The NCUA board issued a corporate credit union proposal, adopted a final interagency policy statement on the CECL standard at its Thursday meeting, in addition to hearing briefings on credit union mortgage rates and the NCUSIF.
The NCUA board will discuss a final interagency policy statement on the current expected credit loss (CECL) standard and propose a rule on corporate credit unions at its Feb. 20 meeting. The meeting will take place at 10 a.m. (ET).
Credit unions located in metropolitan areas that engage in certain types of residential mortgage lending, and that had assets exceeding $46 million as of Dec. 31, 2018, must file a HMDA report this year on mortgage loan applications received during 2019.
CUNA wrote in support of NCUA’s proposal to raise the residential appraisal threshold earlier this month, and several credit union leagues around the country also wrote to NCUA in support of the proposal.
Increasing the residential appraisal threshold will reduce regulatory burden for credit unions, resulting in both transaction cost and time savings for credit unions and their members, CUNA wrote NCUA Thursday.
The NCUA board issued a proposed rule on credit union combination transactions and subordinated debt Thursday, as well as approving of the agency’s 2020 Annual Performance Plan and discussing the federal credit union loan interest rate ceiling.
NCUA selling its portfolio of taxi medallion loans is not an appropriate step at this time, CUNA, Leagues wrote NCUA, as it may harm not only the credit unions holding taxi medallion loans but ultimately all federally insured credit unions due to the effect on the NCUSIF.
The NCUA board will consider proposals on subordinated debt and credit union combination transactions, among other items, at its Jan. 23 meeting. This is the board’s first meeting of 2020, and it will be livestreamed on NCUA.gov starting at 10 a.m. (ET).
NCUA’s first letter to credit unions examines recent changes to laws and regulations applicable to credit unions, and notes that the agency’s examination program has been updated to reflect these changes.
NCUA provided an update on its modernization efforts in a letter to credit unions, including making NCUA Connect available to all credit unions and state regulators this year and releasing the MERIT exam platform in the second half of 2020.