NCUA – Page 66 – Regulatory Report

What's up

[ November 29, 2024 ] Referral agent to RI bank barred, ordered to pay $1 million, for loan application violations FDIC
[ November 27, 2024 ] OCC increases assessment rates for 2025; asset cap for problem-bank surcharge calculation upped to $250 billion OCC
[ November 26, 2024 ] Weaknesses in process for escalating supervisory concerns need to be addressed, report contends FDIC
[ November 25, 2024 ] Funding risk vulnerabilities remain ‘notable’ among banks, with some MMFs susceptible to runs, report contends The Fed
[ November 25, 2024 ] Prices for Reserve Banks’ ‘mature’ priced services up an average 2.8% for 2025, Fed says The Fed

BSA due diligence regarding ‘politically exposed persons’ discussed in joint agency statement

August 21, 2020 0

A joint statement from regulators Friday seeks to clarify how banks and credit unions can apply a risk-based approach to politically exposed persons (PEPs) – and this is not interpreted to include U.S. public officials […]

UPDATED: Comments due Oct. 19 on credit union regulator’s proposal to phase in ‘day one’ CECL effects

August 18, 2020 0

A proposal to phase in over three years the “day one” adverse effects on credit unions’ regulatory capital under the “current expected credit losses” (CECL) accounting standard, and exempting small credit unions from using the […]

NCUA announces first federal credit union chartered this year: Growing Oaks

August 18, 2020 0

The newly Growing Oaks Federal Credit Union, Goldsby, Okla., is expected to begin operations in December, the National Credit Union Administration (NCUA) said Tuesday. With a charter that became effective Aug. 7, Growing Oaks is […]

UPDATED: NCUA info collection requests support PCA, low-income measures set amid COVID-19

August 14, 2020 0

Two information collections related to the federal credit union regulator’s implementation of some prompt corrective action (PCA) easing due to the COVID-19 pandemic and its change in methodology for determining whether a credit union qualifies […]

Transparency on BSA/AML enforcement aim of joint agency statement (supersedes statement from 2007)

August 13, 2020 0

A statement intended to clarify and provide transparency on how regulators evaluate enforcement actions required by law in response to Bank Secrecy Act/anti-money laundering (BSA/AML) violations was issued jointly by federal bank and credit union […]

NCUA alert briefs credit unions on CFPB payday rule, which remains stayed under court order

August 13, 2020 0

The National Credit Union Administration (NCUA) on Thursday issued a regulatory alert outlining for credit unions the key provisions of the Consumer Financial Protection Bureau’s (CFPB) payday lending rule, as revised last month. The NCUA […]

Back to school? Agencies plan webinar on financial literacy (with a section on doing so during pandemic)

August 11, 2020 0

Apparently expressing confidence that students will be actually returning to their schools over the next few weeks, federal bank, credit union, and consumer financial protection regulators are scheduling a webinar late this month on financial […]

Credit union regulator clangs warning bell on fraud linked to coronavirus crisis

August 7, 2020 0

Risk of fraud associated with the financial impact of the coronavirus crisis is the emphasis of a new risk alert issued Thursday by the federal regulator of credit unions. The alert (20-RISK-02) from the National […]

NCUA’s Harper appointed to NeighborWorks America board

August 6, 2020 0

National Credit Union Administration (NCUA) Board Member Todd Harper was named Thursday by the agency’s chairman to the board of NeighborWorks America, a public-private organization that works to promote affordable housing and community development, the […]

Nominee for credit union regulator board advances after criticism from panel’s top Democrat

August 5, 2020 0

The nomination of a new member to the board of the federal regulator of credit unions was recommended for confirmation by the Senate Banking Committee Wednesday, but only after receiving some opposition by the panel’s […]

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Referral agent to RI bank barred, ordered to pay $1 million, for loan application violations

November 29, 2024 0

A referral agent for a Rhode Island bank was prohibited from further bank employment and ordered to pay $1 million in restitution for “violations of regulations” and unsafe and unsound practices, the federal insurer bank deposits said Friday. In publicly [...]
OCC increases assessment rates for 2025; asset cap for problem-bank surcharge calculation upped to $250 billion

November 27, 2024 0

Fees the national bank regulator charges supervised banks are going up next year, with a 16% increase planned for rates in the general assessment fee schedule for assets above $40 billion and 2.65% for all other rates in that schedule, [...]
Weaknesses in process for escalating supervisory concerns need to be addressed, report contends

November 26, 2024 0

The process for escalating supervisory concerns at banks and other regulated institutions has weaknesses that should be addressed, according to a report issued Tuesday. The Government Accountability Office (GAO) said bank failures in 2023 “raised questions about federal regulators’ ability [...]
Funding risk vulnerabilities remain ‘notable’ among banks, with some MMFs susceptible to runs, report contends

November 25, 2024 0

Vulnerabilities from funding risks remain “notable” for the nation’s banks and other institutions, according to a report issued Friday (Nov. 22), with such vehicles as money-market funds (MMFs) and other cash-management vehicles “remaining susceptible to runs owing to structural vulnerabilities.” [...]
Prices for Reserve Banks’ ‘mature’ priced services up an average 2.8% for 2025, Fed says

November 25, 2024 0

Fees for established, mature priced services the Federal Reserve Banks provide to banks and credit unions are rising on average by an estimated 2.8% beginning Jan. 1, excluding FedNow and Fedwire securities priced services, the central bank said Friday. The [...]
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 [...]