The NCUA board voted Thursday to extend the current 18% maximum loan interest rate for most loans made by federal credit unions. The 18% cap would have expired March 10, but is now in place through Sept. 10, 2018.
It’s a light agenda for the NCUA’s Feb. 23 board meeting, the meeting will consist of a quarterly report on the National Credit Union Share Insurance Fund, and a continuation of the federal credit union loan interest rate ceiling.
CUNA published a white paper Thursday examining 3 policy decisions the NCUA will need to make concerning the wind-down of the agency’s Corporate Resolution Program, and will analyze the issues over the coming months.
CUNA congratulated J. Mark McWatters for being named acting chairman of the NCUA board Thursday by President Donald Trump. McWatters has served as a board member since August 2014. Former Chairman Rick Metsger will remain on the board.
The U.S. District Court of the Eastern District of Virginia dismissed an Independent Community Bankers of America lawsuit against the agency and its member business lending rule Tuesday. CUNA filed an amicus brief in support of dismissal.
CUNA plans to work across the credit union industry to ensure the NCUA receives feedback on its alternative capital Advance Notice of Proposed Rulemaking put forth Thursday. The ANPR seeks information on a range of alternative capital topics.
An advanced notice of proposed rulemaking on alternative capital tops the agenda for Thursday’s NCUA meeting. The ANPR follows October’s board briefing on alternative, or supplemental, capital, and how credit unions could potentially raise it for risk-based capital purposes.
The NCUA will host a webinar on its upcoming (FOM) rule Feb. 1, 5 days before the rule becomes effective on Feb. 6. The NCUA finalized its FOM rule and proposed another containing several CUNA suggestions for regulatory relief.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
The 2017 CUNA GAC kicks off Feb. 26, registration starts Sunday and leads into that evening’s ED (Filene) Talk, and continues Monday with the kickoff of the general session and a number of breakout sessions.