A joint incentive-based compensation rule from federal financial regulators is overly burdensome and not necessary for credit unions, CUNA told the NCUA in its comment letter on the proposal, which is required under the Dodd-Frank Act,
The NCUA board voted Thursday to adopt the agency’s strategic plan for 2017-21 that includes updating the agency’s goals for examinations. While this change does not immediately credit unions' exam cycle, it sets the stage for later improvements.
NCUA expenditures are projected to decline by $2.7 million for 2016, per a mid-year budget review. Staff recommended that there be no reduction in the 2017 operating fee, due to several open obligations requiring cash on hand.
President Barack Obama announced Wednesday the nomination of John Herrera to the open seat on the NCUA board. CUNA President/CEO Jim Nussle congratulated Herrera on the nomination to the agency's three-person board.
CUNA wrote last week in support of NCUA’s latest fixed-assets proposal, as it would add more flexibility for federal credit unions to own and use fixed assets. The proposal would update NCUA’s regulations on federal credit union occupancy.
Credit unions interested in applying for grant assistance through the NCUA’s Community Development Revolving Loan Fund must apply by June 30. The fund is designed to assist low-income designated credit unions through grants and loans.
Credit unions would only be further burdened should the NCUA gain supervision over third-party vendors, said CUNA Chief Advocacy Officer Ryan Donovan. The Financial Stability Oversight Council’s annual report recommends giving NCUA that authority.
The subject of dividends has come up in a number of questions to CUNA’s compliance staff recently, making this a good time to address questions with the NCUA’s Truth in Savings Regulation (12 CFR 707).
The CFPB is expected to release its proposal on debt collection in conjunction with a July 28 field hearing in Sacramento, Calif. CUNA has met with the bureau a number of times to address the forthcoming rulemaking.