If the NCUA's luncheon session at last week's NACUSO conference is any indication, Chairman Debbie Matz and crew could face hostile crowds during this summer's listening sessions.
NCUA Director of the Office of Examination and Insurance Larry Fazio explains the agency's controversial proposed rule.
The NCUA posted a three-part Consumer Protection Update on its consumer website MyCreditUnion.gov that explains new mortgage lending and international remittances rules required under the Dodd-Frank Act.
Although the NCUA recently announced it is developing new exam procedures to improve the identification of fraud risk indicators, especially at small institutions, experts agree fighting fraud requires a team effort that includes active boards, strong supervisory committees and stiff internal controls.
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.
Regulatory overreach, an unnecessary limit on credit unions' choices and possibly illegal. Those are among the critiques of the NCUA's proposed rule on corporate credit unions.
An NCUA proposal to encourage non-federally insured credit unions to pay into the Temporary Corporate Credit Union Stabilization Fund violates a federal statute banning extortion by government employees, according to American Share Insurance.
Restricting CUs to belonging to one corporate is "contrary to the principle that member-owner natural person credit unions determine the future of their corporates and the corporate system as a whole," NAFCU wrote in its comment letter to the NCUA.
The NCUA's proposal to encourage corporate credit unions to charge fees to non-federally insured entities is contrary to the intentions of the law and the notion that such payments would be voluntary is "disingenuous."
The $2.5 billion Georgia Corporate Federal Credit Union cleared a key hurdle Tuesday in its bid to be a merger partner next year with the NCUA-conserved Southwest Bridge Corporate FCU of Plano, Tex.