NCUA outlines regulatory initiatives for 2022
Focus on reporting cyber incidents, growing membership, reviewing consumer compliance.
The National Credit Union Administration (NCUA) has planned a number of regulatory initiatives for 2022, NCUA Board Chair Todd Harper told the CUNA Governmental Affairs Conference Monday. Harper, who was named chair in January 2021, also outlined other agency supervision and examination priorities.
This year, the NCUA Board has planned regulatory initiatives on reporting cyberincidents, sensibly growing the field of membership of federal credit unions, supporting the long-term work of community development credit unions, and increasing the threshold for large credit union supervision.
Harper added that consumer compliance remains a supervisory priority for NCUA, and that examiners will review compliance with COVID-19 consumer-assistance programs, fair lending rules, servicemember protections, and fair credit reporting laws during every federal credit union examination.
An agency review of credit union overdraft programs is a supervisory priority.
“This year, examiners will request information about overdraft policies and procedures, as well as audits of credit union overdraft programs,” Harper says. “We will also review credit union communications with members about such programs. We anticipate using the information gathered this year for a more thorough review of credit unions’ overdraft programs in 2023.”
Harper also encouraged credit unions to comment on the succession planning proposal, which was issued in January and has an April 4 comment deadline.
He also mentioned NCUA’s announcement Monday of a $559.2 million distribution to the former capital holders of Members United Corporate Federal Credit Union, U.S. Central Federal Credit Union, Constitution Corporate Federal Credit Union, and Southwest Corporate Federal Credit Union.
“In all, the NCUA has now recovered and returned nearly $2 billion to federally insured credit unions," Harper said. "And we appear likely to make more distributions in the future."
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