CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » NCUA finalizes safe harbor, other rules, gets ESM update
Policy & Issues

NCUA finalizes safe harbor, other rules, gets ESM update

June 23, 2017

In addition to issuing 2 proposals, the NCUA board finalized 3 rules at its Friday board meeting, and heard an update on the agency’s Enterprise Solutions Modernization (ESM) program.

The ESM program is a project designed to update NCUA information technology applications and infrastructure.

According to NCUA, its goal is to:

  • Provide for more offsite examination and supervision work;
     
  • Provide a single entry point for credit unions to conduct business with NCUA; and
     
  • Allow NCUA staff ease of access to information they need on a credit union.

Agency staff indicated a request for proposal will be forthcoming on an AIRES replacement solution, a technical foundation for ESM, a central user interface and secure file transfer portal.

The final rules approved are:

  • Safe harbor: Updates regulations regarding treatment by the NCUA board, as liquidating agent or conservator, of financial assets transferred by the credit union in connection with a securitization or participation.  Ancillary to this the Board issued a legal opinion ratifying the authority of Federal credit union to issue and sell securities as an authorized incidental power;
     
  • Statutory inflation of civil money penalties: Requires federal agencies to adjust the maximum amounts of civil money penalties to account for inflation; and
     
  • Freedom of Information Act: Makes minor changes to revise NCUA’s procedures for disclosing records under the act, and for resolving disputes through a public liaison and the Office of Government Information Services.

Additional detail is available on CUNA’s Removing Barriers Blog, and information on the proposals issued at Friday’s meeting is available on CUNA News. 

KEYWORDS NCUA
Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • CUNA Mascot Madness: Voting opens for East Region

  • Mascot Madness: East winner crowned; Midwest voting opens

  • League leaders highlight credit union difference, safety, soundness

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which West Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us