Links in “NCUA”
- Congressional Concern Likely to Impact Final RBC Rule
Due to the significant amount of concern expressed by Congress on NCUAâs proposed risk-based capital rule, NCUA will want to tread carefully in crafting the final rule, according to Carrie Hunt, General Counsel for NAFCU. If the final rule does not satisfactorily address the issues raised by members of the House and Senate, the end result could be legislation that could affect the degree of flexibility the agency has in the future. [8/14/14]
- Attention: State-Chartered Credit Unions
NCUA's fixed-asset proposal could apply to you! Find out here. [8/13/14]
- Watchdog Challenges CU’s $3 Monthly Membership Fee
ABA's credit union watchdog is challenging the legality of Arizona FCU's $3 monthly membership fee, citing a 1993 NCUA legal opinion that no annual membership fees may be charged. [8/13/14]
- Raising $105M for RBC
Oklahoma Senator James Inhofe recently wrote the NCUA expressing his concerns about the proposed risk-based capital rule, including the estimation that Oklahoma credit unions would have to raise about $105M to just meet the capital requirements. What would your institution have to do to keep up with RBC? [8/12/14]
- NCUA Class of 2015
The NCUA has accepted 179 credit unions into its free consulting program, thanks to the Office of Small Credit Union Initiatives (OSCUI). Find out how you can apply for the first half of 2015. [8/12/14]
- Low-Income Credit Unions on the Rise
Two years ago NCUA announced the low-income credit union initiative. Now, there are over 2,100 low-income credit unions and the number is still growing. [8/11/14]
- The Early Bird Gets the FREE Worm
The NCUA is offering a free webinar to discuss business continuity planning and disaster recovery best practices to be held Wednesday, August 20, at 2 pm EST. Topics will include communication efforts, back-up recovery sites, restoration of IT services, and a return to normal operations. Questions may be submitted in advance, and the webinar will be archived with closed-captions several weeks following the event. [8/8/14]
- 62 Credit Unions Agree to Pay Late Filing Fees
NCUA announced yesterday that all 62 credit unions subject to fees for late filings of their first quarter 5300 Call Reports have agreed to pay the fines. Originally, NCUA had identified 104 credit unions as late filers, but 42 of those credit unions were able to demonstrate mitigating factors that affected the timing of their filings and NCUA agreed to eliminate the late fees. Individual fees ranged from $150 to $20,000. [8/6/14]
- NCUA Slaps the Wrist of Late Filers
62 of the 104 credit unions that filed their first-quarter 2014 Call Report data after the deadline were penalized by the NCUA, with the penalties ranging from $150 to $20,000. [8/6/14]
- Matz Appoints Metsger as Vice Chair
NCUA Chair Debbie Matz consulted with the NCUA General Counsel before designating board member Rick Metsger to serve as Vice Chair. Although the Federal Credit Union Act does not reference the position of Vice Chair, the NCUA Rules and Regulation had previously been interpreted to require that the board elect a member to serve in the Vice Chair position. [8/5/14]
