Links in “NCUA”
- A New CU Is Born
The NCUA grants the third new federal charter of 2015. ELCA Federal Credit Union will also be the first new consumer federal credit union in Illinois since 2006. [7/8/15]
- NCUA FOM Rule Goes Into Effect
The NCUA's common bond rule went into effect yesterday, prompting the agency to send a letter to federal credit unions with guidance on the rule. The new field-of-membership (FOM) rule allows automatic FOM approval of 12 categories of associations: alumni associations, religious organizations, electric cooperatives, and more. [7/7/15]
- GAO Supports Giving NCUA 3rd Party Tech Provider Review Authority
Based on its review of fifteen IT examinations of financial institutions, the Government Accounting Office (GAO) is recommending that the NCUA be given the authority to examine 3rd party technology service providers. The NAFCU opposes this extended authority as unnecessary and costly for credit unions. [7/6/15]
- Complinace Webinar Hosted by the NCUA
The NCUA is offering a webinar, "Fine-Tuning Your Compliance Program: Common Compliance Violations," which will provide valuable information about best practices for avoiding violations. The free webinar will be held on Tuesday, July 21. [7/2/15]
- NCUA Issues Prohibition Orders
The NCUA issues four prohibition orders for the month of June. One former employee was ordered to pay restitution of over $11 million. [7/1/15]
- Prohibition Orders Handed Out
The NCUA issued four prohibition orders, violation of which is a felony offense. [7/1/15]
- NCUA Issues Letter Regarding Extension of Rate Ceiling
The NCUA has issued a letter to Federal Credit Unions (15-FCU-20) in which it extends the annual percentage rate ceiling of 18% for most loans and 28% for payday alternative loans for another 18-month period. The letter adds that the NCUA may revisit the rate ceiling before the new expiration date of March 10, 2017, if interest rates move significantly before that time. [6/29/15
- Tipton-Barr Bill Would Provide Reg Relief to Smaller Institutions
A House bill sponsored by Scott Tipton (R-CO) and Andy Barr (R-KY) would provide regulatory relief to smaller credit unions and community banks by requiring regulators to tailor their rulemaking to fit the institutionsâ business models and risk profiles rather than using the one-size fits-all approach. The bill would also require the NCUA to testify annually before the House Financial Services and Senate Banking Committees on specific actions it has taken to tailor its rulemaking process. [6/29/15]
- Matz Details Regulatory Relief Efforts
NCUA Chair Debbie Matz, speaking at the NAFCU Annual Conference, announced that 2015 will be âThe Year of Regulatory Relief.â In addition to addressing proposed changes to the MBL Rule and proposed changes to field of membership requirements, Matz added that the NCUA plans to issue a supplemental capital rule at the same time that it issues a final risk-based capital rule. [6/26/15]
- NCUA Bans Periodic Membership Fees
In a letter to the American Banking Association, the NCUA stated that federally-chartered credit unions are not permitted to charge periodic membership fees, but can charge uniform entrance fees and account or service-related fees. The issue arose after $1.4 billion Arizona FCU implemented a $3 monthly membership fee. [6/26/15]
