Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.
The NCUA’s decision to review its examination cycle comes after months of advocacy from CUNA, especially its Examination and Supervision Subcommittee. Chaired by Paul Gentile, the subcommittee met numerous times with the NCUA over the past year.
The NCUA’s working group on the agency’s examination cycle will report to the board in 90 to 120 days with recommendations regarding an extended examination cycle. The group will be chaired by Region 4 Director Keith Morton.
Thursday’s NCUA meeting will be the agency’s first with Rick Metsger serving as chair, and it will also feature the first of what Metsger said will be an occasional part of the meeting, a briefing on call report modernization.
Credit unions can make member business loans without requiring a personal guarantee in certain circumstances as of Friday. The change is the first part of the NCUA’s recently finalized member business lending rule.
With the NCUA’s announcement that it will take a thoughtful look at the examination process, CUNA hopes that this will eventually lead to an extended examination cycle, which would give much needed regulatory relief to credit unions.
The agenda for the NCUA’s May board meeting is short and sweet: a board briefing on call report modernization and a quarterly update on the Temporary Corporate Credit Union Stabilization Fund. The meeting will take place May 19.
CUNA is seeking comments on the NCUA’s incentive-based compensation proposal by June 8, with comments due to the NCUA by July 22. CUNA is concerned the rule gives NCUA too much authority over how credit unions compensate employees.
"We look forward to working with him going forward, particularly on getting the field-of-membership modernizations across the finish line," CUNA President/CEO Jim Nussle said Monday after learning NCUA Vice Chair Rick Metsger was named chair by President Barack Obama.
Federal Financial Institutions Examination Council agencies, including the NCUA, issued a joint proposed rule Friday updating the Uniform Consumer Compliance Rating System that has been in place since 1980.
FinCEN issued a list last week of frequently asked questions regarding Customer Due Diligence requirements for financial institutions. The document contains 24 sets of questions and answers, which are also available on. CUNA’s CompBlog .
The CFPB is expected to release its proposal on debt collection in conjunction with a July 28 field hearing in Sacramento, Calif. CUNA has met with the bureau a number of times to address the forthcoming rulemaking.