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.
Faced with uncertainty over whether H.R. 3461 will pass and positive signs from the NCUA that it will consider improving exam procedures and streamline regulations, CUNA has asked the regulator to implement some provisions of the Financial Institutions Examination Fairness and Reform Act now.
Larry Fazio says good working relationship is usually the case but that there have been breakdowns and "tension inherent."
In what CUNA Deputy General Counsel Mary Dunn acknowledged has become a somewhat rare occurrence, CUNA has commented in a largely approving manner on the NCUA's most recent proposal for how CUs should track troubled debt restructured loans.