NCUA – Page 63 – Regulatory Report

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[ 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

WEEK AHEAD: Senate action on Fed nominee Shelton possible; NCUA Board, CFPB councils to meet, more

November 16, 2020 0

A Senate vote on confirmation of the president’s nomination of Judy Shelton to a seat on the Federal Reserve Board could come as early as Tuesday or Wednesday, with approval of the controversial figure considered […]

Credit union agency will highlight its actions in response to COVID during webinar next month

November 16, 2020 0

The response to the coronavirus crisis by the federal credit union regulator will be highlighted in a Dec. 3 webinar hosted by the agency, it said Monday. In a release, the National Credit Union Administration […]

NCUA draft 2021 budget, at $342.5 million, is down 1.4% from current but could jump 6.3% in 2022; Dec. 2 public budget briefing slated

November 13, 2020 0

The 2021-2022 draft budget for the federal credit union regulator – totaling $342.5 million in 2021 and $364.2 million in 2022 – has been published online, is the subject of a public budget briefing scheduled […]

Proposal on capitalization of interest, NCUSIF report, budget reprogramming on tap Thursday for NCUA Board

November 13, 2020 0

A proposed rule on capitalization of interest related to the agency’s rules for credit union share insurance is slated for consideration next Thursday by the National Credit Union Administration (NCUA) Board, according to the published […]

Final corporate credit union reg takes effect in mid-December

November 12, 2020 0

A final rule updating the federal credit union regulator’s corporate credit union regulation is set to take effect Dec. 14, according to a notice Thursday in the Federal Register. The final rule, approved by the […]

With election results, potential roster of new faces/titles in top positions, boards for regulatory agencies

November 9, 2020 0

While probably not at the top of the list of priorities for the apparent winner of the 2020 president election, his new administration will have decisions to make about who leads, or serves on the […]

THIS WEEK: Banking, credit union regulators testify in House, Senate; Fed’s Brainard speaks on CRA modernization

November 9, 2020 0

The coming week will bring updates on financial regulatory agencies’ activities and plans for supervision, including COVID-19 response, during two oversight hearings on Capitol Hill, with all four financial institution prudential regulators set to testify […]

Comments due Jan. 4 on agencies’ proposal on role of supervisory guidance

November 5, 2020 0

Public comments on a proposed rule codifying a 2018 statement on the role of supervisory guidance – binding regulators to that guidance and stating that such guidance does not have the force and effect of […]

Consumer bureau, credit union regulator team up for webinar on servicemember protections

November 4, 2020 0

A webinar on financial literacy and consumer financial protections for servicemembers will be co-hosted Nov. 18 by the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration (NCUA), the credit union regulatory agency […]

Role of Supervisory Guidance

November 4, 2020 0

Title: Role of Supervisory Guidance Subject: Supervisory guidance Agency: CFPB, FDIC, Federal Reserve, NCUA, OCC Status: Final rule Summary: The OCC, Board, FDIC, NCUA, and Bureau (collectively, the agencies) adopted a final rule that codifies […]

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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 [...]