Links in “NCUA”

A recorded webinar featuring NCUA's Debbie Matz and CFPB's Richard Cordray is now available online. Featuring topics ranging from RESPA/TILA to international remittances, you don't want to miss this one! [3/25/15]

NCUA issues a warning that an Australian phishing scheme is sending out emails from an NCUA lookalike called "National Credit Union," which is seeking to persuade consumers to provide personal information and transfer large amounts of money. [3/25/15]

National Credit Union Administration Board Chairman Debbie Matz announced that Edward Dorris will be the agency's new Chief Information Officer. Dorris brings over 25 years of information technology experience to his new position. Edward Dorris formerly served as Chief Information Officer at the Office of the Comptroller of the Currency. [3/24/15]

The NCUA is continuing its initiative to recover losses resulting from faulty securities sold to corporate credit unions by filing suit against HSBC Bank USA, National Association.  The complaint alleges that HSBC, as trustee, failed to provide required notices, failed to properly monitor loan servicers, and failed to take timely action to force repurchase, substitution, or cure defective mortgage loans. [3/23/15]

If you are looking for information about becoming a Community Development Credit Union (CDFI), NCUA’s new 5-part video series should be your first stop. The 10-minute videos address the benefits of becoming a CDFI and the seven criteria that must be met for certification. [3/23/15]

At yesterday’s meeting, the NCUA board voted unanimously to approve a proposed rule to eliminate the 5% cap on investments a federal credit union can make in fixed assets.  The proposed rule also eliminates the 30-month partial occupancy waiver process in favor of just a 6-year occupancy rule.  Comments will be due within 30 days of publication in the Federal Register. [3/20/15]

The NCUA's third open meeting of 2015 approved the proposed regulatory relief effort to eliminate certain provisions in the agency’s fixed-assets rule, including the current five-percent cap on investments in fixed assets. The move is seen as reducing the NCUA's micro-managing of CUs seeking to upgrade facilities, update technology, or purchase other fixed assets. [3/20/2015]

According to Chip Filson of Callahan and Associates, the NCUA’s recently release 4^th quarter and year-end industry data clearly shows that there is no capital problem or shortfall among credit unions. Credit unions’ balance sheets and investment portfolios demonstrate they are well-positioned for any potential increase in rates. [3/18/15]

Updated information from NCUA shows the current estimated costs of the Corporate Resolution Program range from a negative $2.5 billion to a negative $700 million, meaning it’s very unlikely that credit unions will see any further assessments.  NCUA cites an improving economy and its diligence in recovering losses from faulty securities as major factors in the strong performance. The Stabilization Fund is scheduled to expire in six years. [3/18/16]

With social media and online banking on the rise, NCUA's Rick Metsger explains the need to update field-of-membership regulations. An email address, FOMSuggestions@ncua.gov, has been created specifically for comments and suggestions regarding this topic. [3/18/15]