Links in “NCUA”
- Matz Says IOLTA Accounts Can Be Insured Now
NCUA Chair Debbie Matz announced that while NCUA will be revising its regulations, the new parity law signed by President Obama last week means that IOLTA accounts at credit unions are federally-insured now. [12/22/14]
- NCUA Urges DOD to Exclude CU Payday Alternative Loans from Proposed Military Lending Rule
NCUA Chair Debbie Matz has sent a letter to the DOD urging them to continue to permit federal credit unions to make payday alternative loans (PALs) to military personnel and their family members, if the loans are made in accordance with NCUAâs current PAL regulation. [12/19/14]
- Obama Signs IOLTA Bill
Yesterday, President Obama signed the âCredit Union Share Insurance Fund Parity Actâ that will allow share insurance coverage for escrow accounts, such as lawyersâ IOLTA accounts, which have been covered for some time under the FDIC for banks. NCUA may still have to make changes to its regulations before federally-insured credit unions can begin offering these accounts to their members. [12/19/14]
- NCUA Offers New Round of Grants for Low-Income Credit Unions
Newly approved Congressional funding to the Community Development Revolving Loan Fund has made it possible for NCUA to offer grants to low-income credit unions. Low-income credit unions can apply online with NCUA between February 2nd and March 3rd for the first round of grants to fund either staff/volunteer training or to provide students with hands-on experience in credit unions. [12/18/14]
- Need Some Extra Money for Training? Hiring Interns? NCUA’s Got You Covered
The NCUA has at least $360,000 in funding available for grants to help low-income credit unions provide training to their employees and volunteers or hire high school and college students as interns. Make sure to get your applications in! [12/18/14]
- Crystal Clear: Transparency Improvements for NCUA
The 2015 operating budget for each NCUA board member has been made public in an effort to improve transparency and accountability. Similarly, the FDIC operating budget for 2015 has been approved and can be reviewed here. [12/17/14]
- NAFCU on NCUA’s Self-Inflicted Black Eye: Practice What You Preach
In light of an NCUA examinerâs loss of a credit unionâs member data, NAFCU CEO Dan Berger is urging NCUA to practice what it preaches and conduct a thorough investigation into the incident and a thorough review of its internal data security policies and procedures. Berger notes that as a steward of credit unions' sensitive data, the agency must be held to the highest standard for safeguarding that data. [12/17/14]
- ABA Calls Out Credit Union for Its Ad Slogan
"Everyone can bank here." That advertising slogan caught the eye of the ABA, which wrote to the NCUA chairman to point out that NRL Federal Credit Union may be circumventing field of membership requirements. [12/16/14]
- NCUA Examiner Blamed for Data Breach
$13 million Palm Springs FCU did what many credit unions do when NCUA is performing their exam: they downloaded the requested data to a flash drive and provided that to their examiner for review. Unfortunately, it appears now that the examiner lost the flash drive that contained member names, addresses, account numbers, and social security numbers and the credit union finds itself having to notify its members of the data breach. [12/16/14]
- NCUA Board Action Report Released
The December 2014 NCUA Board Action Bulletin announces, among other actions, that the NCUA will voluntarily participate in the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to identify rules for possible modification, simplification, or repeal. The participation will include three months of regulatory review to determine potential streamlining opportunities. Find out what else the NCUA is doing here. [12/12/14]
