Regulatory & Compliance

ALEXANDRIA, Va.-Last week, NCUA announced that it has received the approval of the Office of Management and Budget to proceed with its data collection pilot program to investigate credit union service to those of modest means. OMB gave its stamp of approval under the Paperwork Reduction Act, which allows the...

ALEXANDRIA, Va.-NCUA Director of External Affairs Nicholas Owens has announced that he will be leaving the agency this month. After he departs March 24, he plans to continue public service but would not disclose specifics at this time. "Nick has been a close, trusted advisor and has provided wise counsel...

ALEXANDRIA, Va.-NCUA recently wrote federally insured credit unions to inform them of changes to the 5300 Call Report that will take effect for the June 30, 2006 cycle. NCUA made the changes to its 5300s so that all federally insured credit unions will file the same forms quarterly. The changes...

ALEXANDRIA, Va. - Union Pacific Streamliner Federal Credit Union was recently placed into conservatorship by NCUA. The credit union's 7,500 members will enjoy uninterrupted service, according to the agency. Deposits are insured up to $100,000 by the NCUSIF, NCUA assured. The return on average assets at the $38.7 million credit...

ALEXANDRIA, Va. - CUSOs can assist credit unions in providing payroll services to CUs' business members, however says NCUA, they cannot provide them directly to credit union members. In a letter to NCUA Associate General Counsel Sheila Albin, NACUSO General Counsel Guy Messick proposed a situation where members would contract...

WASHINGTON-NCUA and the FDIC have invited interested parties to attend a briefing explaining how the federal deposit insurers plan to proceed in updating the systems following the passage of the Deposit Insurance Reform Act of 2006. The new law will increase deposit insurance coverage of individual retirement accounts and Keoghs...