NCUA Launches Small Business Lending Resource Center

The National Credit Union Administration (NCUA) launched their Small Business Lending Resource Center which is designed to serve as an online destination for credit unions to use to locate information on member business lending.

The Small Business Lending Resource page provides detailed information about the NCUA’s member business lending rules and regulations, supervisory guidance, and links to the Small Business Administration’s loan programs.

The new webpage has information categorized by:

  • The NCUA and SBA Partnership;
  • SBA Lending Resources;
  • Rules & Regulations;
  • Supervisory Guidance;
  • Articles; and
  • Webinars

Speaking of webinars, a link to the joint webinar “Balancing Member Business Portfolios with SBA Guarantees” can be found on the page.  The 90 minute program will discuss what programs SBA offers to small businesses, how these loan programs can enhance a credit union’s member business lending program, and the requirements for setting up and managing an SBA-loan program.

Compliance Question of the Week

If we have a business that is opening an account that is exempt from paying taxes, do we still have to require that they certify their TIN on the W-9 form?

Yes. The W-9 (or W-8BEN) should be filled out regardless of the tax status of the business/individual.

Resources

Legal Briefs

National Credit Union Administration (NCUA)

The NCUA released its February 2015 issue of the NCUA Report. This issue covers the important revised Risk-Based Capital Proposal, Annual Privacy Notices Changes, and the agency’s 2015 webinar schedule.

NCUA Vice Chairman Metsger released a statement on the NCUA’s inaugural livestream of its open board meeting.

The Board Action Bulletin for the NCUA’s most recent board meeting has been released. Highlights from the meeting include a proposed rule and policy statement to raise the asset ceiling of a small entity from $50 million to $100 million.

The NCUA announced that its four funds, Cover Share Insurance Fund, Operating Fund, CLF, and CDRLF have received a clean audit opinion for 2014.

NCUA Vice Chairman Metsger delivered a statement at the Education Credit Union Council’s Annual Conference, discussing credit unions’ field of members and college costs as important components of credit unions’ futures.

The NCUA announced that it will be hosting a Small Business Lending webinar in conjunction with the Small Business Administration. The webinar will be on March 4, 2015 and credit unions can register for the webinar here.  

The NCUA launched a new Small Business Lending Resource Center aimed at helping credit unions obtain information about member business lending.

Consumer Financial Protection Bureau (CFPB)

The CFPB has released prepared remarks from Director Cordray at the Consumer Advisory Board Meeting.

Federal Deposit Insurance Corporation (FDIC)

The FDIC has released its third technical assistance video aimed at helping financial institution employees meet the regulatory requirements with the Mortgage Servicing Rule.

The FDIC released a report that studied the use of traditional in-branch banking versus mobile banking. The study found that in-branch banking is still important to many consumers.

Internal Revenue Service (IRS)

The IRS released a statement to warn taxpayers of a new fishing scam being used to collect personal data from taxpayers.

Federal Financial Institution Examination Council (FFIEC)

The FFIEC has released its 2015 CRA/HMDA Reporter Newsletter which addresses topics including HOEPA changes, determining the institution’s respondent ID, and HMDA filing resources.

U.S. Government Accountability Office (GAO)

The GAO issued a report on FEMA’s implementation of the Biggert-Waters Act, as amended. The report details the actions taken by FEMA in working with other agencies to develop and track its implementation efforts.

Federal Reserve Bank (FRB)

The FRB has released the February issue of Fedflash.

The meeting minutes for the January meeting of the Federal Open Market Committee have been published.

Department of Housing and Urban Development (HUD)

HUD published a final rule clarifying that the annual adjustments to the qualified mortgage points and fees limit issued the CFPB apply to HUD’s points and fees limit provisions.

Federal Trade Commission (FTC)

The FTC delivered an annual report on its Equal Credit Opportunity Act Activities to the CFPB. The report provides information on the FTC’s work on policy issues and consumer education efforts.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of February 17, 2015. The last update prior to this was January 27, 2015. 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance, Federal, NCUA.