NCUA Budget Briefing Shows Both Progress, Areas for Improvement
The public review preceded a Board vote on the agency’s two-year budget, scheduled for Nov. 17. Public comment may be submitted until Nov. 4.
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Advocacy News
NCUA Removes CUSO Registry Requirement From Call Reports
The move is part of Chair Metsger’s Continual Quality Improvement effort, and begins with the Sept. 30 reporting cycle.
NCUA Warns of Text Phishing Scam
The regulator has received consumer calls about a suspicious text message claiming to come from the agency.
Compliance Center: Credit Union Responsibilities When Returning Federal Payments
CUNA released the following article, which provides good insight into credit unions’ responsibilities when it comes to returning federal payments.
Oregon DCBS Announces Merging of Insurance, Finance Divisions
The Oregon Department of Consumer and Business Services formally announced the merging of the Insurance Division and Division of Finance and Corporate Securities. Oregon credit union leaders expected the announcement and began offering input during late 2015.
NCUA Approves Risk-Based Capital Rule
Inclusion of secondary capital in RBC ratio is a big win for Northwest credit unions, but the rule remains “a solution in search of a problem” says Nussle.
NCUA Approves Budget Increase for 2015, Up to $280 Million
The credit union regulator approved its 2015 budget by a 2-to-1 vote, increasing 4.2 percent over 2014.
Understanding Your Insurance Program Options
Auto and home insurance programs are a proven way for credit unions to increase products per member, build non-interest income, and help members protect their investments in their home or vehicle. CUNA Mutual’s TruStage Insurance Agency may provide the best, turnkey options.
Understand Your Options for Offering an Auto and Home Insurance Program
What’s the best option for structuring an auto and home insurance program — build it from the ground up? Collaborate with a third party? Outsource the whole thing? CUNA Mutual Group takes a look at all of the pros and cons.
NCUA Plan to Levy Fines for Late Call Reports ‘Excessive,’ NWCUA’s Stang Says
Plans by the National Credit Union Administration to levy fines against credit unions that miss quarterly filing deadlines for their 5300 Call Reports drew immediate reactions from national and regional executives Thursday, with NWCUA President/CEO Troy Stang calling the move “excessive.”
Northwest Credit Unions Cheer News of No Stabilization Fund Assessment
Northwest credit unions cheered the news this week that there will be no Corporate Stabilization Fund assessment in 2014, saying the decision by the National Credit Union Administration “demonstrates the resiliency of the credit union system.”
Washington DFI to Issue Draft Rule on Director Compensation
Credit unions have until Nov. 15 to submit informal comments on the Washington Department of Financial Institutions’ draft rule for director compensation as the agency moves closer to issuing its final regulation. Hearings will be scheduled in early January 2014, the agency says, with the final rule expected to take effect on Feb. 24.
Metsger to Take NCUA Oath Aug. 23
Oregonian Rick Metsger takes his place on the NCUA Board of Directors following a swearing in ceremony in Washington Aug. 23. The NCUA reports the private ceremony will take place on Capitol Hill at 10 a.m.
A National Consumer Watchdog Shares Perspective on the Cordray Confirmation
This week’s Senate confirmation of Richard Cordray to head the CFPB should guarantee credit unions and banks a level playing field with previously unregulated financial services providers. That is the perspective of a national consumer advocate interviewed by Anthem this week.
NCUA Extends LICU Response Time to 90 Days
Through a board action today, the NCUA extended the response time to accept low-income credit union designation, giving newly eligible credit unions an additional 60 days to file.
CFPB Unveils Five-Year Strategic Plan
The CFPB released a draft of its strategic plan for 2013-2018 yesterday, and credit unions can suggest improvements and comment on its potential impact on the consumer finance market until Oct. 25.
Regulator Meets Regulated at NCUA Listening Session in Denver
NWCUA representatives were on-hand along with credit union representatives from throughout the western states for the final NCUA Listening Session, led by NCUA Chairman Debbie Matz in Denver on Tuesday.
NCUA: Small Credit Unions to See Reduced Exam Hours
The NCUA confirmed that credit unions with less than $10 billion in assets will see their examination hours reduced after the Office of National Examinations and Supervision becomes operational on Jan. 1, 2013.