The NCUA filed a brief Wednesday to dismiss the lawsuit lodged by the ICBA against the agency and its member business lending rule. CUNA and the National Association of Federal Credit Unions issued a joint statement supporting the agency.
The NCUA’s field-of-membership action last week represents a significant victory for CUNA and credit unions, as the agency finalized a number of CUNA-requested changes that facilitate access to credit unions and make it easier for credit unions to serve members.
In addition to its actions on field-of-membership regulations, the NCUA board Thursday passed 2 final rules and issued 1 proposal. The NCUA approved a final rule to adjust the maximum amount of civil monetary penalties to account for inflation.
Mike Schenk, CUNA vice president of economics and statistics, and 4 members of CUNA’s examination and supervision subcommittee presented testimony on budget and transparency issues on behalf of CUNA Thursday at the NCUA’s budget briefing.
NCUA staff Thursday presented a high-level snapshot of the steps the agency must take to authorize credit union use of supplemental capital, demonstrating a clear interest in deepening its investigation of a potential proposal.
Today’s NCUA meeting contains several issues of high importance to credit unions, CUNA President/CEO Jim Nussle said. Those items include a final field-of-membership rule, a board briefing on supplemental capital the agency’s first budget briefing since 2008.
The NCUA’s revised supervisory approach to interest rate risk is covered in a recent Letter to Credit Unions (16-CU-08). The new standardized approach is designed to increase focus and resources toward higher risk credit unions.
CUNA President/CEO Jim Nussle is featured in the NCUA’s latest video, on how credit unions can use the agency’s diversity checklist to promote greater diversity and inclusion. The NCUA issued a voluntary diversity checklist in September.
The NCUA launched an online Examiner’s Guide Friday, designed as an interactive tool for examiners that provides up-to-date supervisory guidance on key supervisory and regulatory issues. It also includes updated guidance in four areas.
The NCUA board will vote on its final field of membership rule at its Oct. 27 open board meeting. CUNA supports the rule, as it would provide flexibility for credit unions to better serve their communities.
The CFPB released the results of its survey on debt collection Thursday, prior to its discussion on the same topic. The survey, which consisted of 53 questions about first- and third-party debt collection, does not specifically identify credit unions.
The CFPB will discuss debt collection at a public event Thursday, scheduled to begin at 11 a.m. (ET). The event will feature remarks from CFPB Director Richard Cordray and will be streamed live online.