Compliance Center: NCUA Releases Videos to Help Credit Unions With CDFI Certification

Credit unions interested in becoming certified as Community Development Financial Institutions can get valuable information from a new video series produced by the National Credit Union Administration (NCUA).

The five-part series, “CDFI Fund Certification,” is available online on NCUA’s YouTube channel and shows how CDFI certification opens financial doors to credit unions to assist them in serving the underserved.

Staff from NCUA’s Office of Small Credit Union Initiatives and the Treasury Department’s CDFI Fund discuss subjects that include the seven criteria that must be met for certification and the benefits of certification. One video features success stories of three credit unions. The five videos are:

  • CDFI Fund Certification: Introduction and Overview
  • CDFI Fund Certification: A Tale of Three Credit Unions
  • CDFI Fund Certification: Purpose and Process
  • CDFI Fund Certification: Challenging Criteria, Target Market and Accountability
  • CDFI Fund Certification: Resources

Each video is less than 10 minutes long.

NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.

Compliance Question of the Week

Can a credit union follow Robert’s Rules of Order during its board meetings?

According to an NCUA Bylaw Amendment Opinion Letter in 2007, the NCUA has no legal objection to a FCU changing its bylaws so that board meetings are conducted according to the Robert’s Rules of Order.  The NCUA also suggests identifying the edition number.


Legal Briefs

National Credit Union Administration (NCUA)

The NCUA issued an alert about an online phishing scam involving a website and logo that look very similar to the NCUA’s logo and website.

The March issue of the NCUA Report is now available.

The NCUA has issued a Board Action Bulletin as a result of its March Board Meeting. The Bulletin states that a proposed rule to provide regulatory relief to federal credit unions by eliminating certain provisions of the fixed-assets rules has been approved.

The NCUA has posted five videos to its YouTube channel on CDFI Fund Certifications.

The NCUA announced that Edward Dorris will be the NCUA’s new Chief Information Officer.

Consumer Financial Protection Bureau (CFPB)

The CFPB announced that it is seeking public comment on the credit card market—specifically how the credit card protections are impacting consumers and issuers.

The CFPB announced that its policy on financial complaints has been finalized. Consumers will now have the option to share their complaint with the public-facing Consumer Complaint Database.

The CFPB has updated its materials for the TILA-RESPA Integrated Disclosure Rule.

Financial Crimes Enforcement Network (FinCEN)

FinCEN issued an advisory on the FATF’s most recent update of jurisdictions with AML deficiencies.

FinCEN has issued a notice of proposed rulemaking aimed at taking a special measure against Banca Privada d’Andorra (BPA). The rule would prohibit covered financial institutions from opening or maintain an account for BPA.

Federal Reserve Bank (FRB)

The FRB announced that it is launching two task forces to help identify alternative approaches to a faster payment system.

The FRB has released the Federal Open Market Committee’s statement on their most recent meeting.

Federal Financial Institutions Examination Council (FFIEC)

The FFIEC announced an overview of its cybersecurity priorities for 2015. The priorities include a cybersecurity self-assessment tool, training, policy development, and collaboration with law enforcement and intelligence agencies.

U.S. Department of the Treasury (Treasury)

U.S. Treasury Secretary Lew delivered testimony before the House Financial Services Committee on the National Advisory Council on International Monetary and Financial Policies, aimed at gaining Congressional approval of the IMF quota and governance reforms.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of March 18, 2015. The last update prior to this was March 11, 2015.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.