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.
Following conversations with CUNA last week, NCUA has extended the deadline to comment on call reports to Aug. 15. During its conversations, CUNA noted the original deadline of Aug. 1 fell shortly after the call report submission deadline.
The NCUA board unanimously approved a proposed rule on the Community Development Revolving Loan Fund and an interim final rule on statutory inflation of civil money penalties Thursday at its monthly board meeting.
The NCUA board received a briefing Thursday on efforts to revise interest rate risk supervision and the possibility of adding an “S” to the CAMEL rating system. The briefing did not include a board action.
CUNA wrote to the U.S. Department of Defense Tuesday requesting at least a 6-month delay in the Oct. 3 effective date for changes to the Military Lending Act rule. CUNA has pushed the DOD for guidance.