The NCUA board passed its final Payday Alternative Loan (PAL) II rule Thursday, as well as final rules on bylaws and supervisory committee audits and an update on the National Credit Union Share Insurance Fund.
Federally insured, low-income credit unions that want to become certified CDFIs have until Oct. 5 to apply to use NCUA’s qualification process for streamlined CDFI certification for the final time in 2019.
NCUA awarded $1.9 million in grants to help 155 low-income credit unions increase outreach to underserved communities, improve digital services and security and train employees through grants ranging from $1,900 to $100,000.
NCUA finalized changes to its fidelity bonds rule in July, and the changes go into effect Oct. 22. The Federal Credit Union Act requires that certain credit union employees and elected officials have fidelity bond coverage.
NCUA will take a phased approach to implementing its field of membership regulation in the wake of the D.C. Court of Appeals’ decision last month to largely uphold the rule. CUNA strongly supports the rule.
NCUA Chairman Rodney Hood outlines his credit union priorities in the latest CUNA News podcast at African-American Credit Union Coalition (AACUC) annual conference in Charlotte, NC. “Financial inclusion is the civil rights issue of our generation,” proclaimed Hood.
The D.C. Circuit Court of Appeals issued an opinion today upholding almost all portions of the NCUA’s field of membership (FOM) rule. “Today’s opinion by the D.C. Court of Appeals is a resounding victory for credit unions, their members, and communities across the country,” said CUNA President/CEO Jim Nussle.
NCUA is encouraging groups seeking to organize credit unions to take advantage of the agency’s new Chartering Proof of Concept tool, an automated system that will help credit union organizers understand the process and prepare a charter application.