Links in “NCUA”

This is what the credit union executives and trade association representatives thought who attended yesterday’s last Listening Session. Approximately 150 attendees at the Alexandria, VA, meeting continued to express concerns about the proposed risk based capital rule, but didn’t leave with any clear idea of the direction NCUA is planning to take. [7/18/14]

Jay Isaacson, VP of Commercial Products for the  CUNA Mutual Group, says that NCUA is working closely with other regulators on the cybersecurity issue and credit unions should expect to have their cyber security programs subjected to greater scrutiny by their examiners. Isaacson identifies the four most common breaches and provides risk management considerations. [7/17/14]

NAFCU has submitted a comment letter to NCUA that provides detailed recommendations for revisions to the Federal Credit Union Bylaws. NAFCU has identified many areas where the bylaws need to be updated to better reflect current operating practices. In addition, the trade association recommends changes that, among other issues, would facilitate the expulsion of members who have committed crimes against the credit union or whose names appear on an OFAC list and would clarify the nominating process. [7/16/14]

84 credit unions were late filing their last 5300 Call Report and faced civil money penalties, with the highest individual amount of $106,000. NCUA, however, has offered all 84 credit unions the opportunity to reduce the penalty if they sign a consent form. Those electing not to sign the consent form could still face onerous penalties. [7/15/14]

According to NCUA Chair Debbie Matz, speaking at yesterday’s listening session in Chicago, the agency will be extending the implementation period for the risk-based capital rule beyond the proposed 18-month time frame. Matz also called CUNA’s estimated $7 billion dollar cost of the rule to be a “myth.”  [7/11/14]

Changing gears, NCUA announces that it will provide audio recordings of its listening sessions. Although any topic may be discussed, the sessions to date have been dominated by questions and comments on the proposed risk-based capital rule. The transcripts will be available on the NCUA website within a few weeks of each upcoming session. [7/9/14]

NCUA will have a full-capacity crowd on hand at its listening session on the proposed risk-based capital rule scheduled for this Thursday in Chicago. Due to demand the attendance limit was expanded from 150 seats to 169 seats. The session, led by NCUA Board members Debbie Matz and Rick Metsger, will not be broadcast nor will audio from the session be available. [7/8/14]

NCUA has issued a denial concerning reports yesterday that 84 credit unions had been assessed civil money penalties for late filings of their 5300 Call Reports. NCUA confirmed that 104 credit unions were late with their filings, but stated that the agency has not completed its determination of how many of those would be assessed penalties. [7/2/14]

NAFCU’s comment letter on NCUA proposed rule on associational common bonds relates concern with the threshold requirement to determine an association’s independence and purpose. Specifically, NAFCU is questioning the need for the one-year operation period before a new association can be considered for a membership expansion request. [7/1/14]

NCUA has approved a charter for First Unity Federal Credit Union in McComb, Mississippi. The new credit union, which expects to open its doors in August, will serve three underserved counties. [7/1/14]