The NCUA is hosting listening sessions around the country for credit unions to air their grievances. The agency is providing notepads to write down comments and questions that can then be shared anonymously with the group for NCUA response.
The NCUA’s second listening session, which attracted approximately 100 participants to the Westin Hotel in Alexandria, Va., was intended to address exam issues and the regulatory burden. The event did address exams, but questions also revealed two potential regulatory changes.
As an observer at the NCUA listening session in Alexandria last week, I heard a lot of things you’d expect. But credit unions need to commit to their end of the bargain by speaking up.
ALEXANDRIA, Va. — When the NCUA next opens Part 703 for changes, it will recommend that credit unions be allowed to invest in TIPS.
Topics discussed at the event covered NCUA’s new interest rate risk policy, member business lending regulations, the exam appeal process, overdrafts and the Consumer Financial Protection Bureau.
Paper notices in Call Report cycle to be eliminated in first major refresh of CU Online since 2009, agency says.
Industry observers and executives with other processing companies predict that the recent supervisory letter on FIS security problems may have a limited impact on FIS’ sales but will likely heighten the importance of security for all payments processors.
Agency sources call "ridiculous" the idea that regulator was trying to drive credit unions away from processing with FIS.
The NCUA has asked credit unions that process their debit and credit card transactions with FIS to evaluate their relationship with the card processor in light of an information technology supervisory letter the company has received from other federal financial regulators.
Agency cites information technology supervisory letter the company has received from the FDIC; FIS processes credit and debit transactions for 5,400 credit unions.