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.
Members of CUNA’s Consumer Protection Subcommittee discussed the need for regulatory relief and other topics with NCUA, the Consumer Financial Protection Bureau, legislators and CUNA staff during their fly-in meeting this week.
The NCUA’s plan to close the Temporary Corporate Credit Union Stabilization Fund, along with a proposed rule and the agency’s strategic plan, were published in the Federal Register Wednesday after the board approved them last week.
CUNA forwarded a letter Thursday to the NCUA commenting on the agency’s proposed emergency merger rule, and objects to any proposed changes that would result in rigid guidelines forcing credit union mergers.
CUNA followed up last week’s letter to NCUA on the closing of the TCCUSF Tuesday with a letter proposing a transparent and equitable way to facilitate distribution of funds without a permanent increase in the NOL.
CUNA supports NCUA’s proposed changes to its regulations governing corporate credit unions, it wrote to the agency Friday in response to the proposal’s revisions to provisions on retained earnings and Tier 1 capital.
CUNA is the only national trade association for credit unions advocating for stabilization fund refunds to begin in 2018, but does have concerns with NCUA's proposal to raise the normal operating level to 1.39%.
NCUA’s proposed changes to the overhead transfer rate is consistent with CUNA’s continued opposition of transfer of agency expenses from the share insurance fund for non-insurance related costs, CUNA wrote to the agency Tuesday.
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.
More than 300 credit union compliance professionals from 237 credit unions and more than 20 associations attended last week’s CUNA/NASCUS BSA Conference to get the latest information on BSA compliance from regulators, attorneys and other compliance professionals.