NASCUS PRESIDENT & CEO LUCY ITO ON THE SEPTEMBER NCUA BOARD MEETING

September 17, 2020

NASCUS PRESIDENT & CEO LUCY ITO ON THE SEPTEMBER NCUA BOARD MEETING

ARLINGTON, Va. – Today, the NCUA Board held a public meeting via live audio webcast due to the COVID-19 pandemic. At the meeting, the NCUA Board approved an order to be signed by NCUA Acting Examination & Insurance Director Myra Toeppe granting exemption from Customer Identification Program requirements for loans extended by credit unions for purchases of property and casualty insurance policies. The Board also approved a final rule deferring the requirement to obtain a real estate appraisal for up to 120 days following closing.

The Board received a quarterly report on the Share Insurance Fund and was briefed on the Modern Examination and Risk Identification Tool (MERIT) as well.

NASCUS President and CEO Lucy Ito issued the following statement in response to today’s MERIT briefing:

“NASCUS appreciates the NCUA Board’s recognition of the need to work closely with state supervisory authorities in implementing MERIT.  NASCUS and state credit union regulators look forward to greater consultation and coordination during the extended pilot program to assure a smooth transition from AIRES to MERIT for state agencies, NCUA, all examiners, and state-chartered credit unions upon implementation.”

Information Contact:
Shelton Roulhac, Vice President, Communications, [email protected] or (703) 528-5974

NASCUS is the national association that advocates for a strong and healthy state credit union system, and whose members include state regulatory agencies, credit unions, credit union leagues, and organizations that support the state credit union system.