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.
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’s compliance staff was recently asked about a garnishment order for a member’s that receives federal benefits. The credit union determined the member did not have enough and the member asked the order be paid in full using those funds.