NCUA – Page 48 – Regulatory Report

What's up

[ January 15, 2025 ] ‘Modest’ growth in lending reported as year ended; delinquencies still a concern The Fed
[ January 14, 2025 ] Alleging that consumers were cheated out of $2 billion in interest, bureau files lawsuit against 11th largest bank CFPB
[ January 14, 2025 ] 3 former Wells execs fined a combined $18.5M in penalties; concludes action begun in 2020 OCC
[ January 14, 2025 ] Federal, state bank, credit union regulators issue joint statement on supervisory impact of California wildfires FDIC
[ January 14, 2025 ] Gruenberg, on way out door, raises red flag about non-bank activities, expecting increased financial stability risk FDIC

Interagency statement notes first-ever AML/CFT national priorities; rules yet to come

June 30, 2021 0

An interagency statement Wednesday by federal and state financial institution regulators gives supervised institutions a heads up to plans for future Bank Secrecy Act (BSA) rule changes to incorporate just-issued national priorities for anti-money laundering […]

Capitalization of interest rule for credit unions effective July 30

June 30, 2021 0

A final rule adopted June 24 to permit credit unions to extend financing of interest in connection with loan workouts and modifications is set to take effect July 30, according to a notice Wednesday in […]

OIG reports NCUA has ‘low risk’ of improper payments; next review due in 2023

June 29, 2021 0

The inspector general at the agency that charters, supervises and insures credit unions told Congress this month that the agency’s programs are not susceptible to significant improper payments based on a required review conducted for […]

More than $865 million to be distributed to credit unions as agency closes corporate rescue plan

June 28, 2021 0

More than $865 million will be distributed by September to credit unions that were account holders at three failed corporate credit unions as the federal credit union regulator closes its program to resolve the institutions, […]

Financing of interest in loan workouts, modifications OK under NCUA final rule

June 24, 2021 0

A rule that removes the prohibition on federally insured credit unions’ (FICUs) financing of interest in connection with loan workouts and modifications was approved Thursday on a unanimous, 3-0 vote of the National Credit Union […]

Final rule permits phase-in of CECL’s day-one adverse impacts on FICUs

June 24, 2021 0

Federally insured credit unions (FICUs) will be able to phase in over a three-year period the day-one adverse impacts on net worth of the current-expected-credit-loss (CECL) accounting standard under a final rule approved Thursday by […]

Credit union regulator maintains 18% loan interest rate ceiling to March 2023

June 24, 2021 0

The loan interest rate ceiling for loans by federal credit unions will remain at 18% through March 10, 2023, under action taken by unanimous vote Thursday by the National Credit Union Administration (NCUA) Board – […]

NCUA sets diversity/inclusion summit for November

June 21, 2021 0

The agency’s second-ever Diversity, Equity, and Inclusion (DEI) Summit for credit union leaders, trade and support organizations and professionals in the field will be held virtually on Nov. 2-4, the National Credit Union Administration (NCUA) […]

BSA/AML exam manual updated, council reports

June 21, 2021 0

Updates to four sections of the Bank Secrecy Act/anti-money laundering (BSA/AML) examination manual for financial institution examiners were announced Monday by the federal financial institution regulators’ umbrella examination council. The manual, published by the Federal […]

UPDATED: On deck June 24 at NCUA: FCU loan-rate ceiling, CECL, interest capitalization

June 17, 2021 0

Final rules on the current expected credit loss methodology and capitalization of interest, and action on the federal credit union (FCU) loan interest rate ceiling, are on the agenda for the June 24 open meeting […]

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‘Modest’ growth in lending reported as year ended; delinquencies still a concern

January 15, 2025 0

Modest growth in lending was reported across Federal Reserve districts in late November and December, tracking what most districts called “moderate” or “modest” economic growth, according to the latest Beige Book released Wednesday by the Federal Reserve. According to the [...]
Alleging that consumers were cheated out of $2 billion in interest, bureau files lawsuit against 11th largest bank

January 14, 2025 0

Millions of consumers were allegedly cheated out of more than $2 billion in interest by one of the largest banks in the nation, according to a lawsuit made public Tuesday by the federal consumer financial protection agency. The lawsuit filed [...]
3 former Wells execs fined a combined $18.5M in penalties; concludes action begun in 2020

January 14, 2025 0

The national bank regulator on Tuesday ordered three former Wells Fargo, N.A., executives to pay a combined $18.5 million in civil money penalties (CMPs) for sales practices misconduct, concluding action initiated in 2020 against 11 individuals in a case stemming [...]
Federal, state bank, credit union regulators issue joint statement on supervisory impact of California wildfires

January 14, 2025 0

A statement on supervisory practices affecting banks and credit unions in areas of California ravaged by wildfires was issued Tuesday by federal banking and credit union regulators, along with the California financial institution supervisor. The statement, affecting national and state [...]
Gruenberg, on way out door, raises red flag about non-bank activities, expecting increased financial stability risk

January 14, 2025 0

The proliferation of activities of non-bank financial institutions – including their risk to financial stability – are of particular concern to the outgoing board chairman of the bank deposit insurance agency, he said in remarks Tuesday. Martin J. Gruenberg, who [...]