News Archives
NCUA BUDGET: NASCUS leader — Thoughtful consideration of feedback
(Dec. 17, 2021) NASCUS’ Ito acknowledged the agency’s efforts. “We commend the board for its thoughtful and unprecedented consideration of stakeholder feedback in finalizing the agency’s 2022 budget. On behalf...
NCUA BUDGET: Excess funds used to cut FCU operating fees
(Dec. 17, 2021) Meanwhile, the board also approved a $320.1 million operating budget that was $6 million less than that proposed. To reach that lower level, the agency also cut...
NEW RULES: CCULR adopted with 9% threshold …
(Dec. 17, 2021) A final rule adopting an “off ramp” from risk-based capital (RBC) requirements for complex credit unions will take effect Jan. 1 after unanimous action by the NCUA...
… Sub debt reg tweaked to allow ECIP participation …
(Dec. 17, 2021) A final regulation tweaking the agency’s subordinated debt rule by amending the definition of “Grandfathered Secondary Capital” to include any secondary capital issued to U.S. government or...
… Mortgage servicing sales allowed to FCUs
(Dec. 17, 2021) Finally, the board also approved a change to its investment regulation to allow FCUs to purchase mortgage servicing rights (MSRs) from other federally insured credit unions (FICUs,...
NCUA taps 25-year veteran as new E&I director
(Dec. 17, 2021) Kelly Lay is the new top examination executive for NCUA, the agency said this week replacing the retiring top staffer at the start of the year. The...
Letter aims to clarify issuance of digital assets
(Dec. 17, 2021) To clarify existing authority about federally insured credit unions (FICUs) establishing relationships with third-party providers of digital asset services to their members, NCUA issued a letter to...
CUs asked to try cybersecurity testing app
(Dec. 17, 2021) Self-testing of credit unions’ cybersecurity preparedness through an application released in October costs nothing and can be downloaded via NCUA’s website, the agency said in a letter...
Loan compensation, bank purchases on rule agenda
(Dec. 17, 2021) NCUA’s fall rule agenda was published late last week, along with other agencies (see item on CFPB), with 21 projects listed, 14 of them in “final rule...
Overdraft fees not on CFPB rule agenda (yet?)
(Dec. 17, 2021) Six regulatory activities in 2022 by CFPB have been identified by the agency as “key” actions, according to a rulemaking agency released Monday – but action on...
ON THE ROAD: In KY for Directors’ College
(Dec. 17, 2021) Kentucky Department of Financial Institutions Commissioner Charles Vice (and NASCUS Regulator Board director) welcomes participants to the Dec. 14 Kentucky Credit Union Directors’ College in Louisville. The...
BRIEFLY: SIF’s ‘normal operating level’ set at 1.33%; New director in Alaska; OCC finalizes rescinding of 2020 CRA rulemaking
(Dec. 17, 2021) The “normal operating level” (NOL) of the NCUSIF – the level at which NCUA considers whether it needs to inject more reserves into the fund to cover...