Search Results for keywords:"NCUA"

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 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) is planning to submit an information collection request to the Office of Management and Budget (OMB) concerning the Truth in Lending Act (TILA), Regulation Z. This submission is part of a review in compliance with the Paperwork Reduction Act of 1995. TILA aims to facilitate informed credit decision-making and comparisons by mandating accurate disclosure of credit costs to consumers. Public comments on the proposed information collection are invited and should be submitted by March 8, 2021.

The National Credit Union Administration (NCUA) Board finalized a new rule allowing certain credit unions to issue subordinated debt to boost their regulatory capital. This rule primarily affects low-income designated credit unions, complex credit unions, and new credit unions. The final rule outlines several requirements such as amending the definition of "Accredited Investor," setting disclosure guidelines, and reviewing credit unions' applications to issue subordinated debt. Additionally, it includes changes aiming to safeguard both the credit unions and the National Credit Union Share Insurance Fund (NCUSIF) from increased financial risk.

The National Credit Union Administration (NCUA) is asking for public comments on how it can improve its communication and transparency with federally insured credit unions. They aim to make their communications more efficient and clear to reduce the unnecessary burden on credit unions. The NCUA uses various communication methods such as its website, press releases, and letters, and seeks feedback on their effectiveness. They also want suggestions on how to improve their websites, including the presentation and usefulness of financial and economic data.

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) has amended its regulations to offer an alternative way for joint account holders to meet the signature card requirement for share insurance coverage. Instead of needing a physical signature card, the rule allows this requirement to be met through account records showing co-ownership, like the issuance of debit cards or account usage by each co-owner. This change aims to ensure smoother and faster insurance payouts without adding new burdens, particularly in cases where physical signature records are unavailable. The rule also maintains parity with similar changes made by the Federal Deposit Insurance Corporation (FDIC).

The National Credit Union Administration announced a public meeting scheduled for 10:00 a.m. on Tuesday, December 17, 2024, in Alexandria, Virginia. The meeting will cover topics such as NCUA's rules on succession planning and the budget for 2025-2026. The meeting will be open to the public, and anyone interested can contact Melane Conyers-Ausbrooks, the Secretary of the Board, for more information.

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) 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.