NCUA – Regulatory Report

What's up

[ June 2, 2020 ] Credit union regulator speaks out on George Floyd death, calls for ‘true inclusion’ among financials NCUA
[ June 2, 2020 ] COVID-19’s potential impact on remittances addressed in consumer bureau FAQs CFPB
[ June 2, 2020 ] ‘Shadow insurance’ at bank-sponsored money market funds benefitted financial firms, paper finds FDIC
[ June 2, 2020 ] CFPB orders short-term lenders to pay $3.5 million in redress but allows reduction; cites deceptive, unfair acts CFPB
[ June 2, 2020 ] Agency provides notice of exception requests for timely deposit insurance determination FDIC

Credit union regulator speaks out on George Floyd death, calls for ‘true inclusion’ among financials

June 2, 2020 0

“Abuse of authority and violence against a black man” prompted the chairman of the board for the federal credit union regulator to release a pointed statement Tuesday urging “true inclusion” among regulators, financial institutions and […]

Credit union regulator slaps three with prohibitions

June 1, 2020 0

Two individuals were prohibited from service at credit unions or other federally insured financial institutions after being sentenced for financial crimes, and a third agreed to a prohibition order after an investigation revealed a theft. […]

First credit union of 2020 fails; third of year (so far) for federally insured financial institutions

June 1, 2020 0

The first credit union failure in 2020 was announced Friday by the federal credit union regulator – and the third federally insured financial institution to fail this year so far – as the agency took […]

After almost a month, interagency policy statement on credit losses accounting (CECL), guidance on credit risk review systems, available Monday

May 29, 2020 0

Nearly a month after they were finalized, a policy statement on credit losses accounting (under the current expected credit losses, or CECL, accounting standard) and guidance on credit risk review systems are both scheduled to […]

Temporary PCA rule changes in effect now for credit unions; comments due June 29

May 28, 2020 0

An interim final rule that relieves credit unions of the earnings transfer requirement when they drop from “well capitalized” to “adequately capitalized” status and eases net worth restoration plan documentation for “undercapitalized” credit unions takes […]

Agency continues offsite exam program, but signals that exam reports will once more be issued

May 28, 2020 0

The federal credit union regulator is continuing its offsite exam and supervision work as a result of the coronavirus crisis but expects to return to issuing examination reports, according to a second letter to credit […]

Letter outlines new methodology for counting military as ‘low-income’ credit union members

May 28, 2020 0

Designating military personnel as “low-income” credit union members, announced May 7, requires some changes in how the federal credit union regulator counts those members – but that won’t require federally insured credit unions (FICUs) to […]

Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action

May 28, 2020 0

Title: Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action Subject: Prompt corrective action; coronavirus response Agency: NCUA Status: Interim final rule Summary: The NCUA Board (Board) is temporarily modifying certain regulatory requirements to […]

BSA webinar slated June 17 for credit unions, will cover training matters, case studies

May 27, 2020 0

“Best practices” and pitfall avoidance for credit union Bank Secrecy Act (BSA) compliance programs will be discussed during a slated June 17 and hosted by the National Credit Union Administration (NCUA), the agency announced Wednesday. […]

NCUA’s Hood, writing FCC, backs idea of allowing some auto-dialed calls to consumers under emergency exception

May 26, 2020 0

The chairman of the governing board of the federal credit union regulatory agency has lent his support to a third-party petition to the Federal Communications Commission (FCC) that seeks the ability for financial institutions to […]

1 2 3 … 64 »

Credit union regulator speaks out on George Floyd death, calls for ‘true inclusion’ among financials

June 2, 2020 0

“Abuse of authority and violence against a black man” prompted the chairman of the board for the federal credit union regulator to release a pointed statement Tuesday urging “true inclusion” among regulators, financial institutions and their communities. “As the first [...]
COVID-19’s potential impact on remittances addressed in consumer bureau FAQs

June 2, 2020 0

No error arises under the remittance rule (contained in Regulation E) when funds aren’t delivered on time because of certain government-mandated closures of commercial activity – that is the gist of a set of three frequently asked questions published Tuesday [...]
‘Shadow insurance’ at bank-sponsored money market funds benefitted financial firms, paper finds

June 2, 2020 0

Prime institution money market funds sponsored by bank holding companies (BHCs) are essentially different from similar funds not offered by banks because the banking firms can extend “shadow insurance” to their ailing funds, according to a new paper released Tuesday. [...]
CFPB orders short-term lenders to pay $3.5 million in redress but allows reduction; cites deceptive, unfair acts

June 2, 2020 0

A consent order between the consumer financial protection agency and affiliated payday and auto-title lenders working in eight states imposes a judgment of about $3.5 million in consumer redress, but the settlement announced Tuesday provides for some relief upon payment [...]
Agency provides notice of exception requests for timely deposit insurance determination

June 2, 2020 0

A time-limited exception has been granted concerning information technology system and general recordkeeping requirements for certain accounts that require data cleanup, system updates, or customer outreach to make a deposit insurance determination under “timely deposit insurance determination” rules, according to [...]
FDIC consumer compliance exam manual updated

June 2, 2020 0

Several sections of the federal bank deposit insurer’s Consumer Compliance Examination Manual (CEM) have been revised, with SOURCE violation code revisions and changes in Community Reinvestment Act (CRA) performance evaluation templates among the changes. The changes affect chapters II, III [...]