NCUA – Page 9 – Regulatory Report

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[ November 21, 2024 ] Bureau finalizes rule extending supervision over digital payment wallet apps CFPB
[ November 21, 2024 ] Number of credit unions with low exam ratings rose in third quarter; strain on balance sheets, consumers, noted NCUA
[ November 21, 2024 ] CFPB publishes adjustments to thresholds under TILA, FCRA CFPB
[ November 21, 2024 ] Ex-CEO of failed Kansas bank prohibited from financial institutions after cryptocurrency scheme The Fed
[ November 18, 2024 ] Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules Other

Regulators make it clear: no changes necessary to AML/BSA programs in face of BOI rule

December 21, 2023 0

No changes are necessary to Bank Secrecy Act/anti–money laundering (AML/BSA) compliance programs designed to follow the 2016 Customer Due Diligence (CDD) rule because of the Jan. 1 effective date for the new beneficial ownership information […]

Agency updates CECL tool for credit unions, featuring ‘latest life-of-loan,’ other enrichments

December 21, 2023 0

The “latest life-of-loan,” or “Weighted Average Remaining Maturity,” and other enhancements are included in the updated tool to help credit unions comply with accounting rules designed to improve recognition of credit losses on loans and […]

NCUA wants comments on its funding through insurance program by Feb. 20

December 21, 2023 0

Comments are due Feb. 20 on the “overhead transfer rate” (OTR) methodology proposed by the federal credit union regulator at its meeting last month, the agency said Thursday. The OTR is the rate at which […]

Credit union regulator issues technical fix to reporting CECL transition amounts

December 20, 2023 0

A technical correction for calculating and reporting current expected credit loss (CECL) transition amounts on credit union call reports was issued Wednesday by the federal regulator of the cooperatives. “The transition to the CECL methodology […]

Credit unions step up filing of diversity self-assessments in ‘22, doubling tally from ‘21

December 13, 2023 0

Credit unions in 2022 doubled their numbers from the previous year for filing voluntary diversity self-assessments, their federal regulator said Wednesday in releasing a final report on last year’s filings. According to the National Credit […]

9.5% increase for NCUA’s 2024 budget, funding mechanisms up for action next Thursday

December 8, 2023 0

The 2024-2025 budget of credit unions’ federal regulator, its liquidity facility for credit unions, and budgetary funding mechanisms make up the action agenda for the Dec. 14 meeting of the agency’s board. The National Credit […]

Credit unions see rising delinquency rate at end of third quarter, but continue loan, savings, assets growth

December 8, 2023 0

Delinquency rates are up at credit unions as of the end of the third quarter, their federal regulator said late Thursday – while, at the same time, assets, savings and loans all increased, the agency […]

Filing a late credit union call report will spur a fine in 2024, ending COVID-19 era suspension

November 28, 2023 0

Filing a late credit union call report will, once again, prompt a fine from their federal regulator starting Jan. 1, the agency said Tuesday. Civil money penalties (CMP) for credit unions for late Form 5300 […]

6 audits in progress at NCUA, OIG says in latest semiannual report to Congress

November 24, 2023 0

A semiannual report covering the period of April 1 through Sept. 30 of this year shows a half-dozen inspector general audits in progress at the National Credit Union Administration (NCUA) and a handful of “significant” […]

Audit shows NCUA schedule of investments, taxes/receipts comply with standards

November 24, 2023 0

An independent audit of the federal credit union regulatory agency’s schedule of investments and other taxes and receipts as of Sept. 30, 2023, presents information fairly under generally accepted accounting principles (GAAP), according to a […]

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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 [...]
Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules

November 18, 2024 0

A final rule aimed at providing a “sharper scalpel” of penalty and enforcement provisions to rules governing foreign investment in the United States was issued Monday by the Treasury Department, the agency said. The rule enhances “certain procedures” of the [...]
More days allowed for commenting on deposit insurance recordkeeping for custodial accounts

November 18, 2024 0

Forty-five more days are now available for commenting on the proposed deposit insurance recordkeeping rule for banks’ third-party (custodial) accounts, the federal insurer of bank deposits said Monday. With the addition of 45 days, the comment period now extends to [...]