Compliance Center: NCUA Releases Agenda for April 30 Board Meeting

The National Credit Union Administration (NCUA) released the agenda for this Thursday’s Board meeting.  Items the Board will be covering include:

  1. Final Rule, Appendix B of Part 701 of NCUA’s Rules and Regulations, Associational Common Bonds.
  2. Final Rule, Part 704 of NCUA’s Rules and Regulations, Corporate Credit Unions, Technical Amendments.
  3. Proposed Rule, Part 704.7 of NCUA’s Rules and Regulations, Aggregate Lending Limit for Corporate Credit Unions.
  4. Proposed Rule, Part 745 of NCUA’s Rules and Regulations, Adding Share Insurance Coverage under IOLTA.
  5. Exemption Request Pursuant to Part 712 of NCUA’s Rules and Regulations, State of Connecticut Department of Banking.
  6. Board Briefing, Final Interagency Rule, Minimum Requirements for Appraisal Management Companies.
  7. Share Insurance Fund Quarterly Report.

Compliance Question of the Week

Can I charge any fees due to dormancy or inactivity, or stop paying interest on a dormant account?

Generally, the credit union cannot impose any charges due to dormancy or inactivity or stop the payment of interest. However, the credit union can impose charges or stop paying interest in three situations. First, if there is a written contract between the credit union and property owner stating that the credit union can impose a charge or stop the payment of interest. Second, if the property is over ten dollars ($2 in Idaho), the credit union, no more than 3 months before imposing the charges of stopping interest, gives written notice to the owner of the amount of charges at the last known address stating that charges will be imposed or payment of interest will stop. Third, if the credit union regularly imposes such charges or stops the payment of interest and does not regularly reverse or cancel them or retroactively credit interest with respect to the property.


Legal Briefs

National Credit Union Administration (NCUA)

The NCUA has published its April 2015 NCUA Report. The report covers the expected economic group, new areas of regulatory relief, and board actions.

The NCUA announced that it has rescheduled its closed Board meeting to Wednesday, April 29th. The meeting was originally scheduled for Thursday, April 30th.

The NCUA has released the agenda for its April 29th board meeting.

NCUA’s Larry Fazio testified at the House Financial Institutions and Consumer Credit Subcommittee on regulatory burdens. Fazio stated that the NCUA board is “fully committed to continuing to provide regulatory relief.”

Consumer Financial Protection Bureau (CFPB)

The CFPB announced that FICO will now allow nonprofit credit counseling organizations to share the credit score listed on the consumer credit reports that are pulled by the counseling organizations.

The CFPB announced that it has expanded its Your Money, Your Goals toolkit. The updates include a version of the toolkit for organizations that engage volunteers, legal aid organizations, and workers organizations.

The CFPB released information on complaints that it has received from Servicemembers, Veterans, and their families regarding personal finances. Among the top complaints are debt collection, incorrect credit reporting, and student loans.

Federal Housing Finance Agency (FHFA)

The FHFA released a statement reminding HOAs that Fannie Mae and Freddie Mac liens will be preserved by the FHFA is a HOA attempts to foreclose on a loan that would extinguish Fannie or Freddie’s liens.

Department of the Treasury (Treasury)

The Treasury has announced that it has updated the green book to include the fact that a financial institution will be liable for providing incorrect ACH enrollment information to a Federal Agency that results in a loss to the government.

Federal Deposit Insurance Corporation (FDIC)

The FDIC issued an advanced notice of proposed rulemaking regarding new recordkeeping standards at large depository institutions. The proposed rule would apply to FDIC insured institutions that have more than two million deposit accounts.

The FDIC launched “Money Smart for Young People”, which is a series of lesson plans for parents and teachers to aid them in teaching children about money management.

Equal Employment Opportunity Commission (EEOC)

The EEOC has issued a proposed rule that would amend the portion of the Americans with Disabilities Act (ADA) regarding employer wellness programs. The proposal aims to clarify that employer wellness programs should not be overly burdensome and must not violate the ADA. The proposal includes examples.

Financial Crimes Enforcement Network (FinCEN)

FInCEN has released its April 2015 quarterly update to the SAR Stats.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of April 23, 2015. The last update prior to this was April 21, 2015.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.