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.
The NCUA launched an online Examiner’s Guide Friday, designed as an interactive tool for examiners that provides up-to-date supervisory guidance on key supervisory and regulatory issues. It also includes updated guidance in four areas.
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.
Atlanta-based Arby’s restaurants has acknowledged a data breach involving approximately a number of its corporate-owned locations, reports Krebs On Security. The breach is estimated to have occurred between Oct. 25, 2016, and Jan. 19.
Federal Reserve Chair Janet Yellen testified before Congress this week, and her remarks match CUNA economists’ prediction of moderate economic growth in 2017. Perc Pineda, senior economist at CUNA, also predicted rate hikes this year.