CUNA/league advocacy resulted in the NCUA board approving share insurance fund equity distributions at Thursday’s meetings, with the dividends expected to go to eligible credit unions in the third quarter of this year.
The NCUA board approved a request for public comment, approved its strategic and performance plans, issued a proposed rule at and received a briefing on a final civil money penalty inflation adjustment Thursday.
NCUA has released its list of supervisory priorities for 2018 in a letter to federally insured credit unions. A CUNA CompBlog entry provides information on the letter, which is also available on NCUA’s website.
CUNA maintains credit unions should remain exempt from stress testing requirements, as Congress intended, and also noted that any requirements should continue to provide exemptions for small institutions measured on a scale other than fixed asset thresholds.
While CUNA supports NCUA’s commitment to examination modernization, it cautioned the agency against a one-size-fits all approach in a letter sent Thursday, also noting that that any new requirements should apply prospectively, without retroactive application.
The NCUA board finalized two rules at its Thursday meeting, the final meeting of 2017. Both rules, on emergency mergers and agency reorganization, were approved unanimously. The board will meet next on Jan. 25.
CUNA stressed the need for Bank Secrecy Act compliance reporting relief, a return to the 1.3% net operating level and supported an independent examiner review in its comments on NCUA’s strategic plan for 2018-2022.