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Comments on OTR listed as April 26 deadline nears

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ADVOCACY

State CUs showed strong growth in 2015

NASCUS is the only organization exclusively dedicated to defending and advancing a strong state credit union system. Established in 1965, state credit union regulators formed NASCUS to promote the safety and soundness of state-chartered credit unions.

Top Stories

Letters illustrate desire for change in OTR status quo
April 27, 2016 -- Of the dozen and a half comment letters on the overhead transfer rate that NASCUS has seen, all have one thing in common: the OTR status quo needs change. READ

CECL model to proceed; implementation date now 2020
April 27, 2016 – The “current expected credit loss” (CECL) model will be effective for annual periods beginning after December 15, 2020 for credit unions and other private companies, not-for-profit organizations, and employee benefit plans, the Financial Accounting Standards Board (FASB) approved today, while also voting to proceed model, and publish standards in June. READ

NASCUS: 'Severely flawed' OTR threatens dual-chartering system
April 26, 2016 -- The methodology for NCUA’s overhead transfer rate (OTR) is “is severely flawed,” in that it is arbitrary, capricious, and inequitable to federally insured, state chartered credit unions, NASCUS wrote in its comment letter on the methodology to NCUA today. READ

IL supervisor urges changes in OTR,
FCU op fee methodologies

April 26, 2016 -- Noting that Illinois “leads the nation with 202 federally insured, state-chartered credit unions,” the state’s top credit union regulator has urged the NCUA to revise the overhead transfer rate (OTR) methodology and rely on safety and soundness exams of FCUs and FISCUs “to the greatest extent possible.” READ

BSA fines/penalties reap $12 billion since 2009, GAO reports
April 25, 2016 -- Fines and penalties for non-compliance with the Bank Secrecy Act (BSA) and anti-money laundering efforts has reaped more than $12 billion since 2009, according to a recent federal report. READ

CT commissioner outlines 3 areas of OTR concern
April 25, 2016 -- Providing greater transparency, engaging key stakeholders and ensuring equitable treatment of state and federally chartered credit unions are three reasons that NCUA should reconsider the methodology for the overhead transfer rate (OTR), the Connecticut Department of Banking has written in its official comment letter. READ

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