The NCUA board will release a proposal on risk-based capital at its June 20 meeting. CUNA supported changes finalized by NCUA last year, but continues to believe the rule is an area in which NCUA could improve its regulations.
Providing NCUA with the flexibility to increase federal credit union loan maturities would provide more opportunities to consumers, including when it comes to affordable education, and CUNA wrote in support of a bill to give NCUA that flexibility.
Online registration is open for a June 12 webinar discussing the Bank Enterprise Award Program hosted by NCUA. Staff from the Office of Credit Union Resources and Expansion will discuss the program and its potential benefits.
NCUA issued a regulatory alert last week on flood insurance alternatives. Effective July 1, credit unions must accept private flood insurance for applicable loans as defined in the Biggert-Waters Act, in addition to policies available under NFIP.
NCUA should only promulgate new or expand existing rules only if they are warranted based on “a compelling need,” CUNA wrote to NCUA Thursday. CUNA also noted ways NCUA’s regulatory review could be improved.
The NCUA board issued a proposed rule on non-member deposits, received an update on the Office of Credit Union Resources and Expansion (CURE) and was briefed on the National Credit Union Share Insurance Fund at its monthly meeting Thursday.
CUNA requested NCUA explore the idea of adopting a floating interest rate cap for federal credit union loans instead of its traditional fixed interest rate (currently 18%) in a letter to NCUA board members Wednesday.
CUNA brought its serious concerns about the FCC's scheduled June 6 vote on default call blocking to the attention of NCUA Chairman Rodney Hood Tuesday, requesting he intervene and ask that FCC delay and reconsider the ruling.
More than 5,500 eligible institutions will receive dividends totaling $160.1 million from the National Credit Union Share Insurance Fund starting this week, according to NCUA. Credit unions have received statements indicating the amounts they will receive.
Members of the House Financial Services Committee expressed concerns about CECL and cited CUNA data on credit union issues with the standard Tuesday in a hearing with NCUA Chairman Rodney Hood, who said his agency shares those concerns.