NCUA – Regulatory Report

What's up

[ July 30, 2021 ] Nov. 30 will be effective date for debt collection rules after all (not extended to Jan. 29) CFPB
[ July 30, 2021 ] June money penalties included $30k for flood insurance violations, $35k for misappropriating funds, FDIC orders show FDIC
[ July 30, 2021 ] Fed seeks candidates for Insurance Policy Advisory Committee The Fed
[ July 30, 2021 ] Two former credit union officials prohibited for embezzlement, misappropriation of funds NCUA
[ July 29, 2021 ] FDIC, OCC issue FAQs on LIBOR transition’s impact on reg capital instruments FDIC

Two former credit union officials prohibited for embezzlement, misappropriation of funds

July 30, 2021 0

A former manager of a Kansas credit union and an employee of a New Mexico credit union were subject to prohibition orders in July, the federal credit union regulator said Friday, the former after being […]

Bank, credit union regulators to testify before Senate Banking next week

July 28, 2021 0

Three federal bank and credit union regulators are slated to testify next Tuesday before a Senate Banking Committee hearing, “Oversight of Regulators: Does our Financial System Work for Everyone?” Those scheduled to testify include Todd […]

Digital assets RFI carries Sept. 27 comment deadline

July 27, 2021 0

Input from the public on the impacts of activities connected to digital assets and related technologies on federally insured credit unions, other entities, and the federal credit union regulator is due to the agency Sept. […]

Request for Information and Comment on Digital Assets and Related Technologies

July 27, 2021 0

Title: Request for Information and Comment on Digital Assets and Related Technologies Subject: Digital assets; cryptocurrency Agency: NCUA Status: Request for information Summary: The NCUA Board (Board) is gathering information and soliciting comments from interested […]

Credit unions urged to review CFPB final rule amending mortgage servicing rights in wake of pandemic

July 26, 2021 0

Credit unions should review a June 30 rule temporarily amending certain mortgage servicing requirements under the Consumer Financial Protection Bureau’s (CFPB) Regulation X to assist borrowers affected by the COVID-19 emergency, their federal regulator said […]

NCUA-proposed complex credit union leverage ratio framework would require 10% minimum net worth by 2024

July 22, 2021 0

A proposal to make a simplified measure of capital adequacy available to federally insured credit unions defined as “complex” – meaning those with more than $500 million in assets – was released for comment Thursday […]

RFI seeks credit unions’ input on digital assets, related technologies

July 22, 2021 0

Input on potential and current impacts of the use of digital assets and related technologies – or, said another way, the impacts of distributed ledger technology (DLT, such as blockchain) and decentralized finance (DeFi) – […]

NCUA revises board agenda for July 22 meeting, removing strategic plan review

July 21, 2021 0

The strategic plan review for the federal credit union regulator’s board will not be on the agenda for its meeting Thursday after all, the regulator indicated Wednesday as it issued a revised meeting plan. However, […]

UPDATED: NCUA Board upholds denial of board position for former (unnamed) CEO of troubled (unnamed) credit union

July 20, 2021 0

– The appeal decision noted below was temporarily removed from public view on the NCUA website but is now restored. – A former chief executive officer of a troubled federal credit union has been denied a […]

As end of Fed chair’s term looms early next year, White House mum on what’s next

July 16, 2021 0

If Federal Reserve Board (FRB) Chair Jerome H. (“Jay”) Powell should be looking over his shoulder at a replacement for him when his term runs out in February, the White House is giving no indication […]

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Nov. 30 will be effective date for debt collection rules after all (not extended to Jan. 29)

July 30, 2021 0

After finding that an effective date extension of two final rules under fair debt collection laws is unnecessary, the federal consumer financial protection agency Friday said the rules would take effect, as originally planned, on Nov. 30. In a release, [...]
June money penalties included $30k for flood insurance violations, $35k for misappropriating funds, FDIC orders show

July 30, 2021 0

A $30,000 civil money penalty (CMP) assessment against a bank related to flood insurance violations and a $35,000 penalty against a former bank employee – who never responded or sought a hearing on the charges – were among the 15 [...]
Fed seeks candidates for Insurance Policy Advisory Committee

July 30, 2021 0

People who are insurance experts and want to serve on the Federal Reserve Board’s Insurance Policy Advisory Committee (IPAC) have from Aug. 2 to Oct. 4 to submit their “statements of interest” in being considered, according to a solicitation notice [...]
Two former credit union officials prohibited for embezzlement, misappropriation of funds

July 30, 2021 0

A former manager of a Kansas credit union and an employee of a New Mexico credit union were subject to prohibition orders in July, the federal credit union regulator said Friday, the former after being charged with stealing nearly $600,000, [...]