NCUA – Page 113 – Regulatory Report

What's up

[ November 21, 2024 ] Bureau finalizes rule extending supervision over digital payment wallet apps CFPB
[ November 21, 2024 ] Number of credit unions with low exam ratings rose in third quarter; strain on balance sheets, consumers, noted NCUA
[ November 21, 2024 ] CFPB publishes adjustments to thresholds under TILA, FCRA CFPB
[ November 21, 2024 ] Ex-CEO of failed Kansas bank prohibited from financial institutions after cryptocurrency scheme The Fed
[ November 18, 2024 ] Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules Other

Regulators speak up on key subjects during a busy – and video-filled – week

October 5, 2018 0

Regulators were on stage this past week, discussing initiatives, implementation of the new regulatory relief law, their roles and what they wanted from Congress – among other things – in different venues, but all on […]

10 credit unions consent to penalties for late filing of 1Q call reports

October 5, 2018 0

Civil money penalties (CMPs) ranging from a low of $150 to a high of $920, with a grand total of $4,133, are to be paid by 10 credit unions that filed late call reports for […]

Benefits, risks of FIs’ BSA-related resource sharing outlined in joint statement

October 3, 2018 0

Types of instances in which banks and credit unions may form collaborative arrangements to share resources to better manage their Bank Secrecy Act/anti-money laundering (BSA/AML) responsibilities are addressed in a statement issued jointly on Wednesday […]

Cyber, lending present top potential system risks, regulators testify

October 2, 2018 0

Cybersecurity issues and lending bubbles top the list of potential risks to today’s financial system, according to comments offered by bank and credit union regulators during a hearing Tuesday on implementation of this year’s financial […]

Left unsaid at Senate hearing with regulators: ‘EGRRCPA’ (thankfully)

October 2, 2018 0

As federal financial institution regulators spoke Tuesday to Senate Banking Committee members in testimony and during questions and answers, many words and terms were thrown about. But one term noticeably was left unsaid: EGRRCPA, as […]

Lawmakers urge quick work on S. 2155 implementation

October 2, 2018 0

Bank regulators were urged to move apace on efforts to tailor prudential standards for banks under $250 billion in assets during a Senate Banking Committee hearing Tuesday on implementation of the recently enacted financial reform […]

Regulators lay out future needs, plans in testimony before Senate Banking panel

October 2, 2018 0

Regulators took a forward look in testimony Tuesday about recently enacted regulatory relief legislation, telling a Senate committee where they hope to go in coming weeks and months with their regulatory plans, and what more […]

Communications process among members in CU mergers addressed in agency letter

October 1, 2018 0

Facilitating the sharing of member-to-member (MTM) communications when a federally insured credit union is merging with another is addressed in a letter to credit unions (LTCU) published Monday by their federal regulator. The National Credit […]

NCUA closes 6th insured credit union in 2018; liquidation follows 15-month conservatorship

October 1, 2018 0

The sixth 2018 liquidation of a federally insured credit union was announced Monday by the National Credit Union Administration (NCUA): LOMTO Federal Credit Union (Woodside, N.Y.) was closed Sunday, with its members, most shares, some […]

BSA customer ID rule exemption set for FIs’ loans to businesses to buy property and casualty insurance

September 28, 2018 0

An exemption from Bank Secrecy Act (BSA) customer identification program rules for loans made for the purchase of property and casualty insurance was approved by federal regulators Friday, effective as of Sept. 27, 2018. The […]

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Bureau finalizes rule extending supervision over digital payment wallet apps

November 21, 2024 0

Digital payment wallet apps handling more than 50 million transactions annually are subject to a final rule requiring them to follow federal law applied to banks, credit unions and other financial institutions already supervised by the federal consumer financial protection [...]
Number of credit unions with low exam ratings rose in third quarter; strain on balance sheets, consumers, noted

November 21, 2024 0

The number of the lowest-rated credit unions based on their exam scores rose in the third quarter, their federal regulator said Thursday, reflecting strains on balance sheets and their consumer members, according to the agency. That total includes nine troubled [...]
CFPB publishes adjustments to thresholds under TILA, FCRA

November 21, 2024 0

Two adjustments to thresholds under lending disclosure and credit reporting rules were announced Thursday by the federal consumer financial protection agency. The Consumer Financial Protection Bureau (CFPB) said the first threshold adjustment resulted from a final rule it issued amending [...]
Ex-CEO of failed Kansas bank prohibited from financial institutions after cryptocurrency scheme

November 21, 2024 0

The former CEO of a Kansas bank that failed after the embezzlement of $47.1 million in a cryptocurrency scheme has been prohibited permanently from serving at another federally insured financial institution, the Federal Reserve said Thursday. Shan Hanes, 53, of [...]
Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules

November 18, 2024 0

A final rule aimed at providing a “sharper scalpel” of penalty and enforcement provisions to rules governing foreign investment in the United States was issued Monday by the Treasury Department, the agency said. The rule enhances “certain procedures” of the [...]
More days allowed for commenting on deposit insurance recordkeeping for custodial accounts

November 18, 2024 0

Forty-five more days are now available for commenting on the proposed deposit insurance recordkeeping rule for banks’ third-party (custodial) accounts, the federal insurer of bank deposits said Monday. With the addition of 45 days, the comment period now extends to [...]