NCUA – Page 18 – 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

Agencies issue joint reminder that U.S. dollar LIBOR ends June 30; urges banks, credit unions to ensure they have ready alternatives

April 26, 2023 0

U.S. dollar (USD) London Inter-Bank Offered Rate (LIBOR) panels end June 30, and banks and credit unions are expected to complete their transition of remaining LIBOR contracts as soon as practicable, the federal banking, credit […]

New federal credit union sponsored by United Church of Christ, headquartered in NYC

April 25, 2023 0

A new federal credit union headquartered in New York City to serve primarily employees and members of the United Church of Christ – with 4,700 churches and about 745,230 members – is expected to begin […]

Input due June 26 on NCUA info request on climate-related financial risk

April 25, 2023 0

The National Credit Union Administration’s request for information (RFI) on climate-related financial risks to the credit union system was published in the Federal Register Tuesday with a comment deadline of June 26. The RFI, released […]

Climate-Related Financial Risk

April 25, 2023 0

Title: Climate-Related Financial Risk Subject: Climate risk Agency: NCUA Status: Request for information and comment Summary: The NCUA is seeking public input on current and future climate and natural disaster risks to federally insured […]

Regulator seeks up to $5 million restitution, penalty from former CEO of Texas credit union

April 24, 2023 0

Restitution of at least $4 million, and a civil money penalty of $1 million, is being sought from a former credit union leader for causing a substantial loss to his institution, the federal credit union […]

Agencies move to be consistent with GAAP for recognizing, measuring TDRs by creditors

April 21, 2023 0

The elimination under revised accounting rules of recognition and measurement of troubled debt restructurings (TDRs) by creditors, and removal of references to TDRs, led to issuance Friday of an interagency policy statement by the three […]

On vote of 2-1, NCUA Board issues climate-change RFI

April 21, 2023 0

A request for information (RFI) on climate-related financial risk to insured credit unions, related entities, their members, and the National Credit Union Share Insurance Fund (NCUSIF) was released by the federal credit union regulator’s board […]

Credit unions’ exposure to climate-change impacts identified in agency ‘research note’

April 19, 2023 0

A “research note” that illustrates credit unions’ exposure to climate-related physical risks – with about one-fourth of insured credit unions reportedly found to be in areas with high or very high risk of negative impacts […]

Webinar set for May 3 on simplified CECL tool for small credit unions

April 18, 2023 0

An hour-long webinar on a simplified tool to help small credit unions implement the current-expected-credit-losses (CECL) accounting standard is slated for May 3 and open for registration now, the National Credit Union Administration (NCUA) said […]

Credit union regulator to take up climate risk in Thursday’s open board meeting; briefings also slated on cybersecurity, loan-rate ceiling

April 17, 2023 0

Briefings on cybersecurity and the federal credit union (FCU) loan-rate ceiling bookend the one action item slated for Thursday’s open meeting of the federal credit union regulator’s board: a request for information and comment on […]

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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 [...]