ALEXANDRIA, Va. – Federally insured credit unions have two new proposed rules to consider, new corporate assessment after the NCUA Board met Tuesday.
The reduced compliance burden, as a result of new NCUA rules introduced during the regulator’s May 24 board meeting, is worth $8 million to federally insured credit unions.
Final rules passed at the NCUA board meeting May 24 include the extension of regulatory flexibility standards to all credit unions, and new rules for troubled debt restructuring that will require written loan workout and nonaccrual policies.
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.