CUNA and 2 other organizations jointly filed an amicus brief Wednesday in defense of NCUA's revised field-of-membership rule. The brief supports NCUA's cross-motion for summary judgement against the suit brought by the American Bankers Association.
In addition to issuing 2 proposals, the NCUA board finalized 3 rules Friday, and heard an update on the agency’s Enterprise Solutions Modernization program. The final rules involve safe harbor, inflation of penalties and FOIA.
The NCUA board unanimously voted Friday to issue a request for comment on revising the OTR methodology, as well as a proposed rule on corporate credit unions. CUNA is currently analyzing the proposed OTR changes.
CUNA praised several regulatory relief suggestions from NCUA in a letter sent to Senate Banking Committee leadership before Acting Chair J. Mark McWatters' testimony, part of a hearing focusing on regulators’ role in economic growth.
CUNA wrote to House and Senate appropriators Friday in strong support of funding NCUA’s Community Development Revolving Loan Fund at $2 million for fiscal year 2018. The administration’s budget submission to Congress eliminates CDRLF funding.
NCUA Chair J. Mark McWatters will testify before the Senate Banking Committee Thursday, as part of the committee’s focus on fostering economic growth. The committee previously hosted two other hearings on this topic, one in which CUNA testified.
NCUA’s revised MBL rule has been in effect for more than 6 months now, and according to the agency, it has received a number of questions about the rule and its implementation, leading it to release some FAQs.
With privately insured credit unions that meet certain requirements eligible to join the FHLB program starting July 5, CUNA compliance staff has developed a final rule analysis with an overview of new requirements.