bureau (CFPB) announced the effort “Know Before You Owe” aimed at combining two federally required mortgage disclosures into a single form.

May 17, 2011
House Committee Acts on Consumer Financial Protection Bureau Legislation

The House Financial Services Committee approved three bills recently involving the Bureau of Consumer Financial Protection (CFPB), a new federal agency created by the Dodd-Frank Act.

May 12, 2011
CSBS & NASCUS Support Delayed Implementation of Interchange Fee Rule

The Conference of State Bank Supervisors (CSBS) and the National Association of State Credit Union Supervisors (NASCUS) have issued a joint letter to Congress in support of legislation that would delay implementation of the interchange fee provisions of the Dodd-Frank Wall Street and Consumer Reform Act.

May 9, 2011
Several Regulations in NCUA Annual Regulatory Rule Review Impact FISCUs

The National Credit Union Administration (NCUA) maintains a rolling review schedule that identifies one-third of NCUA’s existing regulations for review each year. Of the rules under review, several apply to state-chartered, federally insured credit unions.

May 5, 2011
NASCUS Directors Colleges Announced in Wisconsin and Utah

NASCUS in partnership with the Utah Department of Financial Institutions and the Wisconsin Office of Credit Unions encourage board members, supervisory committees and other volunteers along with credit union management to join NASCUS for these one-day events.

May 3, 2011
NASCUS Holds Third Annual Directors College in North Carolina

NASCUS gathered North Carolina credit union directors and management for a day-long event focused on continuing education for directors.

May 2, 2011
NASCUS Comments on SCU Impact from Proposal to Remove Credit Rating References

In a May 2 letter to the National Credit Union Administration (NCUA), NASCUS provided input on the state-chartered credit union impact of the proposed rule to remove references to credit ratings in determining the credit-worthiness of a security as directed by Title IX of the Dodd-Frank Act.

April 21, 2011
NCUA Approves New Corporate Regulations Without Two Controversial Provisions

The National Credit Union Administration (NCUA) Board approved a set of changes to Part 704, Corporate Credit Unions, absent the proposed provisions to limit natural person credit unions to one corporate and the sharing of corporate stabilizations expenses among all members of corporates.

NCUA Addresses Supervisory Committee Policy, Corporate CUSO Activities for FCUs
In addition to approving a final rule regarding corporate credit unions, at the April 2011 National Credit Union Administration (NCUA) Board meeting, a final Internal Ruling and Policy Statement was approved regarding the Supervisory Review Committee.

April 19, 2011
State Regulators Continue Service on FFIEC State Liaison Committee

The Federal Financial Institutions Examination Council (FFIEC) announced the reappointment of three of the Council's State Liaison Committee (SLC) members, including state credit union regulator, Harold Feeney, the commissioner of the Texas Credit Union Department.

April 18, 2011
Illinois Director Meza Appointed to NASCUS Board

NASCUS Chairman Tom Candon (VT) has appointed Illinois' Robert Meza to the NASCUS Board of Directors. He serves as the Director of Financial Institutions for the Illinois Department of Financial and Professional Regulation.

April 12, 2011
Credit Union MBL Bills Now Pending in House and Senate

As expected, Rep. Ed Royce (R-CA) introduced H.R 1418, the Small Business Lending Enhancement Act of 2011, the companion House bill to S. 509 to allow qualifying credit unions to increase their member business lending to 27.50 percent of assets.

April 12, 2011
House Bill Recommends Changes to CFPB Leadership Structure
A bill introduced in the House of Representatives would change the leadership of the newly created Consumer Financial Protection Bureau (CFPB) from a Director to a five-person commission.

April 5, 2011
NCUA Chairman Matz Begins Term as FFIEC Chairman

The National Credit Union Administration (NCUA) Chairman Debbie Matz began a two year term as the Chairman of the Federal Financial Institutions Examination Council (FFIEC).

April 4, 2011
NASCUS Supports Additional Study of Debit Interchange Cap Proposal

In a letter to Federal Reserve Chairman Ben Bernanke, NASCUS expressed its support for additional study of the impact of the debit interchange fee cap proposal on credit unions.

March 30, 2011
NCUA Publishes Approved Corporate CUSO Activities

NCUA’s Office of Corporate Credit Unions (OCCU) has begun publishing approved activities for corporate credit union CUSOs on a new dedicated page on the NCUA web site.

March 18, 2011
Nearly 40 States Attending National Meeting with NCUA, March 20-22

Representatives from nearly 40 states, the NCUA Board and NCUA senior staff will participate in the meeting, focusing on examination and supervision issues for state-chartered credit unions.

NCUA Board Proposes Requiring Interest Rate Risk Management Programs, Issues Rules from Recent Legislation
A new National Credit Union Administration (NCUA) proposed rule would require written interest rate risk (IRR) programs for federally insured credit unions (FICUs).

State Regulators Welcome to Attend International Credit Union Regulators Roundtable, Washington, D.C., June 8-10, 2011
Each year regulators of financial cooperatives from around the world come together to attend this meeting.

March 14, 2011
New White Paper Reinforces Need for Credit Union Access to Supplemental Capital

A new white paper authored by Dr. James A. Wilcox titled "Reforming Credit Union Capital Requirements" presents a strong case that supplemental capital is an important and necessary reform for credit unions.

Ohio's Top Credit Union Regulator Named to NASCUS Board
The Ohio credit union regulator and an Ohio state credit union executive were recently appointed to NASCUS leadership.

NASCUS Continuing Directors College Series to Georgia and North Carolina
NASCUS encourages state credit union board members to join us for this one-day event geared toward enhancing directors' understanding of the critical statutory, fiduciary and regulatory responsibilities of a director.

Feb. 24, 2011
NASCUS 2011 Annual School for State Examiners- Early Bird Registration Ends March 7!

The Annual School is the one NASCUS education event for state examiners only, allowing for open regulator-to-regulator discussion on the most pressing issues and challenges facing state examiners. This event is April 12-14, 2011 in Boulder, Colorado.

Feb. 17, 2011
NCUA Board Acts on Dodd-Frank Act Directives on Executive Compensation, Credit Rating References

The NCUA Board approved two proposed rules on Feb. 17 stemming from directives in the Dodd-Frank Act regarding incentive-based executive compensation disclosure and removing references to credit ratings in financial regulations.

Feb. 16, 2011
Bachus Points to Consumer Protection, GSE Reform and Securities Issues as Top Agenda Items

During a speech in Washington, D.C. on February 15, Chairman of the House Financial Services Committee Spencer Bachus (R-AL) provided insight into the direction of the Committee's work for the 112th Congress and shared his outlook on the newly created Consumer Financial Protection Bureau (CFPB).

Feb. 14, 2011
NASCUS Continuing Directors College Series to Georgia and North Carolina

Since 2008, NASCUS has trained more than 600 directors through its Directors College series. NASCUS has scheduled two additional Directors Colleges, March 23 in Atlanta, Georgia, and April 29 in Raleigh, North Carolina.

Congressional Committees Plan to Address Credit Union Issues
Recently, the House Financial Services and Senate Banking Committees released their oversight plans for areas of study and action for the 112th Congress. Both Committees included credit union issues in their oversight plans.

Feb. 8, 2011
NASCUS Thanks James Forney for Years of Service to NASCUS and the State System; Welcomes JoAnn Johnson to State Regulatory Community
With sincere appreciation, NASCUS thanks James Forney of the Iowa Division of Credit Unions for his years of service to NASCUS and the state regulatory system. Former NCUA Chairman JoAnn Johnson will follow Forney as the regulator of Iowa's state-chartered credit unions.

Feb. 7, 2011
NCUA Issues Letter Regarding Approval of Corporate CUSO Activities Pursuant to New Regulations

Beginning April 18, 2011, corporate CUSOs must limit their activities to those services preapproved in §704.11(e) or approved by NCUA and published on the agency's website.

Jan. 31, 2011
Connecticut's Pitkin Appointed to NASCUS Board, Hughes of Idaho Selected Secretary/Treasurer

NASCUS Chairman Tom Candon (VT) recently announced changes to the NASCUS Board of Directors. Candon appointed Howard Pitkin, commissioner of the Connecticut Department of Banking, to the NASCUS Board of Directors, and Mary Hughes of Idaho is now the NASCUS Secretary/Treasurer.

Federal Agencies Announce Initial Registration Period for S.A.F.E. Act
The federal agencies and Farm Credit Administration announced January 31, 2011 that the Nationwide Mortgage Licensing System and Registry will begin accepting registrations.

Jan. 26, 2011
NASCUS Resumed Regional Regulator Meetings Series for 2011 in Atlanta

Fourteen state regulators representing 10 states joined NASCUS Chairman and Vermont state regulator Tom Candon for a regional regulator meeting on January 24 at the Federal Reserve Bank of Atlanta.

Jan. 25, 2011
Larson Appointed to Second Term as Director of Wisconsin Office of Credit Unions

Wisconsin Gov. Scott Walker appointed Ginger Larson as director of the Wisconsin Office of Credit Unions. Larson held the position from 1996-2003, and continued to work for the agency following her first term.

Jan. 24, 2011
NASCUS Encourages NCUA to Address Corporate Concerns through Existing Corporate Regulations and Recognize State Law in Proposal

In its comments on the NCUA's latest proposed corporate credit union rule, NASCUS encourages the agency to consider enhancing application of existing corporate regulations and supervisory oversight to address its concerns and to be mindful of encroaching on state law in some areas of the proposal.

Jan. 18, 2011
Just Announced - NASCUS Asset Liability Management School, March 8-10, 2011

Join NASCUS for this event to understand Asset Liability Management (ALM) and related issues for credit unions and examiners. The school will also include an interactive workshop allowing attendees to work "hands on" through case studies evaluating and analyzing an institution's interest rate risk.

Matz Encourages Congress to Consider Credit Union Capital Reforms
NCUA Chairman Debbie Matz wrote to Senate Banking Committee Chairman Tim Johnson (D-S.D.) and House Financial Services Committee Chairman Spencer Bachus (R-AL) on Jan. 14 requesting that Congress reform capital standards for credit unions, including providing access to supplemental capital.

Jan. 13, 2011
NCUA Approves Annual Plan, Final Overdraft Fee Rules and Centralizes Policies for NCUA Supervisory Review Committee Processes

The National Credit Union Administration (NCUA) Board met January 13 for its first meeting of 2011. The Board addressed several issues, in addition to its regular insurance fund report.

Jan. 10, 2011
State Agencies Announced Various Leadership Changes

Since the New Year began, some state agencies around the country have made announcements regarding its state regulatory leadership. Most announcements and reappointments are a result of recent changes in governor's houses and retirements.

NASCUS Clarifies Fiduciary Duty and Board Requirements for State Chartered Credit Unions
Recently, the NCUA made final a rule that creates a new regulation addressing fiduciary duty and Board education for federal credit unions. State chartered credit unions should continue to follow their state regulation and law in these areas.

Jan. 6, 2011
President Signs Bill Into Law Directing Study of NCUA Corporate Fallout

This week, President Obama signed bill S. 4036, now a law, directing the Government Accountability Office to conduct a study of the National Credit Union Administration's (NCUA) supervision of corporate credit unions and implementation of prompt corrective action (PCA).

Jan. 3, 2011
Michigan Commissioner Ken Ross Appointed to NASCUS Board of Directors

NASCUS Chairman Tom Candon (VT) announced that Ken Ross, the commissioner of the Michigan Office of Financial and Insurance Regulation, was appointed to the NASCUS Board of Directors.

2010 Stories

Dec. 27, 2010
NASCUS Thanks Roger Little for Years of Service to NASCUS and the State System

Roger Little, esteemed state credit union regulator and long time NASCUS Board member, is retiring from his state regulatory career January 1, 2011. Little has been an influential contributor to the NASCUS organization for more than 12 years as a Board member and Past Chairman.

Dec. 21, 2010
NCUA Board Acts on Conversions Regulation, and Approves Proposed Rule Regarding Non-Interest Bearing Accounts

In its last meeting of the year, the National Credit Union Administration (NCUA) Board addressed a large agenda covering federal credit union fiduciary duties, conversions and several other topics.

Dec. 20, 2010
Congress Approves Bill Directing Study of NCUA Corporate Fallout

Congress approved a bill, S. 4036, directing the Government Accountability Office to conduct a study of the National Credit Union Administration's (NCUA) supervision of corporate credit unions and implementation of prompt corrective action (PCA). The bill also amends the Federal Credit Union Act to allow Section 208 assistance to be counted towards net worth.

Dec. 19, 2010
State Examiners: New Refresher Courses Added to NASCUS Online University

State examiners have free access to more than 150 courses focused on providing familiarity with the trends and issues facing credit unions at the NASCUS Online University. Recently, several refresher courses have been added on BSA and OFAC topics.

Dec. 13, 2010
NASCUS Executive Committees Meeting in Washington This Week, Dec. 15-17

The officers of the NASCUS Board of Directors and the Credit Union Executive Council will gather in Washington, D.C. Dec. 15-17 to discuss NASCUS organizational business and also to meet with the National Credit Union Administration (NCUA) and others.

Jobs, the Economy and Social Issues Shape National Conference of State Legislatures Meeting
NASCUS joined state legislators and their staffs at the recent Fall Forum of the National Conference of State Legislatures (NCSL). The forum's discussion topics focused on the impact of the recent midterm election on state legislatures as well as the effects of the continued weakened economy on the states.

NASCUS Reiterates Support for Supplemental Capital for Credit Unions to Senate Banking Committee
In a statement for the record of the Dec. 9 hearing on the "State of the Credit Union Industry," NASCUS reemphasizes need for supplemental capital options for credit unions. You can view the statement here.

Dec. 6, 2010
S.A.F.E. Act Webinar Series and Other Archived Webinars Available for Download

If you missed last month's three-part S.A.F.E. Act webinar series, a recording of the entire series is available for download. This webinar series focuses on helping credit unions and examiners understand what credit unions need to do to comply with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act).

NASCUS Shares Priorities with Leagues
Recently, NASCUS President and CEO Mary Martha Fortney spoke to league executives at the winter meeting of the American Association of Credit Union Leagues (AACUL) and the California and Nevada Credit Union League Annual Meeting.

Dec. 1, 2010
NCUA Extends Comment Period for Second Corporate Rulemaking to Jan. 28

Comments are now due Jan. 28 for a proposed rule that seeks input on seven areas for corporate credit unions. It covers areas that were outside the scope of the rulemaking for the changes made to Part 704 earlier this year.

Nov. 30, 2010
New Refresher Courses Added to NASCUS Online University

Attention state examiners: Check out new refresher courses just added to the NASCUS Online University course catalog.

Nov. 18, 2010
NCUA Approves 12 Percent Increase for 2011 Operating Budget, Higher OTR and Estimates 2011 Premiums

The budget increase includes 78 new positions, 60 of which will be new examiner hires. The Overhead Transfer Rate (OTR) increased from 57.2 percent in 2010 to 58.9 percent for 2011.

NCUA Proposes Part Two of Rulemaking for Corporate Credit Unions
The proposed rule, approved with a 30-day comment period, seeks input on seven areas. It covers areas that were outside the scope of the rulemaking for the changes made to Part 704 earlier this year.

Nov. 17, 2010
State Regulators Tapped for Federal Regulator Roles

State regulators Steve Antonakes, Mark Pearce and Joesph Smith were recently tapped for positions within federal regulatory agencies.

Nov. 15, 2010
NASCUS Requests FTC Exempt SCUs from Mortgage Advertising Proposed Rule

NASCUS submitted a comment letter to the Federal Trade Commission (FTC) requesting an exemption for state-chartered credit unions (SCUs) from its proposed rule on unfair and deceptive acts and practices related to mortgage advertising.

Nov. 12, 2010
Congress Back for Lame Duck Session Nov. 15

The 111th Congress will come back to Washington, D.C. on November 15 for a lame duck session that is expected to last until early December.

Nov. 1, 2010
Comments Due November 12 on Proposed Fees for the Nationwide Mortgage Licensing System & Registry (NMLS)

Credit unions are encouraged to comment on the proposed fees for the Nationwide Mortgage Licensing System & Registry (NMLS) Federal Registry.

NASCUS Presents on SCU Issues at AICPA Conference on Credit Unions
NASCUS' presentation titled the "Shifting Regulatory Landscape: The View from the States" provided attendees with an overview of hot regulatory and legislative topics from the perspective of state regulators and state-chartered credit unions.

Comments Due November 12 on Proposed Fees for the Nationwide Mortgage Licensing System & Registry (NMLS)
Credit unions are encouraged to comment on the proposed fees for the Nationwide Mortgage Licensing System & Registry (NMLS) Federal Registry.

Oct. 27, 2010
Comment Period Closes Nov. 15: Important Proposed Rule for SCUs - FTC Mortgage Advertising

NASCUS urges all members to pay particular attention to a Federal Trade Commission proposed mortgage advertising rule. The comment period closes November 15. read more>

Oct. 25, 2010
Examiners, Credit Union Executives and Compliance Officers Gathering this Week for NASCUS/CUNA BSA School

NASCUS and CUNA are partnering again for their comprehensive BSA training this week, October 24-27, 2010 in Las Vegas, Nevada.

Oct. 21, 2010
NCUA Board Rescinds MBL Personal Guarantee Exemption, Provides Insurance Fund Update

This final rule eliminates the blanket personal guarantee waiver for RegFlex credit unions; however, Part 723 continues to allow credit unions to apply for a specific waiver of the personal guarantee requirement.

Oct. 20, 2010
Government Abandons Appeal in UBIT Bellco Case

The U.S. Department of Justice decided not to move forward with an appeal to challenge the credit union favorable ruling in the unrelated business income tax (UBIT) case brought by Bellco Credit Union, Greenwood Village, Colo.

Oct. 18, 2010
Important Proposed Rule for SCUs - FTC Mortgage Advertising

NASCUS urges all members to pay particular attention to a Federal Trade Commission proposed mortgage advertising rule. The comment period closes November 15.

Oct. 13, 2010
Multi-State Group Investigating Mortgage Foreclosure Practices

In response to the recent finding that some mortgage loan servicers submitted affidavits or other foreclosure documents that appear to have procedural defects, a group of state regulators and state attorneys general plan to focus on whether this process creates an unfair or deceptive practice and/or violates state law.

Oct. 12, 2010
NCUA Continues Series of Town Halls to Discuss Corporate Credit Unions

During the month of October, National Credit Union Administration (NCUA) leadership and staff are traveling the country holding town halls to discuss the final corporate credit union rule and the legacy assets plan.

NCUA Issues Letter to FCUs on Reg Z Impact on Multi-Featured Open End Lending Programs
For state-chartered credit unions, Truth in Lending Regulation Z is enforced by the Federal Trade Commission (FTC). However, the issues discussed for federal credit unions in NCUA's letter would be similar for state-chartered credit unions.

Oct. 6, 2010
Maryland State Regulator Takes Oath of Office as Fed Governor

Sarah Bloom Raskin, now former Maryland Commissioner of Financial Regulation, is a new member of the Board of Governors for the Federal Reserve System.

Oct. 2, 2010
Past NASCUS Chairman George Reynolds Honored with NASCUS Pierre Jay Award

George Reynolds, past NASCUS Chairman and retired state regulator from Georgia, was awarded the 2010 NASCUS Pierre Jay Award. Recipients of the award best demonstrate outstanding service, leadership and commitment to NASCUS and the dual chartering system.

Oct. 1, 2010
NASCUS Seats State Regulators on Board of Directors at Annual Meeting

The state regulators continuing their service on the NASCUS Board are Tom Candon (VT), Sue Cowan (WI) and Linda Jekel (WA). Each Board member will serve a three-year term ending in September 2013.

State Credit Union Executives Elected to NASCUS' Advisory Council Leadership Group
On October 1, three director positions on the NASCUS Credit Union Executive Council were filled by dedicated state credit union executives.

Sept. 27, 2010
NASCUS Hosting State System Summit This Week in San Antonio

On September 30-October 2 in San Antonio, the state credit union system's leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit.

NCUA Conserves Three More Corporates, Allows for NCUA to Address Legacy Assets
With the conservatorship of three more federal corporate credit unions, the National Credit Union Administration now controls a majority of the corporate system's other than temporary impairments (OTTI), allowing the agency to implement its legacy assets plan.

Long Awaited New Final Rule for Corporates Approved by NCUA Board
The final rule revises Part 704 particularly impacting capital standards, investments, asset liability management, corporate CUSO activities and governance. It also makes conforming amendments to Parts 702, 703, 709 and 747 of NCUA's rules.

Sept. 17, 2010
Premium Assessed for FICUs, NCUA to Address Final Corporate Rule on Sept. 24

Federally insured credit unions will be assessed 12.42 basis points to increase the National Credit Union Share Insurance Fund (NCUSIF) equity ratio to the required 1.30 percent.

Sept. 13, 2010
NASCUS Webinar Series for Directors - One Webinar Left!

NASCUS will continue its webinar series for directors on October 5. If you missed the webinar on critical compliance issues with Bill Klewin of CUNA Mutual, the recording is available.

Sept. 10, 2010
Corporate Credit Union Rule Absent from NCUA September Board Meeting Agenda

The National Credit Union Administration (NCUA) had predicted that it would consider a final rule on Part 704, Corporate Credit Unions, at its September 16 meeting. However, the agency has announced it will take up the final rule at a later date.

Sept. 9, 2010
NASCUS Responds to NCUA Proposal on Golden Parachutes and Indemnification Payments

NASCUS wrote NCUA about its proposed rule regarding golden parachutes and indemnification payments, expressing the state regulator's role in the process with regard to a state-chartered, federally insured credit union.

Sept. 8, 2010
Join NASCUS at Texas Directors College

Today's credit union directors are faced with new risks and new realities as their roles and responsibilities continue to evolve at an unprecedented pace. Join NASCUS at this event for valuable director education.

Sept. 2, 2010
Join NASCUS in San Antonio for the State System Summit, Sept. 30-Oct. 2, Room Block Closing Soon

Click here to register. Please note that our room block expires September 7, but may sell out before that date.

August 30, 2010
NASCUS Provides Summary of FFIEC Reverse Mortgage Guidance

The NCUA, the federal banking agencies and the FFIEC State Liaison Committee (SLC) issued guidance on managing compliance and reputation risks associated with reverse mortgage products.

August 25, 2010
Dykstra Named New California Credit Union League President

State-chartered credit union CEO Diana Dykstra has been named the new president and CEO of the California and Nevada Credit Union Leagues.

August 23, 2010
Five Regulation Z Federal Register Notices Issued

The Federal Reserve Board issued five Federal Register notices for rules related to Regulation Z, Mortgage Transactions.

IRS Appealing Credit Union-Favorable Bellco UBIT Court Decision
The U.S. government filed an appeal disputing a credit union-favorable court decision in the unrelated business income tax (UBIT) challenge brought by Colorado-based Bellco Credit Union.

August 18, 2010
NASCUS Announces Leadership and Committee Meeting Schedule in September

NASCUS leadership and committees will meet prior to the State System Summit, September 28-29.

August 12, 2010
NASCUS State System Summit to Spotlight State System Innovation

The state credit union system's leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit September 30- October 1, 2010 in San Antonio, Texas.

August 9, 2010
NASCUS Responds to NCUA 2010 Rule Review

In response to the National Credit Union Administration (NCUA) annual Rule Review, NASCUS suggested the agency provide parity on loan participation rules and consolidate regulations for the share insurance fund in Part 741.

August 4, 2010
Regulatory Reform is Law - What Should We Expect Now?

The Dodd-Frank Act requires 243 new rules, 67 one-time reports and 22 periodic reports. However, only some of the provisions impact state regulators and the credit union system.

July 30, 2010
NCUA Addresses Golden Parachutes, New Public Relations Campaign at Monthly Meeting

At its July meeting, the National Credit Union Administration (NCUA) Board announced a $1.75 million public relations campaign featuring Suze Orman, as well as a proposed rule prohibiting golden parachutes in troubled institutions and limiting indemnification payments.

July 28, 2010
Final SAFE Act Rule Published by Federal Agencies

Final rules for the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act), were published in the Federal Register on July 28, detailing the requirements for registration of mortgage loan originators at financial institutions.

July 26, 2010
Kenyan Credit Union Regulators Visit NASCUS to Learn About State Supervision Processes

Representatives from the Kenyan credit union regulatory authority and the World Council of Credit Unions (WOCCU) recently visited the NASCUS offices to discuss the state credit union regulatory system.

July 22, 2010
Financial Regulatory Reform Bill Becomes Law

With the signing by President Obama, the Dodd-Frank Bill, a comprehensive regulatory reform bill, is now law.

July 21, 2010
Maryland State Regulator Nominated to Fed Governors Appears Before Senate Committee

Sarah Bloom Raskin, the commissioner of the Maryland Office of Financial Regulation, faced the Senate Banking Committee recently for her nomination to the Federal Reserve Board of Governors.

July 20, 2010
NASCUS Announces Changes to Credit Union Leadership Advisory Group

Dan Kester of Sooper Credit Union in Colorado has been appointed to serve as a Director of the NASCUS Credit Union Executive Council.

July 15, 2010
Financial Regulatory Reform Bill Headed to President's Desk

With the Senate and House approval of regulatory reform legislation, the conference report of H.R. 4173, the Dodd-Frank Bill, will now go to the President's desk for his signature.

NASCUS Directors College Series Continues to Texas
In response to increasing regulatory emphasis on corporate governance, NASCUS continues to hold its Directors College series. This event, which will be led by former and current regulator faculty from across the nation, is coming to Texas on September 29 at the Marriott Riverwalk in San Antonio.

Registration Open for NASCUS' August Webinar: Reverse Mortgages
As the population ages, the financial industry continues to look at reverse mortgages. This session will help examiners and credit unions get up to speed on this important and sometimes risky product.

The NASCUS Online University - Free to State Examiners!
Does your state have travel restrictions? Do you have a new examiner in need of training? Remember, the NASCUS Online University is free to state agencies and the credits count toward NASCUS State Examiner Certification.

July 12, 2010
NASCUS Chairman to Present at WOCCU Regulators Roundtable This Week

NASCUS Chairman Tom Candon (VT) is a speaker at this week's 2010 World Council of Credit Unions (WOCCU) Regulators Roundtable, July 15-16. Candon will present with Canadian regulator Paul Kennett on July 16 to discuss business lending and elements of credit risk.

July 7, 2010
New Superintendent Named in Ohio

Carolyn Bradford has been named the new Superintendent for the Division of Financial Institutions for the Ohio Department of Commerce. She begins her new role on July 12.

NASCUS Talks Supplemental Capital, State Issues at First Southeastern League Meeting
NASCUS President and CEO Mary Martha Fortney recently joined the League of Southeastern Credit Unions for its first annual meeting to provide an update on NASCUS issues and state credit union system news.

June 30, 2010
Looking for Education on a Certain Topic? Check NASCUS' Archived Webinars

NASCUS offers its previously recorded webinars to credit unions and regulators on a variety of regulatory and operational topics.

Special Rate for State Regulators at 2010 Summit
The NASCUS 2010 State System Summit will take place September 30-October 2 in San Antonio, Texas. State agencies qualify for a special registration rate.

BSA/AML Compliance Remains Critically Important for the Credit Union System
As examiners, credit union compliance officers, directors or senior management, are you familiar with the new developments in Bank Secrecy Act/Anti-Money Laundering (AML) compliance? Join NASCUS and CUNA to get up to speed on BSA/AML developments at their annual event.

June 25, 2010
House/Senate Conference Reach Consensus on Regulatory Reform Bill

After more than two weeks of conference and a 20-hour debate on June 24, the House and Senate agreed on a financial regulatory reform bill. The next step for the legislation, renamed the Dodd-Frank Act, will be action by the full House and Senate.

NASCUS to Hold Second Loan Modification Forum in October
By popular demand, NASCUS has announced a second Loan Modification Forum to be held in Columbus, Ohio, October 19-21, 2010.

June 17, 2010
NCUA Assesses CUs for Corporate Fund; NCUSIF Equity Ratio at 1.22 Percent

Federally insured credit unions (FICUs) will be assessed 13.4 basis points, or 0.134 of insured shares, in July to pay a portion of the borrowings for the Temporary Corporate Credit Union Stabilization Fund.

June 14, 2010
NASCUS Communicates State CU Regulatory Perspective to Regulatory Reform Conferees

The House and Senate continue their conference to reconcile two versions of regulatory reform legislation. Discussion resumed June 15, and continues throughout the week.

June 13, 2010
Next NASCUS Directors College: Join us in Madison on June 25

NASCUS popular Directors College series will continue in Wisconsin on June 25. Speakers include Sue Cowan, Director of the Wisconsin Office of Credit Unions, to discuss the regulatory expectations of directors; and George Hofheimer, Filene Research Institute on the directors' role in CU governance.

June 8, 2010
NASCUS Holding Leadership and Regional Regulator Meetings this Week

The NASCUS Board of Directors and Credit Union Executive Council will join NASCUS management in Chicago, Illinois this week for association business meetings. NASCUS Chairman Tom Candon (VT) will also host a regional regulator meeting on June 9 with state regulators from six states.

Registration Open for NCUA Virtual Town Hall with Chairman Matz, June 28
National Credit Union Administration (NCUA) Chairman Debbie Matz will hold a virtual town hall on June 28 to answer questions from the credit union industry. The event will be held from 3-4:30 p.m. Eastern time.

June 4, 2010
NASCUS Chairman to Present at WOCCU Regulators Roundtable, State Regulators Invited to Attend

NASCUS Chairman Tom Candon (VT) will join regulators from around the world and nation to discuss critical issues in the regulation of credit unions and other global cooperatives.

Status of Regulatory Reform: House/Senate Conference Expected to Commence Week of June 7
With the Senate approval of S. 3217 on May 20, the House and Senate leadership will now reconcile the Senate bill with H.R. 4173, the regulatory reform package approved by the House in December 2009.

June 1, 2010
NASCUS Emphasizes State Law Deference in Merger and Conversion Issues for SCUs in Comment Letter

NASCUS shares NCUA's concerns that important decisions regarding the future governance of a credit union must be handled in a fair and transparent manner; however, NCUA's rulemaking in this area should be limited to federal credit unions (FCUs).

May 27, 2010
NASCUS Asks NCUA to Clarify Waiver Process for MBL Personal Guarantee in RegFlex

NASCUS wrote the NCUA about the agency's proposed changes to its Regulatory Flexibility Program (RegFlex). The changes to Part 723, Member Business Lending (MBL), impact federally insured, state-chartered credit unions (FISCUs).

May 21, 2010
NCUA Discusses SAFE Act, Status of Insurance Fund at May Meeting

On May 20, the NCUA Board discussed the expected final rule that implements the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) and approved the extension of the Temporary Corporate Credit Union Liquidity Guarantee Program.

Next Step for Regulatory Reform: House and Senate Reconciliation
With the Senate approval of S. 3217 on May 20, the House and Senate leadership will now reconcile the Senate bill with H.R. 4173, the regulatory reform package approved by the House in December 2009.

More Speakers Join Growing NASCUS Summit Agenda to Discuss Compliance, Examination Issues and the Future of Credit Unions
Given the changing nature of the credit union system and continued regulatory and compliance obligations, the regulatory and operational landscape for the state credit union system has seen pivotal changes this year. The 2010 NASCUS Summit will address these challenges and more.

May 19, 2010
Join NASCUS for Webinar on Credit Risks, May 21

During this webinar, Mike Lord, Senior Vice-President / Finance & Accounting from State Employees' Credit Union (NC), will discuss critical credit risk management issues in today's economic environment.

May 17, 2010
Considine Confirmed as Commissioner of New Jersey Banking Agency

Following a period of serving as Acting Commissioner, Tom Considine is now the Commissioner of the New Jersey Department of Banking and Insurance.

NCUA Chairman Announces Online Town Hall for Feedback and Questions, June 28
The webinar is free and open to all. Participants will be able to submit questions during the event that will be answered live by the NCUA Chairman.

May 7, 2010
State Regulators: Join Your Peers for Discussion at June 9 Regional Regulator Meeting, Chicago

NASCUS is continuing its regional regulator meeting series to allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers and with NASCUS leadership. All state regulators are welcome at this event regardless of region.

Next NASCUS Directors College: Join us in Madison on June 25
The NASCUS Directors Colleges allow credit union directors along with senior credit union staff to hear first-hand about the expectations regulators have of directors. Save on registration by signing up before May 14.

May 4, 2010
Kentucky Regulator to Join NASCUS Board, Hughes to Fill Reynolds Unexpired Term

NASCUS Chairman Tom Candon (VT) has announced changes to the NASCUS Board of Directors. Due to Past Chairman George Reynolds' (GA) recent retirement, an unexpired term has emerged resulting in changes on the NASCUS Board.

May 3, 2010
Senate to Debate, Offer Amendments to Regulatory Reform Bill This Week

Following several days of failed procedural votes last week, the Senate has agreed to debate and offer amendments to S. 3217, the Senate financial regulatory reform bill.

April 29, 2010
President Intends to Nominate Maryland State Regulator to Fed Board of Governors

President Obama announced April 29 that he intends to nominate Sarah Bloom Raskin, the commissioner of Financial Regulation for Maryland, to the Board of Governors of the Federal Reserve System.

April 28, 2010
Past NASCUS Chairman Retiring from State Service

Immediate Past NASCUS Chairman George Reynolds, a 34 year state regulator veteran, retired from the Georgia Department of Banking and Finance effective May 1.

April 27, 2010
Regulatory Reform Bill Still Lingering in Senate

After several failed procedural votes, the Senate has yet to bring S. 3217, the Senate financial regulatory reform bill, to the floor for debate.

April 22, 2010
NASCUS Directors College Series Makes a Stop in Utah

Fifty board members from across Utah attended this interactive program to hear first-hand about the regulatory expectations of directors as well as the critical compliance issues facing credit unions.

State Regulators: Remember to Register for June 9 Regional Meeting in Chicago
On June 9, NASCUS leadership will meet with area NASCUS regulators at the Illinois Department of Financial & Professional Regulation in Chicago, IL.

April 19, 2010
NASCUS Presents at Event with State and Federal Regulators in

At the Ohio Credit Union League Zenith10 event, NASCUS President and CEO Mary Martha Fortney joined NCUA Chairman Debbie Matz and Ohio Superintendent of Financial Institutions John Reardon to discuss the most pressing issues impacting credit unions.

April 12, 2010
Arizona Announces New Superintendent of Financial Institutions

Arizona Gov. Jan Brewer announced that Mr. Lauren Kingry has been appointed as Superintendent of Financial Institutions of the Arizona Department of Financial Institutions.

NCUA White Paper Suggests Supplemental Capital is Appropriate for Policy Consideration
This initiative was led by NCUA Board Member Gigi Hyland, who after discussions with NASCUS and state regulators began to study the topic of supplemental capital for credit unions.

April 8, 2010
Massachusetts Governor Announces 35 State Settlement with CitiFinancial

Following an examination by the Massachusetts Division of Banks, it was discovered that CitiFinancial had failed to report 91,127 residential mortgage loans to the federal government, as required by the Home Mortgage Disclosure Act (HMDA).

April 6, 2010
New Judge Ruling Positive for SCUs in Challenge to UBIT Brought by Bellco CU

In the latest challenge to unrelated business income tax (UBIT), a federal judge determines income from credit life and disability insurance and royalties from accidental death and dismemberment (AD&D) should not be subject to UBIT.

March 31, 2010
Two April Webinars on Critical Topics - Negotiating Third Party Contracts and Credit Risk

How to negotiate third party contracts and an update on credit risk in today's financial services environment are the focuses of two upcoming webinars in April.

March 29, 2010
Washington Governor Signs Credit Union Bill to Enhance Regulatory Authority

The Washington Department of Financial Institutions (DFI) recently announced that Gov. Christine Gregoire signed two bills regarding the regulation of state-chartered credit unions and banks in the state of Washington.

March 26, 2010
NASCUS Midwest Regional Meeting Scheduled for June 9 in Chicago

NASCUS will continue its regional regulator meeting series to allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers and with NASCUS leadership.

March 24, 2010
NCUA Proposes Rule to Revise Conversion Processes, RegFlex

The NCUA recently released a couple of proposed rules with a 60-day comment periods, one of which addresses credit union to bank conversions, as well as insurance conversions.

March 23, 2010
Senate Banking Committee Approves Regulatory Reform Bill

In a party line vote, the Senate Banking Committee approved Chairman Chris Dodd's (D-Conn.) revised regulatory reform bill, 13-10, with no Republicans voting for the measure.

March 22, 2010
NASCUS' Directors College Series Travels to North Carolina This Week

NASCUS will join the North Carolina state regulator and league to host a Directors College for the state's directors and CEOs on March 25 in Greensboro, NC.

Annual Gathering of the State Credit Union System - NASCUS Summit Registration Open
Make plans now to join NASCUS and the state credit union system for the annual State System Summit, Sept. 30-Oct. 2 in San Antonio, Texas. NASCUS will also hold a Directors College prior to the event on Sept. 29.

March 16, 2010
Senate Releases Long-Awaited Regulatory Reform Bill

Unlike the House regulatory reform package, the Senate bill does not create a stand-alone independent Consumer Financial Protection Agency (CFPA), but instead would institute a consumer bureau at the Federal Reserve.

March 15, 2010
Maryland State Regulator Nominated to Serve as Fed Governor

Sarah Bloom Raskin, the commissioner of the Maryland Office of Financial Regulation, has been nominated by President Obama to serve on the Board of Governors of the Federal Reserve Bank.

NASCUS Publishes New Edition of Profile of State Credit Union Regulatory Agencies
Published every two years, the NASCUS Profile of State Credit Union Regulatory Agencies is one of the most widely utilized NASCUS resources. It features the most comprehensive information about the operations of state credit union regulatory agencies.

March 5, 2010
Nearly 40 States Attending National Meeting with NCUA, March 7-9

Annually, state regulators and the NCUA gather for their National Regulators Meeting for regulator-to-regulator discussion on national policy issues affecting state-chartered credit unions.

NASCUS Recommends Diversity, Enhanced Oversight and Larger Role for State Regulators in Regulation of the Corporates
NASCUS' comments on proposed Part 704 focus on the need to balance reconsideration of regulatory oversight of the corporate system with the ability of the corporate system to recapitalize going forward. NASCUS seeks enhanced joint federal and state oversight as well.

Bellco CU Court Decision May Be "Substantial Authority" in UBIT Treatment of Financial Products for Members
The law firm of Foley and Lardner, LLP, explained in a recent memo that in their opinion, a November 2009 court decision could represent "substantial authority" under federal tax law for the position that selling financial products and services to a credit union's members is exempt UBIT.

NCUA, Treasury Share Information on New Low Income CU Capital Initiative
The NCUA held an audio conference for low income credit unions interested in the U.S. Treasury's Community Development Capital Initiative which is part of the Obama Administration's commitment to improving access to credit for small businesses.

March 1, 2010
Kansas State Regulator Reconfirmed for Another Term

John P. Smith, Administrator of the Kansas Department of Credit Unions, will continue as the head of the Kansas credit union agency for another term.

NASCUS Meets with Treasury, NCUA Board Members and Industry to Discuss Supplemental Capital, Other Issues
NASCUS recently met with NCUA Chairman Debbie Matz and Board members Gigi Hyland and Michael Fryzel, as well as U.S. Treasury Assistant Secretary Michael Barr to discuss critical issues for the state credit union system.

February 24, 2010
Early Bird Discount Extended to March 5 for NASCUS Annual School for State Examiners

The Annual School is the one NASCUS education event for regulators only, allowing for open regulator to regulator discussion on the most pressing issues and challenges facing state examiners

February 19, 2010
Regulatory Reform Still Pending in Senate

Chairman of the Senate Banking Committee Chris Dodd (D-Conn.) is still expected to release his version of regulatory reform legislation, possibly later this month.

February 16, 2010
NASCUS Board of Directors Colleges Planned for Tennessee, North Carolina and Utah

NASCUS popular Directors College series will continue with events scheduled in Nashville, Tennessee, March 10; Greensboro, North Carolina, March 25; and Salt Lake City, Utah, April 16.

NASCUS Promotes Supplemental Capital for Credit Unions at Washington Credit Union League Event
At the invitation of the Washington Credit Union League, NASCUS President and CEO Mary Martha Fortney joined Washington state regulator Linda Jekel for a panel on supplemental capital for credit unions at the league's Evolution Summit event.

February 4, 2010
NASCUS Preparing Comments on NCUA Proposed Rule Governing the Corporates

In its forthcoming comment letter to the agency, NASCUS will focus on areas of the proposed rule specifically impacting state-chartered corporates and the overall supervisory plan for the corporate credit union system.

February 2, 2010
Enhanced NASCUS Online University Available to Examiners

The NASCUS Online University has a new look! With all new design and student learning enhancements, state regulators and examiners can continue to take advantage of this great learning tool.

January 28, 2010
NASCUS' Directors College Series Continues in Tennessee on March 10

NASCUS' Directors Colleges allow credit union directors along with senior credit union staff to hear first-hand about the regulatory expectations of directors.

January 27, 2010
State Regulators Launch Searchable Mortgage Company Information Database for Consumers

A new website is now available for the general public to view information about state-licensed mortgage companies, branches and individuals currently licensed.

January 25, 2010
State Group Reports Six of 10 Borrowers Not Involved in Loss Mitigation Efforts

The State Foreclosure Prevention Working Group is encouraging servicers to step up foreclosure mitigation citing a significant outpacing of delinquent loans over outreach and loss mitigation.

NASCUS Holding Forum on Loan Modification and Foreclosure Issues This Week
For three days, NASCUS, state examiners and credit union CEOs will examine the various credit risk issues inherent in the collection process today.

January 21, 2010
Louisiana Re-accredited by NASCUS

NASCUS recently re-accredited the Louisiana Office of Financial Institutions (OFI). This is the third consecutive re-accreditation for Louisiana, first accredited in 1995.

January 19, 2010
Financial Services Legislation to Watch as Congress Returns

As Congress returns to Washington, D.C., legislators are considering several bills affecting financial services in both the House and Senate.

January 13, 2010
Registration Open to State Regulators for Annual National NASCUS/NCUA Regulators Meeting

NASCUS state regulators and the National Credit Union Administration (NCUA) will hold their annual National Regulators Meeting, March 7-9, 2010 in Nashville, Tenn.

January 11, 2010
Michigan Agency Recovers $33 Million for Consumers in 2009

The Michigan Office of Financial and Insurance Regulation (OFIR) reported a record recovery of $33 million for its state's consumers in 2009. The 2009 record nearly doubles the $17 million recovered in 2008.

January 10, 2010
NASCUS Leadership Traveling to Atlanta and San Francisco to Meet with State Regulators this Week

In meetings on January 11 in Atlanta Ga., and January 13 in San Francisco, Calif., NASCUS will meet with state regulators from 12 different states representing the Southeast, West and Northwest.

January 8, 2010
Now Archived: Washington State Regulator Provides Valuable Guidance in NCUA National MBL Webinar

Linda Jekel, director of credit unions for the state of Washington, served as part of the faculty with the National Credit Union Administration (NCUA) for a national webinar on regulators' perspectives on member business lending (MBL). This webinar is now archived for viewing.

January 6, 2010
Senate Banking Committee Chair Dodd Not Seeking Reelection

Sen. Chris Dodd (D-Conn.) announced January 6 that he would not seek reelection in November. He currently serves as the Chairman of the Senate Banking, Housing and Urban Affairs Committee.

January 4, 2010
Moved from July to April: NASCUS 2010 Annual School for State Examiners

This annual state examiner focused event features a variety of presentations and discussion on need-to-know regulatory topics. It is scheduled for April 20-22 in Boulder, Colorado.

Senate Returns Jan. 19, Regulatory Reform Remains Top Agenda Item
The Senate continues to develop its legislation to reform the financial services system, trailing behind the House which approved a comprehensive regulatory reform bill in late 2009.