Links in “NCUA”

The NCUA Office of Small Credit Unions is reminding small credit unions of the November 30^th deadline for submitting applications for consulting assistance. To date in 2014, 400 federally-insured credit unions and 26 new credit union organizers have received consulting help from an NCUA Economic Development Specialist. [11/13/14]

NCUA has filed a federal suit against Deutsche Bank National Trust Company, seeking damages to be determined at trial. The company is alleged to have failed to adequately fulfill state and federal requirements related to mortgage-backed securities, leading to the failure of five companies who purchased $140 billion worth of these assets. [11/12/14]

NCUA has filed suit in federal court against Deutsche Bank National Trust Company claiming it failed to fulfill its duties as trustee for 121 residential mortgage-backed securities trusts. NCUA alleges that five corporate credit unions failed in part as a result of Deutsche Bank’s actions. [11/11/14]

In an effort to maintain and improve transparency, NCUA posts its board meeting videos to the public; the October board meeting is now available along with archived videos from past meetings. Find out what NCUA isn't keeping from you. [11/11/14]

The AML Task Force, made up of eight government agencies, has taken upon itself the task of bettering the world of AML. During the ABA Conference, Under Secretary Cohen detailed the efforts that have been taken as well as future efforts, with an emphasis on the handling of money services businesses. [11/10/14]

CUNA says that NCUA needs to exercise restraint since its budget has increased by 51% since 2009, particularly since credit unions’ financial health has steadily improved. CUNA added that having no access to the standards for raises and other increases for NCUA staff, whose pay and benefits comprise 73% of the agency's budget, is one issue NCUA needs to address. [11/10/14]

The National Association of Credit Union Service Organizations (NACUSO) has a lot to be concerned about from the new CUSO rule that affords greater monitoring authority to NCUA, to the proposed risk weightings for CUSO investments under the risk-based capital.  The association has created an advocacy fund and is considering a lawsuit against NCUA. [11/7/14]

Now that interest rate risk is being removed from the revisions to the proposed RBC rule, NAFCU is urging that NCUA make four other changes: lowering the 10.5% RBC ratio; removing the individual minimum capital requirement and creating an independent appeals process that is free of examiner retaliation; including a consideration of a credit union’s portfolio of assets and liabilities in the definition of a complex credit union; and increasing the 1.25% risk to assets ratio for ALLL purposes. [11/6/14]

While CUNA is pleased that NCUA has decided to remove interest rate risk considerations from the proposed risk-based capital rule, it is concerned about NCUA issuing a separate IRR rule. CUNA CEO Jim Nussle stated that the agency already has rules on the books to address IRR and that another regulation is not necessary. [11/5/14]

The NCUA announced the release of a new tool aimed at helping credit unions find companies to help them better deliver products and services. The new CUSP portal provides free access to registered and validated vendors who aim to help CUs meet members’ needs, comply with regulations, or just handle day-to-day operational requirements. [11/5/14]