Links in “NCUA”

The newest NCUA board member, J. Mark McWatters, has made his intentions clear (from day two on the job) by announcing his intentions for his term on the board. He outlined five areas of focus, including providing regulatory relief for credit unions and promoting the role of women and persons of color within the credit union industry. [8/28/14]

In response to the NCUA's proposed changes to NCUA Rules and Regulations Parts 721 and 741, NASCUS addressed a number of other issues regarding the dual chartering system for credit unions. One such comment recommended that the NCUA be more flexible rather than use the 25 percent limit as a blanket restriction. [8/28/14]

McWatters of the NCUA Board named "providing regulatory relief for credit unions" his first priority when outlining his vision for the agency. Find out what else is occupying his priority list here. [8/28/14]

Mark McWatters is scheduled to be sworn in today for a seat on the NCUA Board. Outgoing board member Michael Fryzel will be delivering the oath of office. [8/26/14]

Seventy-five credit unions face potential civil money penalties for missing the filing deadline for their 2^nd quarter 5300 Call Reports. Four of the late filers were also late filers on their 1^st quarter report. NCUA will consider mitigating circumstances that could warrant a waiver of the fee and notify credit unions in September of the amount of individual penalties. [8/26/14]

NCUA has issued a cease and desist order against David Addison, who was CEO of Texans CU from 2003 to 2009. Addison consented to the order, without admitting fault, that involved allegations that he was grossly negligent in running the credit union. In particular, the allegations cited his decision to engage in what the agency claimed to be high-risk and unstable business and investment strategies. [8/25/14]

The August NCUA Report is now available online and includes an article that highlights the top 10 cyber security areas that examiners are focusing on during your examinations. This month’s addition also includes an economic update that predicts the Federal Reserve Board’s Fed Fund rate will reach 2.5% by the end of 2016. [8/20/14]

The 10^th Circuit Court of Appeals has handed NCUA a victory by reinstating its ruling that allowed NCUA to sue several banks over alleged deceptive practices related to their sales of mortgage backed securities to corporate credit unions.  The ruling affects six cases pending in the 10^th circuit.  NCUA has settled similar cases and recovered more than $1.75 billion. [8/20/14]

Florida regulators approve Florida Central Credit Union's application to purchase a branch from First Federal Bank of Florida. NCUA approval is pending. [8/19/14]

NCUA has received approximately $5.4 million in restitution from a fraud case brought by the U. S. Attorney’s office which was won against BCTT Federal Credit Union in Binghamton, NY. The credit union was liquidated in 2011 and during the review process NCUA discovered that a member and her son obtained over $14 million in fraudulent loans. [8/15/14]