NCUA issued a Letter to Credit Unions this week to provide guidance on expanded permissible activities and services for credit union service organizations (CUSO). NCUA finalized its CUSO rule in October 2021 and it became effective Nov. 26, 2021.
CUNA President/CEO Jim Nussle, EVP/Chief Advocacy Officer Robert Lewis, and Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak met with NCUA Chairman Todd Harper Thursday to discuss issues facing credit unions in a challenging economic environment.
Federal credit union operating fees will decrease by an average of approximately 1.8% in 2023, NCUA said in a Letter to Federal Credit Unions. Credit unions that owe an operating fee must submit it no later than April 18.
The NCUA Board maintained the 18% federal credit union loan interest rate cap Thursday. CUNA requested the board consider using a floating rate ceiling, and the board agreed to begin exploring issues related to a floating cap and revisit the discussion in April.
The NCUA Board will discuss extending the Federal Credit Union loan interest rate ceiling at its Jan. 26 meeting. CUNA wrote to the board this week urging it to act quickly to consider raising the cap beyond 18% and/or adopt a floating rate cap.
NCUA issued a letter to credit unions outlining the agency's supervisory priorities and other updates to its examination program for 2023. It also notes NCUA's exam flexibility initiative will continue in 2023, which establishes an extended exam cycle for certain credit unions.
NCUA invites credit unions, educators, and others to sign up for its new email newsletter focusing on consumer finance and education, including insights and data on important consumer topics, NCUA initiatives, and resources to develop and enhance financial education programs.
Federal agencies released their latest Unified Rulemaking Agenda this week with several items of concern to CUNA. The agenda includes actions the agencies plan to take in the near or long term but is not a definitive schedule with specific timelines.
Federally insured credit unions experienced continued asset and deposit growth over the year ending in the third quarter of 2022, while loan growth was the strongest in at least two decades, according to the latest NCUA Quarterly U.S. Map Review.
Credit unions looking to take the first steps on the diversity, equity, inclusion, and belonging journey can get critical information on getting started during a webinar hosted by NCUA Jan. 5, starting at 11:30 a.m. ET.
Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.