While CUNA supports NCUA’s commitment to examination modernization, it cautioned the agency against a one-size-fits all approach in a letter sent Thursday, also noting that that any new requirements should apply prospectively, without retroactive application.
The NCUA board finalized two rules at its Thursday meeting, the final meeting of 2017. Both rules, on emergency mergers and agency reorganization, were approved unanimously. The board will meet next on Jan. 25.
CUNA stressed the need for Bank Secrecy Act compliance reporting relief, a return to the 1.3% net operating level and supported an independent examiner review in its comments on NCUA’s strategic plan for 2018-2022.
CUNA supports NCUA’s proposed rule to revise its advertising rule to provide regulatory relief and provide credit unions parity with banks regarding advertising by permit a another way to communicate status as “insured by NCUA."
NCUA’s 2018-2022 draft strategic plan is among proposals with comment deadlines in December. Comments on the plan and NCUA's advertising proposal are due Dec. 4, while comments on a stress testing proposal are due Dec. 29.
CUNA applauded NCUA’s effort, intent and approach present in its regulatory reform agenda recommended by an internal agency task force, an agenda that includes changes that would be considered over the next four years.
The NCUA board approved the agency’s 2018-2019 budget, OTR methodology and a final corporate credit union rule at its meeting Thursday. The meeting also featured the final quarterly update on the stabilization fund, which was closed Oct. 1.
NCUA’s 2018-2019 budget and the overhead transfer rate methodology are highlights of NCUA’s Thursday board meeting, as well as a vote on a final corporate credit union rule and a stabilization fund update.
The NCUA issued a checklist for credit unions to voluntarily use in assessing its diversity and inclusion practices last year, of which two-thirds of participants in an NCUA diversity webinar said they were unaware.