NASCUS

Jan. 1 signals big changes with RBC, CCULR, LIBOR

(Dec. 23, 2021) When credit unions open their doors for business on Jan. 3, a revised regulatory landscape will stretch before them with three regulatory changes that took effect Jan....

TRANSITIONS: New DFI leader in WI

Cheryll Olson Collins will be the new secretary of the Wisconsin Department of Financial Institutions (DFI) effective Jan. 17, replacing Kathy Koltin Blumenfeld who has accepted a new position in...

Members: Look for dues invoices in your mailboxes

(Dec. 23, 2021) Reminder: NASCUS sent to credit union and associate members their 2022 membership dues invoices in mid-December. NASCUS primary points of contacts should look for an email from...

BRIEFLY: Student loan payment moratorium extended; Notice reminds of housing protections for servicemembers; QRM definition unchanged for 2022; Fourth FCU chartered in 2021; Happy holidays – see you next year!

(Dec. 23, 2021) The moratorium on federal student loan payments is extended through May 1, the Biden Administration announced Wednesday, pushing the deadline back from its previous end point of...

In turnaround, NCUA raises OTR, but not as much as proposed

(Dec. 17, 2021) An increased overhead transfer rate (OTR) for 2022, a final operating budget of $320 million for next year, and three final rules – on the complex credit...

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...