A federal credit union can issue and sell securities, provided it meets a 3-pronged test detailed in NCUA’s regulations on items considered incidental powers. NCUA issued this stance in a legal opinion letter.
CUNA and 2 other organizations jointly filed an amicus brief Wednesday in defense of NCUA's revised field-of-membership rule. The brief supports NCUA's cross-motion for summary judgement against the suit brought by the American Bankers Association.
In addition to issuing 2 proposals, the NCUA board finalized 3 rules Friday, and heard an update on the agency’s Enterprise Solutions Modernization program. The final rules involve safe harbor, inflation of penalties and FOIA.
The NCUA board unanimously voted Friday to issue a request for comment on revising the OTR methodology, as well as a proposed rule on corporate credit unions. CUNA is currently analyzing the proposed OTR changes.
CUNA praised several regulatory relief suggestions from NCUA in a letter sent to Senate Banking Committee leadership before Acting Chair J. Mark McWatters' testimony, part of a hearing focusing on regulators’ role in economic growth.
CUNA wrote to House and Senate appropriators Friday in strong support of funding NCUA’s Community Development Revolving Loan Fund at $2 million for fiscal year 2018. The administration’s budget submission to Congress eliminates CDRLF funding.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.