Regulatory & Compliance

Saying that "lending limits should be regulatory, not statutory," NCUA Chairman Debbie Matz wrote a senior Treasury Department official to raise or eliminate the statutory limit on member business loans.

Credit unions reported increased delinquencies and charge-offs and modest returns on average assets but also saw increases in assets and shares, according to data released today by the NCUA.

Owners of depleted corporate capital aren't likely to get it back, even if loss estimates that supported the write-downs were too high, according to a statement issued Nov. 16 from NCUA Chairman Debbie Matz.

At press time, the House Financial Services Committee was scheduled to vote on an amendment that would exempt credit unions from having to pay into a fund aimed at rescuing companies deemed too big to fail.

The impact of the recession on Nevada's already battered economy was again evident when the NCUA closed Ensign Federal Credit Union and authorized EDS Credit Union to buy its shares and assets.

Because of the pressure of other issues and a recent Federal Reserve regulation, lawmakers have delayed consideration of legislation to place further regulations on overdraft programs until at least early December.

The U.S. District Court for the Northern District of Georgia has indicted eight Eastern European men for hacking into the computers of Atlanta-based RBS Worldpay and the subsequent theft of millions of dollars from ATMs around the world.

Leaders from community development credit unions affiliated with the National Federation of CDCUs are pushing the NCUA and the U.S. Treasury to respond with increased understanding and resources to the needs of the financial institutions.