New statement covers initial information on new FASB accounting standard ASU 2016-13, for estimating allowance for credit losses.
Inspector general investigates NCUA exam breach, NCUA sues Wells Fargo—from CUNA’s News Now.
Six federal agencies have issued a notice revising the rule requiring sponsors of securitization transactions to retain risks in those transactions. Our Compliance Report offers interpretation and resources.
The Senate Committee on Banking, Housing and Urban Affairs has recommended the Senate confirmation of Oregonian Rick Metsger to the NCUA board. The full Senate will next schedule a confirmation vote.
Cordray Nominated to Direct CFPB; Metsger’s NCUA Nomination Scheduled for Committee Discussion Thursday
Richard Cordray was nominated to officially head the CFPB Tuesday, while the US Senate Committee on Banking, Housing and Urban Affairs rescheduled its Executive Session to consider the nomination of Rick Metsger to serve on the NCUA Board. That discussion is now planned for Thursday.
What are permissible investments for my credit union?
The NCUA board of directors unanimously approved a final rule extending RegFlex provisions to all federal credit unions and eliminating the RegFlex designation program.
Oregon DCBS will host forums in April in Eugene, Portland, and Salem as part of Money Smart Week, giving consumers information and resources on insurance, Medicare, reverse mortgages, the prevention of consumer and Medicare fraud, and identity theft.
The White House announced yesterday that it has withdrawn the nomination of Carla Leon-Decker to join the NCUA board of directors. Meanwhile, the NCUA reached settlement in its suit filed against HSBC, recovering $5.25 million.
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.
The NCUA is suing Wells Fargo, alleging they violated state and federal securities laws and misrepresented the sale of securities to the now-defunct U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.
The NCUA reached separate settlements this week with Citigroup and Deutsche Bank Securities regarding the sale of residential mortgage-backed securities to five wholesale credit unions. Net proceeds will go toward reducing assessments charged to credit unions to pay for the losses.
Rules and announcements from federal agencies impacting credit unions.
Standard and Poorâ€™s downgrade of the United States debt, along with dozens of U.S government related bonds issued by Fannie Mae and Freddie Mac warrants a review of credit unionsâ€™ investment policies.
Some Wall Street giants are preparing to cut their use of U.S. Treasuries in favor of cash on hand as a precaution.
The proposal would replace these ratings with either narrative standards or a credit unionâ€™s own internal standard.
The plan to buy more Treasury bonds announced by the Federal Reserve on November 3 could increase pressure on credit unionâ€™s defined benefits plan in the form of lower funding ratios, larger pension expense.