The NCUA board approved the agency’s 2018-2019 budget, OTR methodology and a final corporate credit union rule at its meeting Thursday. The meeting also featured the final quarterly update on the stabilization fund, which was closed Oct. 1.
NCUA’s 2018-2019 budget and the overhead transfer rate methodology are highlights of NCUA’s Thursday board meeting, as well as a vote on a final corporate credit union rule and a stabilization fund update.
The NCUA issued a checklist for credit unions to voluntarily use in assessing its diversity and inclusion practices last year, of which two-thirds of participants in an NCUA diversity webinar said they were unaware.
The NCUA published its final rules on appeals procedures and the supervisory review committee in the Federal Register Monday, both rules will be effective Jan. 1. The NCUA board finalized both in October.
CUNA followed up last week’s NCUA budget briefing by submitting a letter to the agency as part of its commentary on the agency’s proposed 2018-2019 budget, which NCUA is expected to vote on at its November meeting.
The NCUA board unanimously finalized rules on appeals and the Supervisory Review Committee at its board meeting Thursday, and issued a request for information and a proposal on establishing stress testing tiers.
CUNA recognizes NCUA has made improvements to its budget process reflected in this year’s proposed budget, CUNA Vice President of Research and Policy Analysis Mike Schenk told the agency during its budget briefing Wednesday.
CUNA Vice President of Research and Policy Analysis Mike Schenk and Cooperative Credit Union Association President/CEO Paul Gentile, who chairs CUNA’s examination and supervision subcommittee, will be among the presenters at Wednesday’s NCUA budget briefing.
NCUA posted its proposed 2018-2019 budget Friday, and will accept comments and requests to present at the Oct. 18 budget briefing. CUNA is currently analyzing the materials, which include a proposed operating budget of $298.2 million for 2018.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.