CUNA congratulated J. Mark McWatters for being named acting chairman of the NCUA board Thursday by President Donald Trump. McWatters has served as a board member since August 2014. Former Chairman Rick Metsger will remain on the board.
The U.S. District Court of the Eastern District of Virginia dismissed an Independent Community Bankers of America lawsuit against the agency and its member business lending rule Tuesday. CUNA filed an amicus brief in support of dismissal.
CUNA plans to work across the credit union industry to ensure the NCUA receives feedback on its alternative capital Advance Notice of Proposed Rulemaking put forth Thursday. The ANPR seeks information on a range of alternative capital topics.
An advanced notice of proposed rulemaking on alternative capital tops the agenda for Thursday’s NCUA meeting. The ANPR follows October’s board briefing on alternative, or supplemental, capital, and how credit unions could potentially raise it for risk-based capital purposes.
The NCUA will host a webinar on its upcoming (FOM) rule Feb. 1, 5 days before the rule becomes effective on Feb. 6. The NCUA finalized its FOM rule and proposed another containing several CUNA suggestions for regulatory relief.
The NCUA promised enhanced examination planning procedures and scheduling changes for 2017, and outlined those changes in a letter to credit union sent in the final days of 2016. The extended cycle applies CUs that meet certain requirements.
The NCUA, along with other federal financial regulators, issued an FAQ document on the new current expected credit losses accounting standard. The standard was finalized in June, and CUNA sought assistance from the NCUA shortly after.
CUNA and NAFCU attended Thursday’s hearing in Alexandria, Va., where the U.S. District Court for the Eastern District of Virginia heard NCUA’s motion to dismiss the lawsuit brought against it by the Independent Community Bankers of America.
For credit unions, the Electronic Signatures in Global and National Commerce Act of 2000 means information required to be made available can be delivered electronically, as long as the credit union complies with its requirements.
While the DOD has affirmed the Military Lending Act’s effective date for credit card accounts of Oct. 3, CUNA is engaged with legislators to build support for efforts to exempt credit unions from the rule.