The NCUA published its field-of-membership proposed rule in the Federal Register Wednesday, with comments due to the agency by Dec. 9. The proposal makes a number of CUNA-suggested additional changes to the FOM rule finalized by the agency.
The NCUA filed a brief Wednesday to dismiss the lawsuit lodged by the ICBA against the agency and its member business lending rule. CUNA and the National Association of Federal Credit Unions issued a joint statement supporting the agency.
The NCUA’s field-of-membership action last week represents a significant victory for CUNA and credit unions, as the agency finalized a number of CUNA-requested changes that facilitate access to credit unions and make it easier for credit unions to serve members.
In addition to its actions on field-of-membership regulations, the NCUA board Thursday passed 2 final rules and issued 1 proposal. The NCUA approved a final rule to adjust the maximum amount of civil monetary penalties to account for inflation.
Mike Schenk, CUNA vice president of economics and statistics, and 4 members of CUNA’s examination and supervision subcommittee presented testimony on budget and transparency issues on behalf of CUNA Thursday at the NCUA’s budget briefing.
NCUA staff Thursday presented a high-level snapshot of the steps the agency must take to authorize credit union use of supplemental capital, demonstrating a clear interest in deepening its investigation of a potential proposal.
Today’s NCUA meeting contains several issues of high importance to credit unions, CUNA President/CEO Jim Nussle said. Those items include a final field-of-membership rule, a board briefing on supplemental capital the agency’s first budget briefing since 2008.
The NCUA’s revised supervisory approach to interest rate risk is covered in a recent Letter to Credit Unions (16-CU-08). The new standardized approach is designed to increase focus and resources toward higher risk credit unions.
CUNA President/CEO Jim Nussle is featured in the NCUA’s latest video, on how credit unions can use the agency’s diversity checklist to promote greater diversity and inclusion. The NCUA issued a voluntary diversity checklist in September.
CUNA’s compliance staff went back to basics in a recent CompBlog post highlighting what credit unions should do when they receive a garnishment notice. The entry covers 5 steps credit unions should follow.
The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act next week. CUNA President/CEO Jim Nussle said CUNA appreciated the effort to bring regulatory relief to credit unions and other institutions.