Credit unions have until May 28 to comment on the NCUA’s Risk-Based Capital proposal, and those who can’t submit their own letters still have time to add their names to the NWCUA’s strongly worded missive.
It only took Cutting Edge Federal Credit Union 90 minutes to get its low-income designation and another 10 minutes to apply for an NCUA grant. A month later, the credit union was awarded $2,500 to help it apply for CDFI certification and gain access to more resources that it can use to help members and the community.
CUNA and the Northwest Credit Union Association are calling on credit unions to complete the second-annual Comprehensive Survey on Regulatory Exams, saying a strong response rate will give advocates the data they need to push for improvements in the examination process.
As it nears the end of the rulemaking process for director compensation, Washington’s Department of Financial Institutions has begun accepting comments on the next order of business: regulating the frequency of board meetings.
If you thought that the Northwest Credit Union Association’s annual Amplify Convention was a chance for credit unions to take a break from thinking about regulations, well, think again. Three educational breakout sessions and a keynote address by NCUA Chair Debbie Matz drew standing-room-only crowds at the three-day gathering in Portland.
Six Northwest credit unions will be able to expand services, offer new loan products and provide educational opportunities thanks to grants awarded by the NCUA.
Northwest credit union lenders are concerned the CFPB’s Qualified Mortgage Rule will have the unintended consequence of squeezing Americans out of home ownership. The House Financial Services Subcommittee on Financial Institutions heard testimony from the credit union movement this week.
The Filene Research Institute is gathering information about the impact of the regulatory burden on credit unions. The survey will help to identify the most burdensome regulations and the time credit unions spend in compliance.
Northwest credit unions are increasingly becoming a force to be reckoned with on the regulatory scene, as evidenced by recent input to the CFPB. Regulatory advocacy by and on behalf of credit unions is growing the region’s influence nationally.
The Spring Hike the Hill brought dual value to Northwest Credit Union leaders. They met face-to-face with federal legislators as reported earlier, and had high-level dialogue with top regulators at the NCUA and CFPB.
With the updated Washington Credit Union Act scheduled to take effect July 28, the next step is for the state regulators to establish a work plan and define the rules for certain provisions in the law. One key priority is defining “reasonable” director compensation. That process moves forward June 20.
Beginning April 1, all of Oregon’s public entities—including city governments, schools and fire departments, among many others—will be able to deposit money in their local credit unions.
The Washington DFI offered clarification on regulations related to use of the terms “audit committee” and “supervisory committee” and to credit unions’ investment options for funding employee benefit obligations. An additional interpretive response is anticipated soon as well.
Before the ink has even dried on the CFPB’s rules implementing Dodd-Frank mortgage requirements, Northwest credit unions will have the opportunity for face-to-face dialogue with Edwin Chow, the agency’s regional director, through an exclusive discussion session on Feb. 4.
As expected, the CFPB released another final mortgage servicing rule today, following the three issued last week and this week’s multi-agency rule on appraisals for higher-priced mortgages. Two additional rules related to mortgage appraisal and mortgage loan originators are expected by Jan. 21.
The CFPB issued its semiannual regulatory agenda today and as soon as tomorrow is expected to begin issuing final rules that will impact mortgage lending, including changes to loan originator compensation, disclosures and more.
The NCUA estimates that the 2013 NCUSIF premium will be between 0-5 basis points, and the stabilization fund assessment will remain between 8-11 basis points, showing “the improving strength of the credit union system.”
As the state of Oregon develops the back end of a new credit unions Public Funds Collateral Program, the industry readies for changes with the formation of a workgroup.