Regulatory & Compliance

Credit union employees who want to learn how to comply with the Home Mortgage Disclosure Activity reporting requirements that recently went into effect can participate in NAFCU's Dec. 2 Webcast on the subject.

Financial institutions with assets of less then $50 billion wouldn't have to pay into a fund aimed at rescuing large companies deemed "too big to fail," as a result of an amendment passed by the House Financial Services Committee yesterday.

ALEXANDRIA, Va. -- The NCUA will propose increased capital requirements for corporate credit unions.

CUNA, NAFCU and NASCUS said there were few surprises in the proposed corporate credit union rules that the NCUA Board sent out for 90 days of public comment today, but pledged to examine them carefully and submit comments to the agency.

CUNA and NAFCU said the 13% budget increase approved by the NCUA Board today was excessive given the financial difficulties facing many credit unions.

Corporate credit unions would higher capital requirements, more limits on the type of investments they can make and more disclosure requirements for the executive and board compensation under proposed rules that the NCUA sent out for public comment today.

ALEXANDRIA, Va. -- NCUA CFO Mary Ann Woodson told the board today that as a result of the sluggish economy, 5.58% of all insured shares are in credit unions with CAMEL 4 or 5 ratings and there are 337 credit unions with such ratings.

Conceding that it is a "fine balance," NCUA Chairman Debbie Matz told two key lawmakers that the agency is modifying its examination standards to give credit unions more flexibility while being certain that safety and soundness standards are being met.