NCUA Chair Rick Metsger wrote to the Consumer Financial Protection Bureau this week strongly recommending the bureau include a blanket exemption for Payday Alternative Loans (PALs) from its short-term, small-dollar proposal, citing concerns similar to those of CUNA.
The NCUA released a supervisory letter Tuesday establishing a framework for examination and supervision of certified Community Development Financial Institutions. The letter contains guidance that applies to all CDFI-certified credit unions, including what examiners will look for.
With the NCUA’s Wednesday announcement that credit unions can expect no further stabilization fund assessments, CUNA Chief Policy Officer Bill Hampel said CUNA will continue to work with the agency to ensure refunds come as soon as possible.
The NCUA has released an accounting bulletin clarifying its policy regarding a credit union’s use of Private Company Council alternative accounting reporting options for filing a report with the NCUA board.
The NCUA will require less information from credit unions about credit union service organizations, starting with the Sept. 30 reporting cycle, a change CUNA requested in an August letter on call reports.
The NCUA board received a briefing on cybersecurity in the credit union system at Thursday’s board meeting, outlining many examination procedures that are in the process of being adopted by the agency.
Thursday’s NCUA meeting has only two items on the agenda, a board briefing on cybersecurity in the credit union system and a quarterly report of the Temporary Corporate Credit Union Stabilization Fund.
The NCUA will host a public briefing on its proposed 2017-2018 budget on Oct. 27 at its Alexandria, Va., headquarters. According to the agency, it will release its draft budget during the week of Oct. 9.
The NCUA sent a letter to credit unions Wednesday containing a number of resources designed to help credit unions foster a culture of diversity and inclusivity, including a voluntary credit union self-assessment checklist.
With tax season upon consumers once again, it’s also when they are most vulnerable to tax refund fraud. Since the methods for tax refund distribution generally go through financial institution, credit unions can battle tax refund fraud.