Links in “NCUA”

NCUA proposes to amend regulations regarding prompt corrective action (PCA) to replace the agency's current risk-based net worth requirements with new risk-based capital requirements for federally insured “natural person” credit unions. Goal is to ensure capacity to correct actions of credit unions when capital thresholds are not met. [2/27]

NCUA Board Member Fryzel tells large audience of credit union industry representatives to "think broadly and boldly when facing challenges that lie ahead and draw on the movement’s traditions and experience to better serve its members." Interesting timing of speech, given recent proposal of expansion Prompt Corrective Action powers for those natural person CUs who perhaps go "too boldly." [2/27]

Site is devoted to helping credit unions prepare to deal with cyber threats. [2/26]

Congressman Darrell Issa from California confirmed yesterday that NCUA received over $1 billion from its settlement with JPMorgan to recover corporate credit union losses. Another big winner was the law firm that represented the agency that received almost $350 million as its contingency payment. [2/26]

Instead of cyber-thieves, NCUA Chair Debbie Matz warns of a worse scenario, hackers motivated by terrorism. [2/25]

NCUA is hosting its first ever Twitter chat on financial literacy tomorrow, Wednesday, Feb. 26, at 11:00 am EST, in conjunction with the America Saves and Military Saves Week. Credit unions and consumers can follow @TheNCUA and to contribute to the dialogue using the #NCUAChat hashtag. [2/25]

Yesterday, the NCUA Board approved a proposed rule that would ease the administrative burdens on federally-chartered credit unions that decide to pursue a voluntary liquidation.  The proposed rule would provide more flexibility and clarity to creditor notices and member account distributions. [2/21]

And that’s not the worst of it according to Chip Filson in a blistering op ed piece. NCUA acknowledges that it owes credit unions a premium refund in the amount of $1.9 billion, but says it can’t pay out the refund until 2021. [2/21]

NCUA Chair Debbie Matz announced three “listening sessions” to be conducted across the country in June and July to allow NCUA Board and senior staff to hear directly from credit unions about their concerns.  Each of the three sessions will be open to the first 150 registrants and will take place before NCUA finalizes its proposed risk-based capital rule. [2/20]

NCUA’s 4 permanent funds received clean audit reports for 2013 from KPMG, LLP. The audits included the Operating Fund, the Central Liquidity Facility, and the Community Development Revolving Loan Fund. [2/19]