Links in “NCUA”

NCUA Board member Michael Fryzel has sent a letter to both CUNA and NAFCU in which he states that he believes the full NCUA board should vote on whether to extend the comment period for the proposed risk-based capital rule.  However, he added that he was confident that the final rule would include the suggested changes recommended by the two trade associations. [5/15]

Chairman Matz announced the NCUA made $1.2 million available through a second round of Community Development Revolving Loan Fund grants available to low-income credit unions. Grants are available for four categories including community development financial institution certification, new product and service development, collaboration, and training.  Applications are accepted from June 2 to June 30. [5/15]

The NCUA's 2013 annual report (released Monday) indicated that the regulatory agency only achieved 40% of their 10 specific diversity goals. However, rather than seeing it as a pass or fail issue, NCUA spokesman John Fairbanks says they use these numbers as an indicator of areas they need to improve. [5/14]

NCUA’s Annual Report released yesterday shows that 26 credit unions were subjected to Fair Lending audits last year with an average of 205 hours spent on each credit union. In addition, NCUA initiated 41 offsite Fair Lending contacts where the credit unions’ Fair Lending policies were reviewed and recommendations provided for improvements. [5/13]

NCUA has announced that examiners will be assessing credit union’s ability to mitigate cybersecurity threats and to effectively respond to attacks. The Agency states that as credit unions have increased their use of online and mobile banking they have increased their risk for begin targets of cybercrimes. [5/13]

The National Credit Union Administration provided its 2013 Annual Report Monday, which highlights the agency’s activities, policy initiatives and accomplishments for the year. Through the year, the NCUA focused on reducing regulatory burdens for smaller credit unions and expanding access to affordable financial services for Americans; this resulted in fewer delinquencies and an increased demand for loans, giving federally insured credit unions one of the best years on record. [5/13]

NCUA approved only 53 mergers for the first quarter of 2014, which is significantly less than the 71 mergers approved during the first quarter of 2013 and the 62 mergers approved in the first quarter of 2012. However, in March eight of the mergers were due to poor financial condition, which is higher than the usual number for these types of mergers. [5/12]

On Cinco de Mayo, the NCUA announced the release of its Spanish-language version of the Share Insurance Estimator. [5/12]

NCUA Chairman Matz notes in the FSOC annual report positive efforts undertaken to promote increased security. Highlights of risks and recommendations include forward looking capital and liquidity planning, need for improved interest rate monitoring, and use and monitoring of technology. [5/8]

While the other regulatory agencies are trying to choke off their financial institutions from making payday loans, the NCUA is encouraging credit unions to get involved in small-dollar lending. Whether it's a good business practice is still up for debate. [5/7]