The NCUA has released an accounting bulletin clarifying its policy regarding a credit union’s use of Private Company Council alternative accounting reporting options for filing a report with the NCUA board.
The NCUA will require less information from credit unions about credit union service organizations, starting with the Sept. 30 reporting cycle, a change CUNA requested in an August letter on call reports.
The NCUA board received a briefing on cybersecurity in the credit union system at Thursday’s board meeting, outlining many examination procedures that are in the process of being adopted by the agency.
Thursday’s NCUA meeting has only two items on the agenda, a board briefing on cybersecurity in the credit union system and a quarterly report of the Temporary Corporate Credit Union Stabilization Fund.
The NCUA will host a public briefing on its proposed 2017-2018 budget on Oct. 27 at its Alexandria, Va., headquarters. According to the agency, it will release its draft budget during the week of Oct. 9.
The NCUA sent a letter to credit unions Wednesday containing a number of resources designed to help credit unions foster a culture of diversity and inclusivity, including a voluntary credit union self-assessment checklist.
The lawsuit filed against the NCUA by the Independent Community Bankers of America Wednesday is without merit, CUNA President/CEO Jim Nussle said. The ICBA filed its suit in response to the NCUA’s revised member business lending rule.
NCUA Chair Rick Metsger told CUNA that the agency has begun the process of consulting industry practitioners to assist in the transition as credit unions work to implement the new current expected credit loss accounting standard.
With CUNA’s Bank Secrecy Act Conference, hosted in conjunction with the National Association of State Credit Union Supervisors, coming up next month, CUNA’s compliance staff went into detail of the NCUA’s BSA compliance program in a recent CompBlog entry.
The NCUA’s Tuesday announcement that it will repay the U.S. Treasury in full is a good sign for credit unions, said CUNA Chief Policy Officer Bill Hampel. The agency will repay the $1 billion outstanding balance before Oct. 31.
President Barack Obama sent greetings Thursday to those celebrating International Credit Union Day. CUNA worked closely with the White House on the statement, and a number of credit union-friendly legislators also weighed in with the White House.