Search Results for agency_names:"National Credit Union Administration"

The NCUA Board has issued a final rule amending regulations for corporate credit unions. This rule clarifies that corporate credit unions are allowed to purchase subordinated debt instruments from natural person credit unions and outlines how these investments will be treated in terms of capital. The rule aims to balance providing flexibility for these transactions while minimizing systemic risk to the credit union system by requiring such debt instruments to be deducted from Tier 1 capital. This amendment takes effect on January 1, 2022.

The National Credit Union Administration (NCUA) has issued a new rule aimed at improving succession planning for federally insured credit unions. This rule mandates that these credit unions create a written succession plan covering key positions and specifies that the plan must be regularly updated at least every 24 months. Responding to public comments, the NCUA has made several adjustments, such as reducing the frequency of required plan reviews and removing certain officials from the mandatory coverage list. The rule will take effect on January 1, 2026, giving credit unions time to prepare.

The National Credit Union Administration (NCUA) plans to submit an information collection request to the Office of Management and Budget (OMB) as part of their compliance with the Paperwork Reduction Act of 1995. This request concerns the regulation for Liquidity and Contingency Funding Plans, which is intended to ensure that federally insured credit unions manage liquidity risks effectively. The NCUA's rule, codified in 12 CFR 741.12, creates a tiered system based on asset size that requires various levels of planning and preparation among credit unions. Public comments on this submission are welcome until March 15, 2021.

The NCUA Board has finalized a rule to adjust the maximum amounts of civil monetary penalties (CMPs) it can impose, based on inflation, as mandated by the Federal Civil Penalties Inflation Adjustment Act. These adjustments, which must be made annually, are calculated by comparing the consumer price index for previous years. The new rule takes effect immediately upon publication and applies to penalties assessed for violations from November 2, 2015, onward. The adjustments are largely technical and do not require public notice or comment.

The National Credit Union Administration (NCUA) has adopted a final rule to clarify the role of supervisory guidance in regulating credit unions. This rule makes clear that supervisory guidance, unlike laws or regulations, doesn't have the force of law and does not create binding obligations. The NCUA won't take enforcement actions based on supervisory guidance but will use it to communicate expectations and provide examples of best practices. The rule is intended to ensure that guidance remains a helpful tool for both examiners and credit unions without creating legal obligations.

The National Credit Union Administration (NCUA) is proposing a rule to raise the asset threshold for defining a credit union as "complex" from $50 million to $500 million. This change affects credit unions subject to risk-based net worth requirements. The proposal aims to provide credit unions more flexibility to offer loans and services to their members during the COVID-19 pandemic while maintaining financial safety. Comments on this proposed rule must be submitted by March 25, 2021.

The National Credit Union Administration (NCUA) Board is proposing a rule change that would allow federally insured credit unions to request exemptions from certain requirements for filing Suspicious Activity Reports (SARs). This rule is aimed at providing relief to credit unions that develop innovative ways to comply with the Bank Secrecy Act while ensuring safe and sound practices. The proposal includes a 30-day comment period for public feedback and outlines that exemptions may be granted conditionally or unconditionally after consulting with relevant agencies. This change aims to support financial institutions in using new technologies and approaches for monitoring and reporting financial crimes.

The National Credit Union Administration (NCUA) proposes changes to credit union rules to make it easier for federal credit unions to expand and serve more groups and underserved areas. They want to count shared branches, ATMs, and electronic facilities in certain networks as "service facilities," even if the credit union doesn't own them. This would help credit unions offer more services without needing to buy into a shared network. The NCUA is also considering whether online banking should count as a service facility to accommodate modern trends in financial services.

The National Credit Union Administration (NCUA) is proposing a new rule to update the overdraft policy requirements for federal credit unions. This rule aims to remove the current 45-day limit for members to resolve overdrafts and instead require that the policy sets a reasonable and universally applicable time frame. This change is intended to provide more flexibility for credit unions and their members, especially considering the impacts of COVID-19. The proposal also introduces a cross-reference to Regulation E to ensure compliance with existing federal requirements for overdraft services.

The National Credit Union Administration (NCUA) is updating its rules to increase the maximum civil monetary penalties to keep up with inflation, as required by several laws. These adjustments are made to ensure that penalties are effective and reflect current economic conditions. The adjustments will be effective immediately and apply to violations occurring from November 2, 2015, onwards. This rule change doesn't require public comment because it's mainly a technical update in line with legal requirements.