Sept. 4, 2015
NASCUS is celebrating a resounding victory for the state credit union system going into this holiday weekend: Formal notice and comment in the Federal Register for OTR!
Chair Matz announced on Monday that she intends to call for an NCUA Board vote in January 2016 to publish both the OTR and operating fee methodologies as public notices in the Federal Register. The agency will also publish a multi-year draft Strategic Plan that “will drive the agency’s budget process over several years.” The measure should easily pass a board vote as NCUA board member Mark McWatters has publicly supported formal notice and comment on the OTR, providing the necessary two member majority.
Although NCUA maintains that the OTR is not a rulemaking subject to the Administrative Procedure Act, they have agreed to follow the process that would be afforded to any other rulemaking. NASCUS expects that the formal notice and comment as promised by the NCUA will be a meaningful exercise and provide for stakeholder input and a formal exchange of ideas, which is all that we have been seeking.
Thank you to all of our members who have worked with us to secure this important opportunity. Now the real work begins to ensure the entire credit union system lets their voices be heard when the comment period opens in January!
NCUA Press Release on OTR Comment Period
On Monday, August 31, NASCUS filed comments with NCUA on the proposed “principle” based MBL rule. NCUA’s proposal would have created rules for MBLs, used to calculate the statutory cap for credit union MBL lending, and rules for “commercial loans” to address supervisory safety and soundness concerns.
While praising NCUA for thinking creatively to address MBL rulemaking (NASCUS has previously advocated the adoption of “commercial loan” terminology) we noted several concerns with the proposal and offered recommendations for improvements.
NASCUS held the 2nd Annual Cybersecurity Symposium August 24 and 25, in Denver, Colo. Once again this year, NASCUS partnered with CUNA to host a symposium that brought together examiners, credit union information security officers, third party experts and other government experts to discuss issues related to cybersecurity, network, exchange best practices, and develop professionally.
This year’s event featured many compelling sessions, including a lengthy presentation from NCUA on the agency’s plans for implementation of the FFIEC Self-Assessment tool, a discussion of coding existing operating platforms to alert to cyber intrusions, and a hacking demonstration. The deputy director of the United States Secret Service also presented, accompanied by special agents from the Denver field office. The Secret Service encouraged all financial institutions to reach out to their local field office to introduce themselves to the special agent in charge of electronic (financial) crimes in their region.
Planning is already underway for the 3rd annual symposium in 2016.
We've got a full educational schedule for this fall; here's a brief rundown (and reminder):
NASCUS Connecticut Cybersecurity Basics Conference for CUs
NASCUS, the Credit Union League of Connecticut and the Connecticut Department of Banking invite you attend the 2015 Connecticut Cybersecurity Basics Conference for Credit Unions Sept. 14, 2015, Cromwell, Conn. Sessions will include Current Cyber Threats Affecting Critical Infrastructures, Cyber Hygiene & Penetration Testing, Director Responsibility and Threat Intelligence Collection & Sharing by Financial Institutions. The registration fee is $99 for members and $129 for non-members.
NASCUS Colorado Directors' College
We are bringing our acclaimed Directors' Colleges to Denver, Colo., on Tuesday, Sept. 22. The day will feature sessions on issues such as cybersecurity, national issues, fair lending and succession planning. Registration is $199 per person for NASCUS members and $225 for non-members.
NASCUS Industry Days/Ohio, Michigan
Our fall calendar of schools and conferences is rapidly filling up, particularly with events geared to fostering communications between state supervisors and the credit unions they regulate. We call these events “Industry Days” – one-day programs that focus on the latest developments affecting credit unions (which can include regulatory, legislative and economic updates), with an emphasis on dialogue among credit union leaders and state supervisory authorities on how these developments affect the local credit union system. Two “Industry Days” are on the books already – Sept. 22 for Ohio (in Columbus, and known locally as “Ohio Credit Union Day”), and Nov. 3 in Michigan (in Grand Rapids).
NASCUS Summit – 50th Anniversary
Join credit union CEOs, state regulators and industry leaders at the NASCUS State System Summit, where we'll celebrate NASCUS' 50th anniversary! This year's Summit takes place Oct. 21-23, 2015, at the Sheraton New Orleans Hotel in New Orleans, La. The Summit is the only annual event for the nation's state credit union system! Registration: $1,095 (NASCUS members), Non-member rate: $1,395, Guest fee: $500
REMINDER: NASCUS Room Block Expires Sept. 19!
Patrick Keefe, Director of Communications, email@example.com or (703) 528-5974