Links in “NCUA”

Only two actions approved for the October 2014 Open Meeting of the NCUA. The first is the technical amendments to the Corporate Rule regarding acquisitions, and the second involves the proposed joint agency revision to flood insurance regarding escrow rules and handling of certain detached structures. Meeting further announced no premium requirement for 2014. [10/24/14]

The NCUA issued a total of $17,111 in civil money penalties to 44 credit unions for not turning in their second-quarter Call Report data on time, the median penalty being $256. [10/23/14]

The NCUA has released its October Report, with articles ranging in topics from cyber security to student loans, and everything between. The full report is available here. [10/22/14]

NCUA announced that it has hired Rendell Jones as its new chief financial officer, replacing MaryAnn Woodson, who is retiring in November after 35 years with the agency. Jones comes to NCUA from the U.S. Citizenship and Immigration Services where he was the associate director for management. [10/21/14]

The NCUA Board has proposed changes to its Flood Insurance Rule at is October 23^rd Board meeting. The proposed rule, which reflects legislative changes resulting from the 2012 Biggert-Waters Flood Insurance Act, requires that credit unions and other lenders accept private flood insurance. [10/17/14]

According to NCUA Chairman Rick Metsger, within the past 12 years there has not been a single case of a board member or supervisory committee member detecting the ongoing internal fraud that led to the failure of the institution. In almost every instance, internal fraud has been detected by an examiner, auditor, or outside party. Metsger urged CU Board members to be more active and involved and provided six "red flags" to watch for. [10/16/14]

The Texas Credit Union Department has liquidated $40 million County Municipal Employees Credit Union of Edinburg, TX. NCUA will act as the liquidating agent. The Texas regulator determined that the credit union was insolvent with no prospect of returning to a viable operation. [10/13/14]

According to a recent NAFCU survey, 84.4% of the respondents stated that they had been impacted by a local data breach in the past two years. The majority responded that they have voluntarily implemented NCUA’s best practices on IT security. [10/10/14]

NCUA has reissued a bulletin addressing troubled debt restructurings (TDRs) that reflects a revised regulatory policy towards these types of modifications. The revised bulletin also provides clarification concerning the circumstances under which a subsequently restructured TDR no longer needs to be classified as a TDR. [10/8/14]

The NCUA has repealed its regulations governing unfair or deceptive acts or practices. But don’t worry, this area is still being watched over by the FTC. [10/6/14]