Links in “NCUA”

Trade groups call the NCUA's proposal to loosen field of membership restrictions a "radical expansion" that poses a major threat to the viability of "taxpaying community banks from coast to coast." [1/21/16]

In this month’s The NCUA Report, NCUA board member Mark McWatters continues his dialogue on the need for the Agency to create a “very transparent, non-retaliatory” examination process. Specifically, McWatters recommends that NCUA designate a senior executive as an exam outreach officer, revisit examiner training, develop a new appeals process resource webpage, and create a credit union advisory council to address reg relief and exam issues. [1/20/16]

At its January 21^st meeting the NCUA Board is scheduled to vote on the 2017-2020 strategic plan. Of particular note is the plan's expectation to include the methodologies used to calculate the overhead transfer rate (OTR) and the operating fees used in funding the NCUA budget. [1/15/16]

A regulatory change in 2014 required CUSO’s to contractually agree to submit information on an annual basis to NCUA through an online registry once the registry was implemented. That day is now here and an open-enrollment period for NCUA’s new registry will begin on February 1^st. [1/12/16]

The NCUA has announced its exam priorities for 2016 and they include a continued focus on interest rate risk, the new CUSO registration, TRID compliance, and BSA compliance—particularly as it relates to money services businesses and incident response programs.  NCUA also indicated that it will be incorporating the new FFIEC cybersecurity self-assessment process into its examination priorities by the third quarter. [1/12/16]

President Obama has announced that he plans to nominate NCUA Board member Mark McWatters to the board of the Export-Import Bank. The nomination will have to be approved by the Senate. In the meantime, McWatters says the he plans to remain fully committed to his duties on the NCUA Board. [1/12/16]

Not everyone was happy with the latest operating budget approved by the NCUA Board that calls for a 4.1% increase for 2016 and another 4.1% increase for 2017. Now NCUA has posted an FAQ that addresses, among other items, the reasons for the budget increases and highlights NCUA Chair Debbie Matz’s pledge to have a vote at the January Board Meeting to publish the Agency’s overhead transfer rate and operating fee methodology in the Federal Register for public comment. [1/8/16]

The NCUA announced that it is monitoring credit unions in Missouri and Mississippi affected by the recent flooding in those states to ensure continued credit union service. Federally-insured, low-income credit unions in these areas are eligible to apply for up to $7,500 in Urgent Needs assistance. [1/6/16]

Now that the NCUA has expanded share insurance coverage for lawyers’ IOLTA accounts and other similar escrow accounts, do you know the compliance requirements and specifically which accounts are covered? This article provides a useful summary of what you need to know. [1/6/16]

NCUA was busy over the holidays.  The $3.2 million First Hawaiian Homes FCU was liquidated and the assets, shares, and loans were immediately assumed by Molokai Community FCU.  The agency also issued a prohibition order against Brianna Lee Freel, a former employee of U.P. State Credit Union in Escanaba, MI.  Freel had pled guilty to embezzlement and false pretense and was sentenced to two years of probation and ordered to pay restitution of over $54,000. [1/4/16]