NCUA – Page 53 – Regulatory Report

What's up

[ 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
[ January 13, 2025 ] Proposal would block firms from using contract clauses that impose on legal rights, free speech CFPB

Credit union regulator extends comment deadline on CUSO proposal 30 days

March 26, 2021 0

A thirty-day extension of the comment period on a proposed rule to expand the list of permissible activities and services of credit union service organizations (CUSOs) was announced Friday by the National Credit Union Administration […]

Stipulation order between NCUA and MI credit union focuses on marijuana-related business account activity

March 25, 2021 0

A stipulation and consent to cease and desist order from late February between a federal credit union in Michigan and its federal regulatory agency requires numerous improvements in the institution’s suspicious activity monitoring in compliance […]

Financial stability council slates climate change, COVID-19 developments for March 31 meeting

March 25, 2021 0

The interagency council formed under the 2010 Dodd-Frank Act to identify risks to financial stability and respond to emerging threats is set to meet next Wednesday on climate change and its potential impact on stability, […]

Credit union regulator slates webinar on AML/BSA compliance

March 25, 2021 0

An April 14 webinar on compliance with anti-money laundering laws and regulations affecting credit unions has been scheduled by their federal regulator, the agency said Thursday. The event, the National Credit Union Administration (NCUA) said, […]

NCUA chairman urges credit unions to keep hands off of stimulus payments made to their members

March 23, 2021 0

Credit unions were urged to protect their members’ stimulus payments – and by extension, the reputation of their industry – under the recently enacted, $1.9 trillion American Rescue Plan from collection, garnishment, and the right […]

$368 million distribution slated in April to member capital holders from 3 defunct corporate credit unions

March 18, 2021 0

Some 2,000 credit unions with capital accounts in three failed corporate credit unions – U.S. Central Federal Credit Union, Members United Corporate FCU, and Southwest Corporate FCU – are slated to receive their share of […]

Credit union regulator extends enhanced CLF provisions under COVID relief law; asset-growth trigger for supervision paused until 2023

March 18, 2021 0

Provisions implementing a recent statutory extension of enhanced liquidity facility access and those delaying the effects of asset growth on a credit union’s regulatory and supervisory framework to 2023 – both aimed at helping credit […]

Asset Thresholds Pertaining to Large Credit Unions

March 18, 2021 0

Title: Parts 700, 702, 708a, 708b, and 790, Asset Thresholds Pertaining to Large Credit Unions Subject: Asset thresholds for reporting Agency: NCUA Status: Interim final rule Summary: The interim final rule would temporarily mitigate costs […]

Central Liquidity Facility

March 18, 2021 0

Title: Central Liquidity Facility Subject: CLF Agency: NCUA Status: Interim final rule Summary: In response to the enactment of the Consolidated Appropriations Act, 2021, (CAA) the NCUA Board (Board) is issuing this interim final rule […]

Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Private Flood Insurance

March 18, 2021 0

Title: Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Private Flood Insurance Subject: Flood insurance Agency: FDIC, Federal Reserve, NCUA, OCC, FCA Status: Proposed Q&A Summary: The OCC, Board, FDIC, FCA, […]

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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 [...]
Proposal would block firms from using contract clauses that impose on legal rights, free speech

January 13, 2025 0

Companies would be banned from using certain contract clauses that allegedly include waivers of substantial legal rights and fine print that suppresses speech under a proposed rule issued Monday by the federal consumer financial protection agency. According to the Consumer [...]
FDIC deploys reg relief for banks in CA areas ripped by wildfires, winds

January 13, 2025 0

Financial institutions can get relief from some reporting and publishing requirements, and seek permission to set up temporary facilities, from the San Francisco regional office of the Federal Deposit Insurance Corp. (FDIC) as they deal with the impacts of the [...]
Flood underinsurance for streamside dwellers in certain regions more likely, report asserts

January 13, 2025 0

Homeowners facing flooding from rivers and creeks – numbering in the hundreds of thousands in the Southeast and central Southwest of the country — are more likely to be underinsured than sea coastal residents, according to a report issued Monday [...]
New cyber incident reporting webform for credit unions released, expanding methods

January 13, 2025 0

A new cyber incident reporting webform is available to credit unions, their federal regulator said Monday, along with an updated quick reference guide. The National Credit Union Administration (NCUA) said the webform is a “convenient and secure method for credit [...]
NCUA conserves small OH credit union, cites ‘unsafe and unsound practices’

January 13, 2025 0

The federal regulator of credit unions placed $10 million-in-assets Butler Heritage Federal Credit Union (FCU), Middletown, Ohio, into conservatorship Friday, the agency said in a release. The National Credit Union Administration (NCUA) said it took the action because of unsafe [...]