Links in “NCUA”

At yesterday’s board meeting, NCUA approved a final rule that will permit federally insured credit unions to modify or refinance a mortgage loan without obtaining a new appraisal if no new funds are being advanced or if there is a new advance with adequate collateral protection. The Board also approved a budget of $4+ million for the Stabilization Fund, which represents an 8.9% reduction over the 2014 budget and the establishment of an agency working to review membership and secondary capital issues. [12/12/14]

Sometimes it feels like the CFPB is just about everywhere. This month's issue of the The NCUA Report contains a special guest report from the CFPB director on "the Bureau's" Ability-to-Repay Rule. [12/11/14]

NCUA Board member Mark McWatters has confirmed to CUNA that he would support the addition of a provision in the proposed risk-based capital rule that would provide credit unions the opportunity to use supplemental capital to meet their RBC requirements. The NCUA Board is scheduled to take up the new proposed rule at its January 15^th meeting. [12/11/14]

The NCUA Quarterly US Map Review tracks certain performance indicators for federally insured credit unions and is available for consideration. Membership growth rates, loan growth rates, and asset growth rates are among the many figures available for review. [12/10/14]

In a recent address, NCUA Chairman Debbie Matz urged retailers and other third parties to shoulder more responsibility in cases of security breaches. That being said, she did not let financial institutions off the hook, but instead issued the reminder that cyber security will remain an area of supervisory focus in 2015. [12/10/14]

Credit unions have experienced the highest annual loan growth since 2006. As a result, NCUA is reporting that credit unions are relying less on long-term investments, which should better position the industry to minimize interest rate risk when interest rates begin to rise. [12/5/14]

At its December 11 meeting, the NCUA Board will take up a final appraisal rule that focuses on appraisal requirements for existing extensions of credit and the availability of copies of appraisals. In addition, the Board will discuss the 2015 budget for the Temporary Corporate Credit Union Stabilization Insurance Fund (TCCUSIF). [12/5/14]

Another one bites the dust! The number of federally insured credit union liquidations for 2014 broke double-digits with Metropolitan Church of God Credit Union of Detroit being the latest. [12/4/14]

One of the primary reasons for fraud losses is insufficient internal controls. NCUA is hosting a webinar entitled “Best Practices for Strong Internal Controls” to be conducted by a panel of experts from within and without the agency. Registration is still open for the session which will be held at 2:00 pm EST on December 17^th. [12/2/14]

Five individuals have received orders prohibiting them from ever working at a federally insured financial institution again. But that’s not all; most of these ex-employees are also booking jail time and fines. [12/1/14]