Links in “NCUA”

The NCUA has revised its National Supervisory Policy Manual in order to expedite the approval of secondary capital requests by the regional offices, and make it possible for credit unions with secondary capital to return portions of the loans that no longer count towards net worth. [4/7/15]

For those credit unions who received fines because they filed their 5300 Call Report after the due date, the irony of this story should be apparent.  NCUA, for the 3^rd year in a row, has missed the April 1^st deadline for filing its annual report to Congress on agency operations. [4/6/15]

NCUA’s Office of the Inspector General has issued a report on its review of travel expenses and corporate credit card activity for Oct 1, 2012 — Sept 30, 2013, and noted that the activity poses low risk of illegal or improper purchases.  The report recommends additional staff training on which charges are allowable and recommends that direct supervisors conduct quarterly reviews of expense reimbursements and card transactions. [4/6/15]

The NCUA awarded $12.4 million in contracts  to minority- and women-owned businesses in 2014, which is an increase of 49% over 2013.  Awards to minority- and women-owned businesses represent 29% of the total amount of contracts issued to suppliers last year. [4/2/15]

The NCUA has liquidated the $3 million North Dade Community FCU in Miami Gardens, FL making it the second federally-insured credit union to be liquidated in 2015.  The credit union was fined $300,000 last year for BSA violations resulting from an astounding volume of cash transactions processed for money services businesses. [4/1/15]

The NCUA issued seven prohibition orders in March, three for former employees of the now-defunct Taupa Lithuanian Credit Union.  All but one of the individuals will be serving prison time. [4/1/15]

National Credit Union Administrator Chairman Debbie Matz urged credit unions to help educate members on financial topics during the upcoming financial literacy month. The NCUA is planning several educational activities such as a webinar and an open Twitter chat. The NCUA will also participate in the Financial Literacy Day event on Capitol Hill. [3/31/15]

A bill introduced by Senator Mike Crapo would amend the Economic Growth and Regulatory Paperwork Reduction Act, to require all NCUA, CFPB, and Dodd-Frank rules be reviewed every 10 years, and that any determined to be unnecessary, outdated, or overly burdensome be eliminated. [3/30/15]

NCUA Chair Debbie Matz told NAFCU CEO Dan Berger that the agency is looking for credit unions to exhibit reasonable and  good faith efforts to comply with the new TILA/RESPA combined disclosures that are effective August 1^st.  She added that the agency understands that credit unions may need time to do more extensive testing once their TILA/RESPA disclosure systems become fully operational. [3/27/15]

More than 40 consumers around the country received text messages from fraudsters posing as the NCUA and asking for personal information. If your institution has a consumer receiving one of these texts, have them contact the NCUA. [3/26/15]