CUNA supports NCUA efforts to minimize the impact of cyberattacks on the credit union system through early alerts and information sharing, it wrote in response to a proposal that would require federally insured credit unions to notify NCUA of “reportable cyber incidents” within 72 hours.
The House is expected to vote on the CUNA-League-led Credit Union Board Modernization Act (H.R. 6889) this week. The bill would allow boards of federally charted credit unions the flexibility to meet at minimum six times a year rather than the required 12 times a year.
NCUA's Office of Examination and Insurance is hosting a webinar on the recently announced Simplified Current Expected Credit Loss (CECL) Tool. The one-hour live webinar will take place on Wednesday, October 12, beginning at 2 p.m. ET.
CUNA, the American Association of Credit Union Leagues, and all state Leagues wrote to House and Senate leaders Friday calling for a solution to Community Development Financial Institutions (CDFI) Fund issues.
Nine credit union Leagues representing 12 states were in Washington, D.C., last week for visits to Capitol Hill and other policymakers. Credit unions brought stories and data showing the power of the credit union difference as they advocated for policies to allow them to better serve members.
The NCUA board issued two proposals and heard a quarterly update on the National Credit Union Share Insurance Fund at its Thursday meeting. Agency staff project the share insurance fund equity ratio will be 1.30% for the six-month period ending Dec. 31, 2022.
CUNA Senior Economist Dawit Kebede said the Fed's raise in interest rates indicate it is putting the brakes on the economy faster than expected to bring inflation down to its 2% target. The median forecast for interest rates remains at or above 4% through 2024.
NCUA will enter the third phase (Phase 3) of resuming its onsite operations on October 17, according to a Letter to Credit Unions (22-CU-11) issued this week. Onsite examination and supervision activity will resume in all locations under Phase 3.
With the goal of facilitating effective and inclusive employment solutions for migrants, refugees and local residents, the United States Agency for International Development (USAID), World Council of Credit Unions’ (WOCCU) Economic Inclusion Project (EIP), the Ecuadorian Ministry of Labor, CONQUITO and Program Sin Fronteras have joined efforts to develop “The Guide for the Hiring of Human Talent in Ecuador.”
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.