Links in “NCUA”

NCUA approved 19 mergers in December, which brings the total number of mergers for 2014 to 262, an 8% increase over 2013. If the trend continues it means there may only be 5,400 credit unions by 2018 and just 4,260 by 2023. [2/2/15]

CUNA has asked NCUA to clarify whether the recently signed bill that expanded share insurance coverage to IOLTA accounts at credit unions would also cover other types of escrow accounts, such as prepaid funeral expenses accounts and realtor escrow accounts. In addition, CUNA has asked for guidance on other issues related to IOLTA accounts, such as recordkeeping requirements and BSA implications. [1/29/15]

Wendy Wall, former CEO of the now defunct Pepsi Cola FCU, has been sentenced to 21 months in federal prison and ordered to pay restitution to NCUA in the amount of $480,273. Wall was found guilty of embezzling money through a fraudulent loan scheme. [1/28/15]

Consumers now have new tools to help combat identity theft. The National Credit Union Administration added a new page to its website to assist consumers in identifying and preventing tax-related identity theft. The new page can be found here. [1/27/15]

The National Credit Union Administration will hold a webinar on Wednesday, Feb. 11, 2015. The free webinar will explore the most notable changes made to the forms and disclosures required under TILA and RESPA. [1/27/15]

CUNA and NCUA have both obtained legal opinions concerning NCUA’s authority under the Federal Credit Union Act to establish a tiered risk-based capital system. The problem is that the two opinions reach opposite conclusions. In addition, NCUA’s claim that the revised rule will only adversely affect 19 credit unions—versus the 199 credit unions adversely impacted by the original proposed rule—begs the question of whether a risk-based capital rule is really necessary. [1/23/15]

Thirty-one credit unions will pay penalties for filing late third quarter call reports with the majority of those credit unions being under $10 million assets. [1/23/15]

According to NCUA Chair Debbie Matz, credit volunteer directors are a credit union’s first line of defense against future losses. She added that boards assisted in navigating their credit unions through the recession, but now should be particularly concerned about interest rate risk, cybersecurity, and the importance of maintaining adequate capital. [1/23/15]

31 credit unions agreed to pay civil money penalties ranging from $138 to $1,878 for not filing their 3^rd quarter 5300 Call Reports by the filing deadline. NCUA Chair Debbie Matz noted that the number of late filers continues to decline and she is hopeful that the agency will soon have 100% compliance. [1/23/15]

During a webinar yesterday on the revised risk-based capital proposed rule, Larry Fazio, director of examination and insurance for NCUA, was asked whether NCUA would be providing an online risk-based net worth calculator as it had after the first proposed rule for credit unions to determine the impact of the rule on their institution. Fazio reported that NCUA will provide a spreadsheet tool, but not an online calculator as the new rule considers data not obtained on current Call Reports. [1/22/15]