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 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.
CUNA is reviewing the NCUA’s proposed budget for the next 2 years, which the agency released Friday morning. CUNA President/CEO Jim Nussle thanked the agency for posting the information, but questioned the increase from the agency's 2016 budget.
The NCUA will take a good faith approach to examining a credit union’s compliance with the Military Lending Act changes, the same approach it used when examining for compliance with the Ability to Repay rule and Integrated Disclosure rule.
NCUA Chair Rick Metsger wrote to the Consumer Financial Protection Bureau this week strongly recommending the bureau include a blanket exemption for Payday Alternative Loans (PALs) from its short-term, small-dollar proposal, citing concerns similar to those of CUNA.
The NCUA released a supervisory letter Tuesday establishing a framework for examination and supervision of certified Community Development Financial Institutions. The letter contains guidance that applies to all CDFI-certified credit unions, including what examiners will look for.
With the NCUA’s Wednesday announcement that credit unions can expect no further stabilization fund assessments, CUNA Chief Policy Officer Bill Hampel said CUNA will continue to work with the agency to ensure refunds come as soon as possible.
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’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.