Links in “NCUA”

Enterprise risk management affects virtually every decision a credit union makes. This means NCUA’s recently-issued ERM guidance and this article’s five take-aways is a must read for all senior management staff. [11/20]

The Department of Justice has announced that the NCUA will be receiving a $1.4 billion dollar settlement from JPMorgan as compensation for failed corporate credit union investments. According to NCUA Chair Debbie Matz, this settlement along with other settlements should greatly reduce future assessments to credit unions. [11/20]

NAFCU digs into some key highlights of NCUA's final rule on liquidity and contingency funding plans. [11/20]

NCUA revises TISA burden from 43.5 billion hours to just 9.9 million hours. Now that's cutting regulatory impact. Of course, it was a computation error, but nonetheless... [11/19]

NCUA has posted a new video on its YouTube channel that provides instruction on compliance with the agency’s new liquidity and contingency funding rule. The liquidity and contingency funding rule requires credit unions with more than $250 million in assets to have access to NCUA’s Central Liquidity Fund, the Federal Reserve Board’s Discount Window, or both. [11/19]

The NCUA Board will consider a final CUSO rule at its November Board Meeting on the 11/21 that will require CUSOs to file their financial statements with NCUA and forward copies to their state supervisors. According to this CU Times article, approval of the new rule is not a slam dunk as two board members have expressed concerns about the cost to the agency. [11/18]

NCUA has issued Letter to Credit Unions 13-CU-12 regarding supervisory guidance on enterprise risk management. While only corporate credit unions are required to have formal risk management programs, examiners will assess each credit union’s overall risk management process. This letter provides insight into the examiners’ expectations. [11/13]

A growing concern about staff safety has prompted NCUA to establish a new office focused solely on security and continuity. NCUA examiners found 10,000 rounds of ammunition and semi-automatic weapons in a storage room when they seized Taupa Lithuanian Credit Union several months ago. [11/7]

NCUA announced that it will be offering free consulting services to small, new, and low income-designated credit unions during the first half of 2014.  The program offered through the Office of Small Credit Union Initiatives will include consulting services related to budgeting, marketing, policy development, strategic planning and operational and regulatory issues. [11/7]

NCUA has posted a three-part video series on its consumer website www.mycreditunion.gov  that explains the requirements of the new mortgage and remittance rules. The videos present NCUA’s plan for implementation of the new rules. [11/6]