NCUA’s work on merging the NCUSIF and the TCCUSF is ongoing and complex, agency staff said at Thursday’s board meeting. The agenda featured updates on both funds, as well as an approval of an mMBL rule from Illinois.
CUNA hopes NCUA works to implement the recommendations released this week in a report from FFIEC agencies, part of a review of the agencies’ rules. The NCUA was not required to participate, but did so voluntarily.
The NCUA board voted Thursday to extend the current 18% maximum loan interest rate for most loans made by federal credit unions. The 18% cap would have expired March 10, but is now in place through Sept. 10, 2018.
It’s a light agenda for the NCUA’s Feb. 23 board meeting, the meeting will consist of a quarterly report on the National Credit Union Share Insurance Fund, and a continuation of the federal credit union loan interest rate ceiling.
CUNA published a white paper Thursday examining 3 policy decisions the NCUA will need to make concerning the wind-down of the agency’s Corporate Resolution Program, and will analyze the issues over the coming months.
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.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for CDFIs and the CFPB's exemption authority.
CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday in advance of a hearing on the bill.