The NCUA board approved a final rule modernizing service facility requirements for multiple common bond federal credit unions at its Thursday meeting. The board also approved a draft 2022-26 plan for NCUA and heard updates on the share insurance fund, modernized exam tools, and the COVID-19 pandemic response.
The final shared facilities rule includes—for the purposes of adding groups—any shared branch, shared ATM, or shared electronic facility in the definition of “service facility” for a multiple common bond federal credit union that participates in a shared branching network.
NCUA’s Strategic Plan describes the agency’s proposed strategic goals and objectives for 2022-26, summarizes an analysis of the internal and external environment impacting the NCUA, and evaluates the agency’s programs and risks.
It will be published in the Federal Register with a 60-day comment period.
The briefing on modernized examination tools highlighted the benefits intended for both NCUA and credit union stakeholders and provided an overview of the Admin Portal; Modern Examination and Risk Identification Tool (MERIT), and Data Exchange Application (DEXA).
The National Credit Union Share Insurance Fund reported a net income of $58.6 million and $20.9 billion in assets for the third quarter of 2021. The fund also reported $59.8 million in total income for the third quarter of 2021.
The equity ratio is projected at 1.28% for the end of the year.
The briefing on NCUA’s COVID-19 response included information on: