Links in “NCUA”

It’s time to mark your calendar with the schedule of NCUA Board meetings for 2016. The open meetings can be viewed through a livestream available through the NCUA website. NCUA also posts live updates during the meetings on Twitter. [10/28/15]

NCUA Director Rick Metsger announced that they have fast-tracked a proposed rule that would allow individual boards of directors of federal credit unions more options when making field of membership decisions. Metsger added that the changes are necessary in order to make the federal charter more comparable to state chartering rules. [10/26/15]

Larry Fazio, NCUA Director of Examination and Insurance, will be appearing on a webcast to discuss implementation of the new risk-based capital rule from the supervisory and examination side. The free webcast, sponsored by the NAFCU, will be held today at 3:30 P.M. EST. [10/26/15]

NCUA Board Member Mark McWatters says that NCUA should not wait to issue a supplemental capital rule that is simple, functional in the marketplace, and transparent. At the October Board Meeting, NCUA staff said that a supplemental capital rule would be made final before the 2019 implementation of the RBC rule. [10/23/15]

Currently, federal credit unions can invest in bank notes only if the “original weighted average maturity” is less than 5 years. NCUA has issued a proposed rule that would eliminate the word “original” from the requirement, which should expand investment opportunities. [10/22/15]

NCUA reported that 14 credit unions have consented to late filing penalties, for a total of $3,491. This represents a significant drop in late filing fees from the first quarter of 2015 when 44 credit unions paid late filing penalties. Again, the majority of those subject to the penalties were credit unions with assets of less than $10 million. [10/22/15]

The NCUA has proposed to remove the word “original” from the current requirement that bank notes have “original weighted average maturities of less than five years.” This will result in cheaper execution prices, and increase flexibility for FCUs. [10/22/15]

Registration is now open to credit union stakeholders for an in-person meeting with Debbie Matz at the NCUA headquarters in Alexandria, VA. The free, open-forum session will be held on Friday, October 30^th at 10:00 am EST and, because of capacity restrictions, will be limited to the first 100 registrants. [10/20/15]

Yesterday, NCUA accepted settlements from two more banks for their roles in the sales of faulty residential mortgage-backed securities to corporate credit unions. Although not admitting fault, Barclay’s Capital agreed to pay NCUA $325 million to settle claims and Wachovia Bank agreed to a payment of $53 million. This brings the amount collected by NCUA from banks that participated in the events that led to the liquidation of several corporate credit unions to a total of $2.2 billion. [10/20/15]

Effective immediately, all community charter applications submitted by federally chartered credit unions will be approved by the Office of Consumer Protection (OCP), rather than by the NCUA Board. The expectation is that this could trim about 2 months from the application approval process. [10/16/15]