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 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.
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.