Legal Briefs
Your weekly update on the regulatory landscape.
Anthem
Small Credit Union Threshold Raised to $50 million After Successful Advocacy Efforts
The NCUA amended the definition of “small entity” today, raising the threshold from $10 million to $50 million in assets. The final rule marks the first time in 10 years the NCUA has revised the small credit union definition.
IRS Pushes Back Some FATCA Compliance Dates
While the reporting requirement on 1042-S remains unchanged, the IRS and the U.S. Treasury have moved back several of the key compliance dates for the Foreign Account Tax Compliance Act (FATCA).
Legal Briefs
Your weekly update on the regulatory landscape.
Member Votes Affirm Four Credit Unions’ Merger Plans
Two membership votes affirming the decisions of the Boards of two Washington credit unions will increase by two the number of $1 billion-plus credit unions based in the state.
NWCUA Regulatory Advocacy Update: Advisory Opinion on BOLI Expected from Washington DFI
The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here is an update on Washington DFI’s stance on bank-owned life insurance.
Legal Briefs
Your weekly update on the regulatory landscape.
NCUA Proposal Would Triple Asset-Based Definition of ‘Small Credit Union’
As part of this morning’s NCUA board meeting, the agency proposed changing the definition of a “small credit union” to include those with up to $30 million in assets, up from the $10 million threshold established in 2003.
Top Credit Union Regulator Announces New Office of National Examinations and Supervision
Small, well-run credit unions will see less of Federal examiners starting in 2013 as the NCUA reallocates resources to focus on the largest credit unions.
Northwest Credit Union Leaders Fill Two Positions on Catalyst Board
Seeing an opportunity to serve the needs of Northwest credit unions, Catalyst Corporate has named a second Northwest credit union leader to its board following the purchase of Western Bridge assets.
St. Helens, Wauna Explore Merger Talks as Northwest Credit Unions Continue to Join Forces
Wauna and St. Helens credit unions’ boards have signed a non-binding letter of intent to explore the benefits of merging. The announcement comes on the heels of last week’s news that Horizon successfully merged with Montana First Credit Union.
NCUA Issues Letter to Credit Unions on Interest Rate Risk
Credit unions with greater than $50 million in assets and those with assets between $10 and $50 million that meet a handful of other criteria have until Sept. 30 to adopt a written IRR policy and implementation program.
Compliance Question of the Week
Which credit unions does the NCUA require to have interest rate risk policies?
CO-OP Financial Services Acquires eCom Assets, Offers Credit Unions Online Bill Pay Services
Strategic Link business partner CO-OP Financial Services announced the acquisition of Corporate Network eCom, which offers credit unions a fully-hosted, comprehensive member bill pay service at a highly competitive price.
NWCUA Regulatory Advocacy Update
The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here are updates on the CFPB, the NCUA, the Fed, and a new proposal from the Oregon DOJ.
NWCUA Redistricting Plan Ready for Ratification
The vote to ratify the redistricting boundaries recommended by the NWCUA board of directors will take place in early February. All voting members of the Association are eligible to cast an up or down vote on the proposal.
Legal Briefs
Your update on the regulatory landscape.
NCUA Launches Two New Sites for Transparency
The National Credit Union Administration (NCUA) recently unveiled two new web pages: One on the NCUA Guaranteed Notes (NGN) program, and another on corporate credit union system resolution costs.