The maximums for civil money penalties assessed by the federal credit union regulator will increase 2.5% under a final rule of the National Credit Union Administration (NCUA) Board, which on Thursday also approved a member business loan rule change by the Illinois regulator of credit unions.
The board, during Thursday’s open meeting, voted 2-0 in approving a revision in the Illinois regulator’s MBL rule to correspond with NCUA’s rule change that incorporated a federal statutory exclusion of loans fully secured by a lien on 1-to-4-family dwellings from the limit on a credit union’s aggregate MBL loans. The exclusion was required under the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) enacted May 24; the NCUA’s rule change was approved May 30 and took effect in early June.
NCUA’s approval of the state’s MBL rule means the agency has found that the rule at least covers all the provisions of the NCUA MBL rule for federally insured credit unions and is no less restrictive.
Staff provided a briefing on the agency’s CMP adjustment, effective upon its publication in the Federal Register, to satisfy a statutory requirement for annual inflation adjustments in CMP maximums. The NCUA Board approved the adjustment Jan. 4 by notation vote to meet a statutory deadline for publishing the annual inflation adjustment.
The board also on Thursday approved the agency’s 2019 annual performance plan and was updated on the recent revamp of the agency’s websites.
Board action memorandum – CMP inflation adjustment
Final rule notice – CMP inflation adjustment
Board action memorandum – Illinois member business lending rule