The NCUA announced consolidation of regional offices and reorganization of staff Friday as part of Chairman J. Mark McWatters’ reevaluation of agency operations, including consolidation of the 5 regional offices into 3.
A federal credit union can issue and sell securities, provided it meets a 3-pronged test detailed in NCUA’s regulations on items considered incidental powers. NCUA issued this stance in a legal opinion letter.
CUNA and 2 other organizations jointly filed an amicus brief Wednesday in defense of NCUA's revised field-of-membership rule. The brief supports NCUA's cross-motion for summary judgement against the suit brought by the American Bankers Association.
In addition to issuing 2 proposals, the NCUA board finalized 3 rules Friday, and heard an update on the agency’s Enterprise Solutions Modernization program. The final rules involve safe harbor, inflation of penalties and FOIA.
The NCUA board unanimously voted Friday to issue a request for comment on revising the OTR methodology, as well as a proposed rule on corporate credit unions. CUNA is currently analyzing the proposed OTR changes.
A question was recently posed to CUNA’s compliance staff about the Right to Financial Privacy Act. Specifically, what type of documentation is required from a federal government agency when it requests financial information on a member?