The NCUA promised enhanced examination planning procedures and scheduling changes for 2017, and outlined those changes in a letter to credit union sent in the final days of 2016. The extended cycle applies CUs that meet certain requirements.
The NCUA, along with other federal financial regulators, issued an FAQ document on the new current expected credit losses accounting standard. The standard was finalized in June, and CUNA sought assistance from the NCUA shortly after.
CUNA and NAFCU attended Thursday’s hearing in Alexandria, Va., where the U.S. District Court for the Eastern District of Virginia heard NCUA’s motion to dismiss the lawsuit brought against it by the Independent Community Bankers of America.
The NCUA board voted to finalize a CUNA-supported final rule that gives credit unions more flexibility in managing fixed assets. The rule is the second piece of CUNA-backed regulatory relief involving fixed assets finalized in recent years.
The NCUA outlined prospects for the timing of Temporary Corporate Credit Union Stabilization Fund refunds Thursday, and presented a detailed summary of the condition of the funds. NCUA reported that the current balance of the fund is $1.5 billion.
CUNA is hoping Thursday’s NCUA board briefing on the NCUA guaranteed notes program brings information about when Temporary Corporate Credit Union Stabilization Fund refunds can begin, as well as what can be done to maximize the amount returned
NCUA board member J. Mark McWatters outlined a list of issues he would like to see tackled in 2017 in this month’s NCUA Report newsletter. McWatters credited enhanced communications for allowing the agency to execute a number of changes.
The NCUA board will vote on a final rule giving credit unions more flexibility for the use of credit union-owned fixed assets at its Dec. 15 meeting. The meeting will be the agency’s final board meeting of 2016.
CUNA strongly supports the NCUA’s second proposed field-of-membership (FOM) rule, as it contains important changes CUNA recommended to the agency over the past 18 months. The proposal was issued in October as additional FOM modernizations.
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.