NCUA – Page 3 – Regulatory Report

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[ December 20, 2024 ] Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network CFPB
[ December 20, 2024 ] WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL NCUA
[ December 20, 2024 ] FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name Other
[ December 20, 2024 ] OCC annual report notes sound banking system, but urges banks to guard against complacency OCC
[ December 19, 2024 ] More than one-third of workers at FDIC witnessed or experienced sexual harassment, report asserts FDIC

Agencies issue joint pronouncement on regulatory assistance in wake of Hurricane Helene

October 2, 2024 0

Federal financial institution regulatory agency efforts to assist banks, credit unions and their communities in areas stricken by Hurricane Helene shifted to a consolidated, coordinated approach Wednesday for regulatory relief as the regulators issued joint […]

Credit union regulator prohibits two for scheme to defraud, theft

September 30, 2024 0

Two former credit union workers have been prohibited by their federal regulator from future service in a federally insured financial institution, the regulator said Monday. The National Credit Union Administration (NCUA) said Monica Jackson, the […]

CECL tool for credit unions gets update addressing ‘life-of-loan’ factors

September 23, 2024 0

A tool credit unions may use in addressing current expected credit losses (CECL) accounting standards has been updated to provide “life-of-loan” factors, the federal regulator said Monday. The Simplified CECL Tool, the National Credit Union […]

UPDATED: Credit union regulator gives thumbs up on final rules for fair hiring, trust account insurance

September 19, 2024 0

Updated September 30, 2024 Final rules on fair hiring and simplification of federal share insurance for trust accounts were approved by the federal credit union regulator board at its meeting Thursday. Incorporated its Second Chance […]

OIG: Weaknesses flagged in latest review of NCUA info security program, practices

September 18, 2024 0

An inadequate information technology inventory, inconsistency in risk reviews and more are flagged in a recent, independent audit of the National Credit Union Administration’s (NCUA) information security program and practices. The agency’s Office of Inspector […]

Mid-year numbers draw comments of ‘growing concern’ from credit union regulator’s leader

September 6, 2024 0

Growing signs of concern in loan performance, capital, and earnings as deposit levels have dropped are among the takeaways cited by the board chairman of the federal credit union regulator as his agency released mid-year […]

Credit union regulator releases ombudsman annual report for 2023

September 5, 2024 0

A nine-page annual report on the agency ombudsman’s core programs and feedback from credit unions on examinations was released Wednesday by the National Credit Union Administration (NCUA), via an “express” email. The 2023 annual report […]

Credit union regulator hands out north of $3.5 million in awards to low-income institutions

September 4, 2024 0

Awards of more than $3.5 million to 135 low-income designated credit unions were announced Wednesday by the federal credit union regulator. The National Credit Union Administration (NCUA) said the awards, in grants, ranged from $1,100 […]

Former MN credit union teller barred from future FI service

August 30, 2024 0

A former teller of Magnifi Financial Credit Union, Melrose, Minn., who pled guilty to one count of felony theft this March has been prohibited from any future work in a federally insured financial institution, the […]

Cybersecurity assessment tool (CAT) to be retired next year after decade of service

August 29, 2024 0

A voluntary cybersecurity assessment tool will “sunset” in about one year after 10 years of use, the umbrella group for federal financial institution regulators said Thursday. The Federal Financial Institutions Examination Council (FFIEC) said it […]

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Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network

December 20, 2024 0

Claiming three of the largest banks in the country allowed “fraud to fester” on an online payment provider, resulting in more than $870 million lost by customers over seven years, the federal consumer financial protection agency Friday filed suit against [...]
WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL

December 20, 2024 0

The latest life-of-loan – or Weighted Average Remaining Maturity (WARM) – factors are included in the updated simplified tool for credit unions released Friday to measure credit losses, their federal regulator said. The National Credit Union Administration (NCUA) said for [...]
FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name

December 20, 2024 0

An alert about fraud schemes abusing the name, insignia, and authorities of Treasury’s financial crimes enforcement unit for financial gain was issued this week to warn corporations, money services businesses and financial institutions and urge that suspected incidents be reported. [...]
OCC annual report notes sound banking system, but urges banks to guard against complacency

December 20, 2024 0

The federal banking system is sound, but banks were urged to guard against complacency and remain vigilant according to the national bank regulator’s 2024 annual report, issued Friday. The Office of the Comptroller of the Currency (OCC) said the report [...]