CUNA wrote last week in support of NCUA’s latest fixed-assets proposal, as it would add more flexibility for federal credit unions to own and use fixed assets. The proposal would update NCUA’s regulations on federal credit union occupancy.
Credit unions interested in applying for grant assistance through the NCUA’s Community Development Revolving Loan Fund must apply by June 30. The fund is designed to assist low-income designated credit unions through grants and loans.
Credit unions would only be further burdened should the NCUA gain supervision over third-party vendors, said CUNA Chief Advocacy Officer Ryan Donovan. The Financial Stability Oversight Council’s annual report recommends giving NCUA that authority.
Following conversations with CUNA last week, NCUA has extended the deadline to comment on call reports to Aug. 15. During its conversations, CUNA noted the original deadline of Aug. 1 fell shortly after the call report submission deadline.
The NCUA board unanimously approved a proposed rule on the Community Development Revolving Loan Fund and an interim final rule on statutory inflation of civil money penalties Thursday at its monthly board meeting.
The NCUA board received a briefing Thursday on efforts to revise interest rate risk supervision and the possibility of adding an “S” to the CAMEL rating system. The briefing did not include a board action.
The NCUA will give credit union stakeholders a chance to comment on the agency’s proposed 2017-18 budget in October, Chair Rick Metsger announced Wednesday. During the briefing, CUNA and other stakeholders will have the opportunity to present their views.
The NCUA hopes to have changes in place to the examination cycle by 2017, Chair Rick Metsger said in a letter sent Wednesday to Rep. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee.
The NCUA board will conduct a briefing on adding S (for sensitivity risk) to its CAMEL rating system at its June 16 board meeting. The meeting also includes an interim final rule on statutory inflation of civil money penalties.
With CUNA’s Bank Secrecy Act Conference, hosted in conjunction with the National Association of State Credit Union Supervisors, coming up next month, CUNA’s compliance staff went into detail of the NCUA’s BSA compliance program in a recent CompBlog entry.
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.
President Barack Obama sent greetings Thursday to those celebrating International Credit Union Day. CUNA worked closely with the White House on the statement, and a number of credit union-friendly legislators also weighed in with the White House.