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2013 Stories
NASCUS Regulators Provide Education to International Regulatory Community
NASCUS thanks our state regulator members for sharing their knowledge and resources with the international regulatory community.
NASCUS Submits Regulatory Relief Testimony For April 10 Hearing
NASCUS and state regulators took the opportunity to submit tesitmony to the Subcommittee on Financial Institutions and Consumer Credit for the April 10 Hearing on Examining Credit Union Regulatory Burden. NASCUS' testimony touches on several concepts for consideration to improve the regulatory supervision of state-chartered credit unions while providing prudent regulatory relief, including the need for credit union capital reform, state regulatory representation on the National Credit Union Administration (NCUA) Board, and increasing the size of the NCUA Board.
FFIEC Names State Regulators to the State Liaison Committee
The Federal Financial Institutions Examination Council (FFIEC) announced on April 1 the appointment of three new members of the Council's State Liaison Committee (SLC). Thomas (Tom) Candon, NASCUS Past Chairman and Deputy Commissioner of Banking and Securities of the Vermont Department of Financial Regulation, was appointed to succeed Harold Feeney, Texas Credit Union Commissioner, as NASCUS' representative.
NASCUS Regulators Meeting with NCUA on National Policy Issues
Annually, state regulators and the National Credit Union Administration (NCUA) gather for their National Regulators Meeting for regulator-to-regulator discussion on national policy issues affecting state-chartered credit unions. This meeting took place, March 18-20 in San Antonio, Texas.
Supplemental Capital as a Tool for Safety and Soundness - Remarks of NASCUS Chairman at CUNA's GAC
Supplemental Capital is also not an exotic unknown that is somehow incompatible to the credit union movement. Our low income designated credit unions have access to it. And virtually all developed credit union systems worldwide, and all banking systems worldwide have access to it. In short Supplemental Capital is tool that is widely available in the world of depository instutions. Like all tools, it should be used properly by someone who knows what they are doing.
NASCUS works with NCUA on LICU Designation for FISCUs
State-chartered credit unions will find it easier to determine if they are eligible for designation as low-income credit unions (LICU) through a cooperative effort by the National Credit Union Administration (NCUA) and the National Association of State Credit Union Supervisors (NASCUS).
NASCUS Supports Supplemental Capital Legislation
Today, Representatives Peter King (R-NY) and Brad Sherman (D-CA) introduced the Capital Access for Small Businesses and Jobs Act, legislation that will allow credit unions to access supplemental capital, a reform long supported by NASCUS. This bill is similar to H.R. 3993 which was introduced in the 112th Congress.
NASCUS Elects New Board Officers; Georgia Regulator Appointed
The NASCUS Board of Directors recently elected two new officers. John Kolhoff, Deputy Commissioner for Credit Unions for the Michigan Office of Financial and Insurance Regulation, was elected Chairman-Elect and Michael Wettrich, Deputy Superintendent for Credit Unions, Ohio Division of Financial Institutions was elected Secretary-Treasurer.
Connecticut Regulator Mary Ellen O'Neill Appointed to NASCUS Board of Directors
NASCUS Chairman Orla Beth Peck (UT) has appointed
Connecticut regulator Mary Ellen O'Neill to the NASCUS Board of Directors.
O'Neill is currently Director of the Financial Institutions Division for the
Connecticut Department of Banking.
NCUA Board Finalizes Troubled Condition Rule at January Meeting
At the January 10 meeting, the NCUA Board approved the issuance of a final rule to amend the NCUA's definition of a credit union in "troubled condition," to permit NCUA or the state regulator to declare a FISCU in troubled condition. The rule clarifies that NCUA will not declare a FISCU to be in troubled condition until after an onsite contact at the credit union.
Update on Developing CFPB
The Consumer Financial Protection Bureau (CFPB) had a busy 2012 and closed out the year with several changes to pending rules, completion of staffing its advisory bodies, and announcing a reorganization of its headquarters Office of Supervision.
2012 Stories
NASCUS comments on NCUA's proposed rule to change the definition of "small" credit unions
In response to NCUA's proposed rule to change the definition of "small credit unions," NASCUS suggested recommendations on behalf of the state credit union system including considering relief for credit unions based on metrics other than just size, such as non-complexity. NASCUS acknowledges in the letter that this rulemaking is specifically related to a Congressional mandate to relieve burden on "small" entities.
NASCUS Reviewing National Supervision Policy Manual
The National Credit Union Administration (NCUA) recently released a public version of its new National Supervision Policy Manual (NSPM). The manual describes the agency’s internal operations and procedures for supervisory staff .
November 15, 2012
NCUA 2013 Budget and OTR Approved
The National Credit Union Administration (NCUA) Board approved its fiscal year 2013 budget as well as the 2013 Overheard Transfer Rate (OTR) during its monthly November meeting.
NASCUS Summary of Material Loss Review (MLR) of O.U.R Federal Credit Union
NCUA's Office of Inspector General (OIG) has published a Material Loss Review (MLR) of O.U.R Federal Credit Union a federal credit union located (FCU) in Eugene, Oregon. The failure of the $4.3 million FCU resulted in $3.7 million loss to the National Credit Union Share Insurance Fund (NCUSIF).
November 6, 2012
Join NASCUS for Prepaid Webinar with Comptegrity November 8
On November 8, 2012, NASCUS is presenting a webinar by the leading compliance experts at Comptegrity focusing on the complex regulatory and operational issues related to pre-paid cards. If your examiners encounter pre-paid card programs in the course of their examinations, or your credit union has its own program or serves members with a program, this webinar is for you.
November 6, 2012
CUNA/NASCUS Bank Secrecy Act Conference
Presented by CUNA in partnership with NASCUS. The Bank Secrecy Act Conference brings together BSA compliance officers, state and federal examiners and industry experts for discussion, networking and education on BSA compliance issues.
October 30, 2012
NASCUS Office will Re-Open Wednesday
NASCUS' office will be open Wednesday, October 31. In response to the approach of hurricane Sandy NASCUS had initiated its contingency plan for the duration of the storm. As such, while NASCUS maintained continuous operations via remote operation protocols, the physical office was closed. NASCUS staff may be reached by e-mail and phone.
October 28, 2012
Call Report and Profile Distribution Process Changing Beginning with December 2012 Cycle
As part of their Green Initiatives, NCUA is changing the Call Report and Profile distribution process. NCUA will no longer provide letters to or for online filing credit unions
October 25, 2012
NASCUS Continued Regional Regulator Meeting Series in Atlanta
State credit union regulators from across the southeastern states met at the Atlanta Federal Reserve this past Monday for another of the ongoing Regional Regulator meetings held by NASCUS.
October 14, 2012
NASCUS Summary of Material Loss Review (MLR) of O.U.R Federal Credit Union
NCUA's Office of Inspector General (OIG) has published a Material Loss Review (MLR) of O.U.R Federal Credit Union a federal credit union located (FCU) in Eugene, Oregon. The failure of the $4.3 million FCU resulted in $3.7 million loss to the National Credit Union Share Insurance Fund (NCUSIF).
September 21, 2012
NASCUS and State Regulators Express Appreciation for Gigi Hyland's Service on NCUA Board
As her term ends, NASCUS thanks National Credit Union Administration (NCUA) Board member Gigi Hyland for her commitment to the credit union dual chartering system during her service on the NCUA Board.
September 20, 2012
State Regulators meeting in Atlanta on October 22
NASCUS is continuing our regional regulator meeting series that allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers.
September 14, 2012
Idaho, Virginia State Regulators Continue Serving on NASCUS Board; Louisiana Regulator Appointed
At the 2012 NASCUS Annual Meeting on Sept. 12 in Denver, two current NASCUS Board members officially began new three-year terms.
September 14, 2012
McDaniel Begins Service, Idol and Tierney Continue Service on NASCUS Credit Union Executive Council, Fouch Re-appointed
Denver, CO - The NASCUS Credit Union Advisory Council held its 2012 Annual Meeting on Sept. 12 in Denver where three state credit union CEOs began new terms on NASCUS' Credit Union Executive Council. One state credit union CEO was newly elected. The Credit Union Advisory Council is governed by the Executive Council, a group of 12 directors who are credit union executives from around the country.
September 13, 2012
Past NASCUS Chairman Linda Jekel Honored with NASCUS Pierre Jay Award
Denver, CO - Linda Jekel, credit union regulator from Washington and past NASCUS Chairman and longtime NASCUS Board Director, was honored with the 2012 NASCUS Pierre Jay Award.
September 11, 2012
NASCUS Hosting State System Summit This Week in Denver
On September 12-September 14 in Denver, the state credit union system's leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit.
September 11, 2012
NASCUS Now Developing Comment Letters - Your Comments Welcome by September 19
NASCUS is currently working on NCUA's proposed rulemaking on "troubled condition" for state-chartered credit unions and the proposed rule on Emergency Liquidity.
September 7, 2012
NASCUS gathering for Annual Summit next week in Denver!
NASCUS leadership and staff are preparing for what promises to be a great NASCUS Summit next week, September 12-14 in Denver, CO.
September 5, 2012
NASCUS 2nd Annual Colorado Directors College to be held October 10 in Denver
On Oct.10 at Denver Community Credit Union, NASCUS will hold the 2nd Annual Directors College for Colorado credit unions. The Colorado Division of Financial Services. Mountain West Credit Union Association and NASCUS encourage all credit union board members, supervisory committee members and other volunteers along with credit union management to attend this important one-day educational event.
August 28, 2012
NASCUS Monitoring Hurricane Isaac
NASCUS, as a member of the Financial and Banking Information Infrastructure Committee (FBIIC), is monitoring issues related to Hurricane Isaac. We are keeping in touch with our NASCUS members impacted by the hurricane, as usual in cases such as this.
August 22, 2012
NASCUS Announces Management Departure
NASCUS President and CEO Mary Martha Fortney announced today that after nearly eight years on the management team, Kate Hartig is leaving NASCUS to embrace a new opportunity.
August 10, 2012
NCSL Reaffirms Policy on Dual Chartering for Credit Unions and State Sovereignty in Financial Services
The National Conference of State Legislatures (NCSL) recently approved a condensed version of its banking, insurance and internet electronic commerce policies. As part of these policies, the strong policy on credit union dual chartering and state sovereignty in financial services was reaffirmed, actions applauded by NASCUS.
August 8, 2012
NASCUS Responds to NCUA Annual Rule Review
NASCUS suggested recommendations on behalf of the state credit union system including providing parity for federal insured state chartered credit unions (FISCUs) in some areas of NCUA's regulations and a consolidation of insurance rules in Part 741.
July 27, 2012
NCUA Proposes Change to Definition of "Troubled Condition" for State-Chartered Credit Unions
During the National Credit Union Administration’s (NCUA) July Board meeting, the NCUA board voted unanimously to publish a notice of proposed rulemaking to amend the definition of "troubled condition" in §701.14 and elsewhere in NCUA’s regulations.
July 24, 2012
State CU System Leaders Testify on Capitol Hill
NASCUS members were in Washington, D.C. this week testifying before Congress on consumer protection and preemption issues.
July 16, 2012
Dates Announced for 2013 NASCUS/NCUA National Meeting
NASCUS asks state regulators to save the date for the 2013 NASCUS/National Credit Union Administration (NCUA) National Regulators Meeting, March 19-20, 2013 in San Antonio, Texas.
July 10, 2012
New: NASCUS Announces Introduction to Prepaid Cards Webinar
The July 31 webinar will provide a foundation to understanding the nuances and complexity of the unique and emerging marketplace of prepaid cards.
June 18, 2012
Florida Regulator Linda Charity Appointed to NASCUS Board of Directors
NASCUS Chairman Orla Beth Peck (UT) has appointed Florida regulator Linda Charity to the NASCUS Board of Directors. Charity is the Interim Commissioner for the Florida Office of Financial Regulation (OFR) and also serves as Director of the OFR's Division of Financial Institutions.
June 18, 2012
Gary Oakland Honored with Lifetime Honorary NASCUS Membership
NASCUS honored Gary Oakland, past President and CEO of BECU and long time state system supporter, with a Lifetime NASCUS Membership at a celebration recognizing his 30-year credit union career last week.
June 13, 2012
NASCUS Holds Asset Liability Management Training for Examiners
NASCUS recently partnered with the Ohio Department of Commerce's Division of Financial Institutions (DFI) for an examiner training on asset liability management (ALM) and related investment issues. The training was also attended by examiners from other states.
June 4, 2012
Your Comments Welcome on NCUA Regulatory Review
NASCUS encourages your feedback for its comments on NCUA's annual regulatory review. The NCUA maintains a rolling review schedule that identifies one-third of NCUA’s existing regulations for review each year and provides an opportunity to comment.
May 24, 2012
NCUA Addresses Troubled Debt Restructuring and RegFlex at May Monthly Meeting
The National Credit Union Administration (NCUA) Board held its monthly meeting on May 24 to address two final rules and one final interpretative ruling and policy statement (IRPS). The NCUA also provided an insurance fund report.
May 16, 2012
Upcoming NASCUS Webinars in Investment Issues for Credit Unions
NASCUS is hosting webinars on May 31 and June 13 on investment hazards and sound investing in today's interest rate environment. The sessions are open to both examiners and credit unions.
May 14, 2012
Reg Burden, IRR and Communication During Examinations Hot Topics of NCUA's Listening Session
NASCUS participated in the National Credit Union Administration (NCUA) Listening Session on May 9 in Alexandria, Va. This was the second in a six-part series aimed at providing opportunities for dialogue between NCUA and credit unions.
May 8, 2012
Amendment to Postal Bill Could Limit Government Agency Participation in Conferences
NASCUS co-signed with other associations and professional societies in an American Society of Association Executives (ASAE) letter encouraging Congress to amend this legislation. As presented, the legislation could restrict dialogue between the private sector and the federal government.
May 1, 2012
Nebraska's Munn Reelected Chairman of FFIEC State Liaison Committee, Cotney Also Reappointed to SLC
The Federal Financial Institutions Examination Council (FFIEC) announced that John Munn, Director of the Nebraska Department of Banking and Finance, will continue service as Chairman of the FFIEC State Liaison Committee (SLC). Massachusetts Division of Banks Commissioner David Cotney was also reappointed to the SLC.
May 1, 2012
Colorado's Sooper Credit Union Announces Solar Panel Loan Program
The program is the first of its kind at state-chartered Sooper CU to address the community-owned solar panel marketplace with low-interest loans.
May 1, 2012
NASCUS Hosting Asset Liability Management Training for Regulators
In conjunction with NASCUS, the Ohio Department of Financial Institutions is holding an examiner training on asset liability and management (ALM) issues June 5-7, 2012 in Columbus, Ohio. This regulators-only event is open to other state examiners from state agencies.
May 1, 2012
NASCUS Directors College Registration Open in Illinois, North Carolina, Utah, Ohio, Wisconsin and Kansas
NASCUS' Directors Colleges continue to be highly rated by attendees as valuable training opportunities for credit union directors and management. The events focus on the regulator’s expectations of directors and also include industry experts on financial statement reviews, emerging issues, compliance obligations and more.
April 25, 2012
Washington CU Division's Lacy-Roberts Named CU Program Manager
The Washington Division of Credit Unions (Division) announced that Doug Lacy-Roberts is the new Division Program Manager, effective May 1, 2012.
April 19, 2012
NASCUS Discusses CU Impact of Dodd-Frank and Compliance Considerations with GAO
The U.S. Government Accountability Office (GAO) contacted NASCUS for feedback on the impact of the Dodd–Frank Wall Street Reform and Consumer Protection Act (DFA) on credit unions. NASCUS met with GAO on April 17 to discuss the DFA and the general regulatory and compliance landscape impacting credit unions.
April 17, 2012
NASCUS Holds Investments Training for California Examiners and Credit Unions
For the fourth year, NASCUS recently partnered with the California Department of Financial Institutions for their annual department-wide examiner training. The school was also open to credit unions for side-by-side training with examiners on issues affecting both groups.
April 11, 2012
NASCUS Joins Twitter Online Community
You can now find NASCUS on Twitter by following @TheNASCUS.
April 11, 2012
NASCUS Holding Directors Colleges in Illinois and North Carolina in May
NASCUS is pleased to announce our Directors College series is returning to North Carolina for the fourth time and Illinois for the second time in May.
April 10, 2012
Filing FinCEN’s new CTRs and SARs
The Financial Crimes Enforcement Network (FinCEN) issued guidance to alert covered entities that it has begun to accept the new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) into FinCEN's BSA E-Filing System. NASCUS members can view a summary of this guidance at this link. (Member log-in required)
April 2, 2012
Not Too Late to Attend Directors College on April 11 in Northern California
NASCUS is pleased to announce that Teveia Barnes, the newly appointed Commissioner of the California Department of Financial Institutions, will be on hand to discuss her priorities as Commissioner at the April 11 event.
March 26, 2012
NASCUS Discusses State System Issues with Treasury and CFPB Officials
Recently, NASCUS met with officials at the U.S. Treasury and the Consumer Financial Protection Bureau (CFPB) to continue dialogue with them on issues impacting the state credit union system.
March 22, 2012
Early Bird Registration Open for 2012 State System Summit
We invite you to join the system’s leaders in Denver, Colorado, Sept. 12-14 to address the top challenges confronting state credit unions and regulators.
March 13, 2012
Senate Introduces Exam Fairness Legislation Similar to House Bill
Sen. Jerry Moran introduced S. 2160, the Financial Institutions Examination Fairness and Reform Act, a nearly identical legislation to H.R. 3461, the House version of exam fairness.
March 13, 2012
White House Withdraws Decker Nomination to NCUA Board
Upon her request, the White House withdrew the nomination of Carla M. León-Decker to be a member of the National Credit Union Administration (NCUA) Board.
March 5, 2012
NASCUS Bringing Directors Colleges to Northern and Southern California
NASCUS is excited to host our Directors College series in California on March 30 in San Diego and again on April 11 in Walnut Creek.
Feb. 21, 2012
NASCUS Recommends Different and Less Preemptive Approach for Loan Participation Risk
In a Feb. 21 comment letter, NASCUS recommends NCUA work with state regulators to address supervisory concerns regarding loan participations in a manner that does less harm to the dual chartering system, more effectively mitigates material risk, and improves oversight while not unnecessarily burdening credit unions.
Feb. 15, 2012
NASCUS Directors College Coming to San Diego, CA on March 30
Speakers to date include William Haraf, Commissioner of California Financial Institutions, former NCUA Chairman Dennis Dollar and renowned compliance expert Mary Lou Heighes.
Feb. 10, 2012
New Bill Would Allow Supplemental Capital to Count Toward Credit Union Net Worth
The bill would make a change to the definition of net worth in the Federal Credit Union Act to allow non-share capital accounts to count toward a natural person's credit union's net worth.
Feb. 9, 2012
NASCUS Applauds Introduction of Supplemental Capital Bill
Rep. Peter King (R-NY) introduced the Capital Access for Small Businesses and Jobs Act, H.R. 3993, legislation that will allow credit unions to access supplemental capital, a reform long supported by NASCUS.
Feb. 8, 2012
NCUA Continues to Eye Derivatives as Mitigating Tool for Interest Rate Risk
NASCUS is encouraging state regulators to review state regulations to determine what activities to mitigate interest rate risk are permissible for state-chartered credit unions. A summary of the NCUA ANPR for FCUs is available for NASCUS members to assist in studying the appropriate applicability to SCUs.
Feb. 8, 2012
IRS Corrects Erroneous Correspondence Regarding SCU Tax Exempt Status
In September 2011, some state regulators and credit unions received erroneous correspondence from the Internal Revenue Service (IRS) regarding the revocation of some credit unions' tax exemption. This week, the IRS clarified that it was a error on their part and the tax exempt status had not been revoked.
Feb. 2, 2012
Special Offer for Archived Webinars - Access Two for $99!
For a limited time, NASCUS is offering a special price of $99 for access to two archived NASCUS webinars for 30 days.
Jan. 27, 2012
NCUA Finalizes Interest Rate Risk Rule, Addresses Loan Workouts and Derivatives
The National Credit Union Administration (NCUA) made final a rule requiring credit unions to have a written interest rate risk (IRR) policy, among other actions, at its January 26, 2012 open board meeting.
Jan. 23, 2012
NASCUS Encouraging Feedback on NCUA and CFPB Proposals
NASCUS is in the process of developing comment letters on several proposals including NCUA's rulemakings on loan participations and emergency liquidity access. We encourage NASCUS member feedback and opinions.
Jan. 18, 2012
NASCUS Publishes New Edition of Profile of State CU Regulatory Agencies
Published every two years, the NASCUS Profile of State Credit Union Regulatory Agencies is a reference to the general organizational structure, personnel policies, statutes and regulations of the state credit union regulatory agencies. The 2012 edition is now available. (Member log-in required).
Jan. 11, 2012
Mark Your Calendars for NASCUS' 2012 Education Events
NASCUS has announced a number of education and training events for 2012. Additional events will be added throughout the year.
Jan. 4, 2012
GAO Recommends Earlier Actions by NCUA to Address Troubled Credit Unions
As directed by the National Credit Union Authority Clarification Act of 2011, the Government Accountability Office (GAO) released a report on Jan. 4 addressing credit union failures and NCUA's responses to those failures as well as implementation of Prompt Corrective Action (PCA).
Jan. 4, 2012
President Uses Recess Appointment for CFPB's Cordray
On Jan. 4, President Barack Obama used a recess appointment to install Richard Cordray as the Director of the Bureau of Consumer Financial Protection (CFPB) thereby skirting a stalled Senate confirmation process.
Jan. 3, 2012
More Than 1,250 Directors Trained in NASCUS Directors College Series
NASCUS, with the help of the state regulators and leagues, has traveled the country to provide continuing education for directors concentrating on the critical statutory, fiduciary and regulatory responsibilities. NASCUS will continue this series in 2012.
2011 Stories
Dec. 20, 2011
NASCUS Encourages NCUA Regulatory Relief for State Charters
NASCUS has encouraged the agency to consider additional relief for state charters, as the proposed efforts thus far primarily provide regulatory relief for federal credit unions (FCUs).
Dec. 19, 2011
NASCUS Assessing State Law Impact of Proposed Extension of Loan Participation Rules to FISCUs
The National Credit Union Administration (NCUA) approved a proposed rule that would extend existing loan participation rules for federal credit unions to federally insured state-chartered credit unions and impose new concentration limits.
Dec. 12, 2011
NASCUS Executive Committees Meeting in Washington Dec. 14-16
The officers of the NASCUS Board of Directors and the Credit Union Executive Council will gather in Washington, D.C. Dec. 14-16 to discuss NASCUS organizational business and also to meet with the NCUA and others.
Dec. 8, 2011
CFPB Director Nomination Blocked in the Senate
Richard Cordray, President Obama's nomination to be director of the Bureau of Consumer Financial Protection, was blocked by Senate Republicans for confirmation to the post.
Dec. 6, 2011
House Approves Bill Amending Rulemaking Process
The U.S. House of Representatives approved the "Regulatory Accountability Act of 2011," H.R. 3010, on December 2 amending the Administrative Procedures Act regarding rulemaking and adding provisions for rulemaking that imposes significant cost on the economy.
Nov. 29, 2011
CFPB Publishes Request for Comments on Streamlining Regulations
The Bureau of Consumer Financial Protection (CFPB) published a request for comments on streamlining regulations it recently inherited from other Federal agencies.
Nov. 29, 2011
"Exam Fairness" Legislation Introduced in the House
H.R. 3461, the Financial Institutions Examination Fairness and Reform Act, was introduced by Rep. Shelley Moore Capito (R-WV) and Rep. Carolyn Maloney (D-NY) in an effort to improve elements of the federal examination process.
Nov. 21, 2011
CFPB Publishes Supervisory Statement on Determining $10 Billion Asset Threshold
Determination of which institutions immediately fall under the CFPB's authority will be based on the June 30, 2011 Call Report data. Future determination of whether an institution surpasses the $10 billion asset threshold, or conversely, falls below the threshold, will be based on four consecutive Call Reports.
Nov. 17, 2011
NCUA Approves 5.1 Percent Increase for 2012 Operating Budget, 53.9 Percent OTR and Estimates 2012 Premiums
The National Credit Union Administration (NCUA) Board approved its fiscal year 2012 budget during its monthly November meeting.
Nov. 16, 2011
NASCUS Directors College Series Continues in Missouri
NASCUS, along with the Missouri Division of Credit Unions, hosted the first Missouri Directors College in Independence earlier this month.
Nov. 10, 2011
Matz Reiterates Support for Supplemental Capital, Estimates 8-11 Basis Point Corporate Assessment for 2012
National Credit Union Administration (NCUA) Chairman Debbie Matz held a online "Town Hall" with more than 2,400 attendees on Nov. 9 to discuss issues of interest to the credit union community.
Nov. 9, 2011
NASCUS Adds Webinars on New Garnishment Rules, CARD Act Changes and More
Registration is open for a number of NASCUS educational opportunities this fall and winter
Nov. 4, 2011
NCUA Chairman Holding Online "Town Hall" Nov. 9
During the live webinar, participants will be able to type in questions about any topic for response from NCUA Chairman Debbie Matz. Registration remains open.
Nov. 4, 2011
NASCUS Continued Regional Regulator Meeting Series in Atlanta
NASCUS Chairman Orla Beth Peck (UT) brought together several state credit union regulators from the southeastern part of the country in Atlanta on Oct. 31 for another of the ongoing Regional Regulator meetings held by NASCUS.
Oct. 31, 2011
NASCUS Partnering with CUNA on Comprehensive Bank Secrecy Act Training This Week
This conference is the largest credit union specific BSA/AML conference and brings together regulators, credit unions, leagues and other compliance professionals for three days of comprehensive discussion of the issues.
Oct. 27, 2011
NCUA Approves Final Rule Revising Community Development Revolving Loan Fund Processes
NCUA staff noted that changes in the economy and other factors prompted this update to the CDRLF processes intended to improve the organization, structure and ease of use by credit unions.
Oct. 21, 2011
President Nominates Former D.C. Credit Union President to NCUA Board
President Barack Obama nominated Carla M. León-Decker to serve as a Board Member of the National Credit Union Administration (NCUA).
Oct. 18, 2011
NCUA Inspector General Issues Report on NCUA's DOR Follow-Up Process
The Inspector General concluded that NCUA failed to effectively monitor or follow up on unresolved DOR items and recommended improvements.
Oct. 17, 2011
NASCUS Makes FISCU Regulatory Relief Recommendations to NCUA Chairman
Recently, the National Credit Union Administration (NCUA) Chairman announced a Regulatory Modernization Initiative aimed at providing some regulatory relief for credit unions. NASCUS recommended additional reforms for federally insured state-chartered credit unions including consolidating insurance rules into one section and improvements to online resources.
Oct. 17, 2011
CFPB Releases Examination Manual and Guide
The Consumer Financial Protection Bureau (CFPB) released its CFPB Supervision and Examination Manual, the guide for their examiners to use in overseeing companies that provide consumer financial products and services.
Oct. 17, 2011
Colorado CU Directors Join NASCUS for Directors College
NASCUS, along with the Colorado Division of Financial Services hosted the first annual Colorado Directors College at Denver Community Credit Union on Oct. 6. Close to 70 directors and several credit union management attended the training event.
Oct. 12, 2011
NASCUS Announces Fall Webinar Lineup
Registration is open for webinars on risks associated with business accounts, compliance issues for directors and updates on the CARD and SAFE Acts.
Oct. 12, 2011
NASCUS Holding Regional Regulators Meeting, Atlanta, Oct. 31
NASCUS welcomes credit union regulators from all states and encourage regulators, chief deputies and senior examiners to attend.
September 28, 2011
Longtime NASCUS Member and State Regulator from Mississippi Announces Retirement
John Allison, Commissioner of the Mississippi Department of Banking and Consumer Finance, announced that he is retiring from state service September 30, 2011.
September 27, 2011
NASCUS Urges NCUA to Leverage Existing Resources and Enhance Risk Focus for Supervision of CUSO Activities
NASCUS urges NCUA to reconsider this proposal and work with state regulators to enhance supervision by improving existing authority and monitoring programs, and minimize regulatory burden by adopting a targeted approach to CUSO oversight.
September 26, 2011
NCUA Issues Final Rule Regarding Net Worth from Senate Bill 4036
In January of this year, the President signed Senate Bill 4036 which included amendments to the Federal Credit Union Act to clarify the use of the term net worth in combination transactions and to allow Section 208 assistance to be counted towards net worth.
September 19, 2011
System Leaders Addressing IRS' Erroneous Tax Exemption Correspondence to Credit Unions
NASCUS has learned that state regulators and credit unions have received erroneous correspondence from the Internal Revenue Service (IRS) regarding the revocation of some credit unions' tax exemption. This is paperwork and recordkeeping mistake by the IRS, and not a change in the law. The credit unions' tax exemptions are not threatened.
September 15, 2011
Illinois Governor Quinn Addresses NASCUS Summit on Role of Regulators and Credit Unions in Today's Economy Illinois Gov. Pat Quinn addressed the NASCUS State System Summit in Chicago to an audience of state regulators, state-chartered credit unions and system leaders. In his remarks, Gov. Quinn complimented the credit union movement and also commended regulators for "keeping an eye on things."
September 15, 2011
NASCUS Installs New Leadership at State System Summit
On Sept. 14, 2011, Utah's credit union regulator, Orla Beth Peck, became the NASCUS Chairman for a two-year term following Tom Candon of Vermont. Additionally, Catherine Tierney, Community First Credit Union, Wisconsin, was installed as the new Chairman of the NASCUS Credit Union Advisory Council following the chairmanship of Parker Cann of BECU, Washington.
September 15, 2001
Past NASCUS Chairman Roger Little Honored with NASCUS Pierre Jay Award
Roger Little, retired credit union regulator from Michigan and past NASCUS Chairman and longtime NASCUS Board Director, was honored with the 2011 NASCUS Pierre Jay Award.
September 12, 2011
NASCUS Hosting Annual State System Summit This Week in Chicago
On September 14-16, 2011 in Chicago, the state credit union system’s leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit.
NASCUS 2010 Audit Completed; Reports Available
Each year, NASCUS contracts an independent audit by a CPA firm to ensure that the financial reports accurately reflect the fiscal condition of the association, NASCUS, and the National Institute for State Credit Union Examination (NISCUE), its affiliated corporation.
August 31, 2011
Illinois Governor Pat Quinn to Speak at NASCUS State System Summit in Chicago
NASCUS is pleased to announce that Illinois Governor Pat Quinn will speak at NASCUS' annual gathering of the state credit union system, the 2011 State System Summit in Chicago, Illinois.
August 30, 2011
Corporate Stabilization Assessment Set at 25 Basis Points, Lower 2012 Assessment Expected
On August 29, the National Credit Union Administration (NCUA) Board announced a 25 basis points assessment for the corporate stabilization fund totaling $1.96 billion.
August 29, 2011
Join NASCUS and CUNA for Annual Comprehensive BSA/AML Conference
This conference, Oct. 30-Nov. 2 in San Diego, is the largest credit union specific BSA/AML conference and brings together regulators, credit unions, leagues and other compliance professionals for three days of comprehensive discussion of the issues.
August 26, 2011
Credit Unions, State Agencies Prepare for Hurricane Irene
Credit unions and state agencies in the path of Hurricane Irene as well as NCUA have taken precautionary measures in advance of Hurricane Irene. NASCUS remains in communication with state agencies and with Treasury and other federal agencies for disaster recovery information sharing. Hurricane resources can be found on FBIIC's site and disaster prepardeness guidance is also on NCUA's website. NASCUS can be contacted here.
August 15, 2011
NCUA Begins Disclosing CAMEL Ratings to FISCUs
In an August 2011 Letter to Credit Unions, NCUA explained that FISCUs would be informed of NCUA CAMEL ratings during all insurance reviews and supervision contacts in which NCUA examiners are on-site.
August 11, 2011
FTC Issues Final Rule Applicable to SCUs on Deceptive Mortgage Acts and Practices
The Federal Trade Commission issued a final rule effective August 19, 2011 that requires state-chartered credit unions to comply with certain rules regarding mortgage advertising.
August 11, 2011
NASCUS Requests Clarification of NCUA's Corporate Assessment Authorities
In a letter to National Credit Union Administration (NCUA) Chairman Debbie Matz, NASCUS inquired about the agency's corporate stabilization fund assessment authorities if credit unions depart from the National Credit Union Share Insurance Fund (NCUSIF).
August 11, 2011
NMLS FBI Criminal History Record Information Training - Understanding the FBI Criminal History Records Webinar
The National Mortgage Licensing System (NMLS) is sponsoring a professionally-moderated conference call and webinar on Aug. 18 for state regulators and institutions to learn directly from FBI experts how information contained in a criminal background check is compiled and how to understand that information.
August 8, 2011
NASCUS Encourages NCUA to Consolidate Insurance Rules in Rule Review Comments
NASCUS responded to the National Credit Union Administration (NCUA) 2011 Rule Review in an August 5, 2011 comment letter.
August 5, 2011
Summit Early Bird Registration Extended to August 12 - Don't Miss $200 in Savings
NASCUS’ annual State System Summit is Sept. 14-16 in Chicago, Illinois. Register before August 12 and save $200 on registration.
August 3, 2011
NCUA: Corporate Prepayment Program Will Not Move Forward
The National Credit Union Administration (NCUA) announced that it did not meet $500 million in credit union commitments for the Voluntary Prepayment of Corporate Stabilization Fund Program to move forward.
July 27, 2011
NASCUS Mourns the Loss of Former Chairman and Michigan Regulator Mike Fitzgerald
NASCUS has learned that a former NASCUS Chairman and retired Michigan Regulator Michael Fitzgerald passed away on July 22.
July 26, 2011
NASCUS Continues Regional Regulator Meeting Series in San Francisco
State credit union regulators from across the western states met in San Francisco recently for another of the ongoing Regional Regulator meetings held by NASCUS.
July 25, 2011
NCUA July Monthly Board Meeting Actions: CUSOs, Budgets and More
In addition to a proposed rule regarding credit union service organizations (CUSOs), the National Credit Union Administration (NCUA) Board addressed several other issues including its mid-year budget review and an alternative for corporate credit unions in accounting calculations for the new capital requirements. See more about the CUSO proposed rule here.
July 21, 2011
NASCUS Announces Consumer Compliance Schools in Texas and Washington
In response to training requests on consumer compliance issues, NASCUS has scheduled two Consumer Compliance Schools, October 18-20, 2011, in Houston, Texas and Dec. 6-8, 2011 in Olympia, Washington.
At the July NCUA Board meeting, a proposed rule was approved for a 60-day comment period that expands the reporting requirements for credit union service organizations (CUSOs) of federally insured credit unions (FISCUs).
July 13, 2011
NASCUS Summit Early Bird Ends July 29 – Save $200 on Registration
Join NASCUS and your state credit union system peers as we navigate this era of new and challenging regulatory, Congressional and member expectations.
CFPB July 21 Implementation Date Nearing
Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has examination authority for entities with more than $10 billion in assets.
July 7, 2011
NASCUS Holds Second Annual Directors College in Wisconsin
More than 130 Wisconsin credit union directors and management gathered for a day-long NASCUS event focused on continuing education for directors on June 29, 2011 at the Fox Valley Technical College in Appleton, Wisconsin.
June 30, 2011
Federal Reserve Sets Higher Interchange Debit Fee Cap, Incorporates Fraud Costs
A final rule released by the Federal Reserve Board sets a 21-cent transaction interchange fee cap for debit cards along with a five basis points per transaction for fraud costs. The final rule is effective Oct. 1, 2011.
June 29, 2011
NCUA Approves “Pre Pay” Corporate Assessment Program with $500 Million Program Target
The National Credit Union Administration (NCUA) approved a program on June 29 that would allow credit unions to voluntarily pre pay for future corporate stabilization fund assessments.
June 20, 2011
NCUA Board Seeks Feedback on Derivative Use for FCUs and Other Actions
During its monthly meeting on June 17, the National Credit Union Administration (NCUA) Board acted on several items including an advanced notice of proposed rulemaking (ANPR) on the possible use of derivatives for federal credit unions.
NASCUS Encourages NCUA to Ensure Prudent Participation in Corporate Prepayment Program
NASCUS’ comments are confined to ensuring that a credit union’s decision to participate is a prudent one given its particular condition and recommends the agency add a safety and soundness threshold for participation.
June 16, 2011
NCUA and Credit Union Industry Encourage Senate Banking Panel to Support Raise in MBL Cap
NCUA Chairman Debbie Matz told the Committee that many credit unions could engage in MBL, but do not because of the cap of 12.25 percent restrictive cap.
June 15, 2011
NASCUS Chairman Shares Credit Union Capital Perspectives with International Regulators
Credit union regulators from 26 countries gathered in Alexandria, Virginia from June 8-10 for the International Credit Union Regulators Network “Regulators Roundtable.” NASCUS Chairman Tom Candon (VT) participated in the meeting and presented on enhancing credit union capital to his international peers.
NASCUS Holding Regional Regulator Meeting, July 12, San Francisco
NASCUS will continue its regional regulator meeting series to allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers and with NASCUS leadership.
June 10, 2010
Senate Banking Committee Holding Hearing on Credit Union Member Business Lending
The hearing scope is expected to include discussion of S. 509, introduced by Sen. Mark Udall (D-CO), a bill to enhance MBL for credit unions for qualified credit unions.
June 8, 2011
Attempt to Delay Interchange Debit Fee Provisions Fails in Senate
An attempt to delay the implementation of debit interchange fee regulations failed in the Senate on June 8 by six votes. The provisions are to take effect on July 21, as part of the Dodd-Frank Wall Street and Consumer Reform Act signed into law last summer.
June 7, 2011
CFPB Announces NCUA Rules Transferring to New Agency
In a recent Federal Register notice, the new Consumer Financial Protection Bureau identified the rules for transfer over to the agency on July 21. The public has until June 30, 2011 to provide comments.
June 1, 2011
NASCUS Recommends Consultation with State Regulators on Incentive-Based Compensation Proposal
NASCUS commented recently to the National Credit Union Administration (NCUA) on its proposed rule regarding incentive-based compensation disclosure, a rulemaking required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
May 24, 2011
NASCUS Responds to NCUA Proposals on Interest Rate Risk, Net Worth and Equity Ratios
NASCUS recommends alternative interest rate risk management approach and comments on the proposal to implement legislation approved earlier this year.
Michigan CU Regulator Appointed to NASCUS Board
NASCUS Chairman Tom Candon (VT) has appointed John J. Kolhoff, Michigan's Deputy Commissioner of Credit Unions, to the NASCUS Board of Directors.
May 20, 2011
NCUA Acts on Golden Parachutes, Interest Bearing Accounts and Announces Proposed Stabilization Fund Prepayment Program
The National Credit Union Administration (NCUA) Board met for its monthly meeting on May 19 approving three final rules, one proposed rule and announcing a program for credit unions to prepay future corporate stabilization fund assessments.
May 19, 2011
NCUA Proposes Voluntary Prepayment of Future Corporate Stabilization Fund Program Assessments
The National Credit Union Administration (NCUA) proposed a program that would allow credit unions to voluntarily pre pay for future corporate stabilization fund assessments up to 36 basis points.
May 18, 2011
Consumer Financial Protection Bureau Launches Initiative to Combine TILA and RESPA Disclosures
The Consumer Financial Protection Bureau (CFPB) announced the effort “Know Before You Owe” aimed at combining two federally required mortgage disclosures into a single form.
May 17, 2011
House Committee Acts on Consumer Financial Protection Bureau Legislation
The House Financial Services Committee approved three bills recently involving the Bureau of Consumer Financial Protection (CFPB), a new federal agency created by the Dodd-Frank Act.
May 12, 2011
CSBS & NASCUS Support Delayed Implementation of Interchange Fee Rule
The Conference of State Bank Supervisors (CSBS) and the National Association of State Credit Union Supervisors (NASCUS) have issued a joint letter to Congress in support of legislation that would delay implementation of the interchange fee provisions of the Dodd-Frank Wall Street and Consumer Reform Act.
May 9, 2011
Several Regulations in NCUA Annual Regulatory Rule Review Impact FISCUs
The National Credit Union Administration (NCUA) maintains a rolling review schedule that identifies one-third of NCUA’s existing regulations for review each year. Of the rules under review, several apply to state-chartered, federally insured credit unions.
May 5, 2011
NASCUS Directors Colleges Announced in Wisconsin and Utah
NASCUS in partnership with the Utah Department of Financial Institutions and the Wisconsin Office of Credit Unions encourage board members, supervisory committees and other volunteers along with credit union management to join NASCUS for these one-day events.
May 3, 2011
NASCUS Holds Third Annual Directors College in North Carolina
NASCUS gathered North Carolina credit union directors and management for a day-long event focused on continuing education for directors.
May 2, 2011
NASCUS Comments on SCU Impact from Proposal to Remove Credit Rating References
In a May 2 letter to the National Credit Union Administration (NCUA), NASCUS provided input on the state-chartered credit union impact of the proposed rule to remove references to credit ratings in determining the credit-worthiness of a security as directed by Title IX of the Dodd-Frank Act.
April 21, 2011
NCUA Approves New Corporate Regulations Without Two Controversial Provisions
The National Credit Union Administration (NCUA) Board approved a set of changes to Part 704, Corporate Credit Unions, absent the proposed provisions to limit natural person credit unions to one corporate and the sharing of corporate stabilizations expenses among all members of corporates.
NCUA Addresses Supervisory Committee Policy, Corporate CUSO Activities for FCUs
In addition to approving a final rule regarding corporate credit unions, at the April 2011 National Credit Union Administration (NCUA) Board meeting, a final Internal Ruling and Policy Statement was approved regarding the Supervisory Review Committee.
April 19, 2011
State Regulators Continue Service on FFIEC State Liaison Committee
The Federal Financial Institutions Examination Council (FFIEC) announced the reappointment of three of the Council's State Liaison Committee (SLC) members, including state credit union regulator, Harold Feeney, the commissioner of the Texas Credit Union Department.
April 18, 2011
Illinois Director Meza Appointed to NASCUS Board
NASCUS Chairman Tom Candon (VT) has appointed Illinois' Robert Meza to the NASCUS Board of Directors. He serves as the Director of Financial Institutions for the Illinois Department of Financial and Professional Regulation.
April 12, 2011
Credit Union MBL Bills Now Pending in House and Senate
As expected, Rep. Ed Royce (R-CA) introduced H.R 1418, the Small Business Lending Enhancement Act of 2011, the companion House bill to S. 509 to allow qualifying credit unions to increase their member business lending to 27.50 percent of assets.
April 12, 2011
House Bill Recommends Changes to CFPB Leadership Structure
A bill introduced in the House of Representatives would change the leadership of the newly created Consumer Financial Protection Bureau (CFPB) from a Director to a five-person commission.
April 5, 2011
NCUA Chairman Matz Begins Term as FFIEC Chairman
The National Credit Union Administration (NCUA) Chairman Debbie Matz began a two year term as the Chairman of the Federal Financial Institutions Examination Council (FFIEC).
April 4, 2011
NASCUS Supports Additional Study of Debit Interchange Cap Proposal
In a letter to Federal Reserve Chairman Ben Bernanke, NASCUS expressed its support for additional study of the impact of the debit interchange fee cap proposal on credit unions.
March 30, 2011
NCUA Publishes Approved Corporate CUSO Activities
NCUA’s Office of Corporate Credit Unions (OCCU) has begun publishing approved activities for corporate credit union CUSOs on a new dedicated page on the NCUA web site.
March 18, 2011
Nearly 40 States Attending National Meeting with NCUA, March 20-22
Representatives from nearly 40 states, the NCUA Board and NCUA senior staff will participate in the meeting, focusing on examination and supervision issues for state-chartered credit unions.
NCUA Board Proposes Requiring Interest Rate Risk Management Programs, Issues Rules from Recent Legislation
A new National Credit Union Administration (NCUA) proposed rule would require written interest rate risk (IRR) programs for federally insured credit unions (FICUs).
State Regulators Welcome to Attend International Credit Union Regulators Roundtable, Washington, D.C., June 8-10, 2011
Each year regulators of financial cooperatives from around the world come together to attend this meeting.
March 14, 2011
New White Paper Reinforces Need for Credit Union Access to Supplemental Capital
A new white paper authored by Dr. James A. Wilcox titled "Reforming Credit Union Capital Requirements" presents a strong case that supplemental capital is an important and necessary reform for credit unions.
Ohio's Top Credit Union Regulator Named to NASCUS Board
The Ohio credit union regulator and an Ohio state credit union executive were recently appointed to NASCUS leadership.
NASCUS Continuing Directors College Series to Georgia and North Carolina
NASCUS encourages state credit union board members to join us for this one-day event geared toward enhancing directors' understanding of the critical statutory, fiduciary and regulatory responsibilities of a director.
Feb. 24, 2011
NASCUS 2011 Annual School for State Examiners- Early Bird Registration Ends March 7!
The Annual School is the one NASCUS education event for state examiners only, allowing for open regulator-to-regulator discussion on the most pressing issues and challenges facing state examiners. This event is April 12-14, 2011 in Boulder, Colorado.
Feb. 17, 2011
NCUA Board Acts on Dodd-Frank Act Directives on Executive Compensation, Credit Rating References
The NCUA Board approved two proposed rules on Feb. 17 stemming from directives in the Dodd-Frank Act regarding incentive-based executive compensation disclosure and removing references to credit ratings in financial regulations.
Feb. 16, 2011
Bachus Points to Consumer Protection, GSE Reform and Securities Issues as Top Agenda Items
During a speech in Washington, D.C. on February 15, Chairman of the House Financial Services Committee Spencer Bachus (R-AL) provided insight into the direction of the Committee's work for the 112th Congress and shared his outlook on the newly created Consumer Financial Protection Bureau (CFPB).
Feb. 14, 2011
NASCUS Continuing Directors College Series to Georgia and North Carolina
Since 2008, NASCUS has trained more than 600 directors through its Directors College series. NASCUS has scheduled two additional Directors Colleges, March 23 in Atlanta, Georgia, and April 29 in Raleigh, North Carolina.
Congressional Committees Plan to Address Credit Union Issues
Recently, the House Financial Services and Senate Banking Committees released their oversight plans for areas of study and action for the 112th Congress. Both Committees included credit union issues in their oversight plans.
Feb. 8, 2011
NASCUS Thanks James Forney for Years of Service to NASCUS and the State System; Welcomes JoAnn Johnson to State Regulatory Community
With sincere appreciation, NASCUS thanks James Forney of the Iowa Division of Credit Unions for his years of service to NASCUS and the state regulatory system. Former NCUA Chairman JoAnn Johnson will follow Forney as the regulator of Iowa's state-chartered credit unions.
Feb. 7, 2011
NCUA Issues Letter Regarding Approval of Corporate CUSO Activities Pursuant to New Regulations
Beginning April 18, 2011, corporate CUSOs must limit their activities to those services preapproved in §704.11(e) or approved by NCUA and published on the agency's website.
Jan. 31, 2011
Connecticut's Pitkin Appointed to NASCUS Board, Hughes of Idaho Selected Secretary/Treasurer
NASCUS Chairman Tom Candon (VT) recently announced changes to the NASCUS Board of Directors. Candon appointed Howard Pitkin, commissioner of the Connecticut Department of Banking, to the NASCUS Board of Directors, and Mary Hughes of Idaho is now the NASCUS Secretary/Treasurer.
Federal Agencies Announce Initial Registration Period for S.A.F.E. Act
The federal agencies and Farm Credit Administration announced January 31, 2011 that the Nationwide Mortgage Licensing System and Registry will begin accepting registrations.
Jan. 26, 2011
NASCUS Resumed Regional Regulator Meetings Series for 2011 in Atlanta
Fourteen state regulators representing 10 states joined NASCUS Chairman and Vermont state regulator Tom Candon for a regional regulator meeting on January 24 at the Federal Reserve Bank of Atlanta.
Jan. 25, 2011
Larson Appointed to Second Term as Director of Wisconsin Office of Credit Unions
Wisconsin Gov. Scott Walker appointed Ginger Larson as director of the Wisconsin Office of Credit Unions. Larson held the position from 1996-2003, and continued to work for the agency following her first term.
Jan. 24, 2011
NASCUS Encourages NCUA to Address Corporate Concerns through Existing Corporate Regulations and Recognize State Law in Proposal
In its comments on the NCUA's latest proposed corporate credit union rule, NASCUS encourages the agency to consider enhancing application of existing corporate regulations and supervisory oversight to address its concerns and to be mindful of encroaching on state law in some areas of the proposal.
Jan. 18, 2011
Just Announced - NASCUS Asset Liability Management School, March 8-10, 2011
Join NASCUS for this event to understand Asset Liability Management (ALM) and related issues for credit unions and examiners. The school will also include an interactive workshop allowing attendees to work "hands on" through case studies evaluating and analyzing an institution's interest rate risk.
Matz Encourages Congress to Consider Credit Union Capital Reforms
NCUA Chairman Debbie Matz wrote to Senate Banking Committee Chairman Tim Johnson (D-S.D.) and House Financial Services Committee Chairman Spencer Bachus (R-AL) on Jan. 14 requesting that Congress reform capital standards for credit unions, including providing access to supplemental capital.
Jan. 13, 2011
NCUA Approves Annual Plan, Final Overdraft Fee Rules and Centralizes Policies for NCUA Supervisory Review Committee Processes
The National Credit Union Administration (NCUA) Board met January 13 for its first meeting of 2011. The Board addressed several issues, in addition to its regular insurance fund report.
Jan. 10, 2011
State Agencies Announced Various Leadership Changes
Since the New Year began, some state agencies around the country have made announcements regarding its state regulatory leadership. Most announcements and reappointments are a result of recent changes in governor's houses and retirements.
NASCUS Clarifies Fiduciary Duty and Board Requirements for State Chartered Credit Unions
Recently, the NCUA made final a rule that creates a new regulation addressing fiduciary duty and Board education for federal credit unions. State chartered credit unions should continue to follow their state regulation and law in these areas.
Jan. 6, 2011
President Signs Bill Into Law Directing Study of NCUA Corporate Fallout
This week, President Obama signed bill S. 4036, now a law, directing the Government Accountability Office to conduct a study of the National Credit Union Administration's (NCUA) supervision of corporate credit unions and implementation of prompt corrective action (PCA).
Jan. 3, 2011
Michigan Commissioner Ken Ross Appointed to NASCUS Board of Directors
NASCUS Chairman Tom Candon (VT) announced that Ken Ross, the commissioner of the Michigan Office of Financial and Insurance Regulation, was appointed to the NASCUS Board of Directors.
2010 Stories
Dec. 27, 2010
NASCUS Thanks Roger Little for Years of Service to NASCUS and the State System
Roger Little, esteemed state credit union regulator and long time NASCUS Board member, is retiring from his state regulatory career January 1, 2011. Little has been an influential contributor to the NASCUS organization for more than 12 years as a Board member and Past Chairman.
Dec. 21, 2010
NCUA Board Acts on Conversions Regulation, and Approves Proposed Rule Regarding Non-Interest Bearing Accounts
In its last meeting of the year, the National Credit Union Administration (NCUA) Board addressed a large agenda covering federal credit union fiduciary duties, conversions and several other topics.
Dec. 20, 2010
Congress Approves Bill Directing Study of NCUA Corporate Fallout
Congress approved a bill, S. 4036, directing the Government Accountability Office to conduct a study of the National Credit Union Administration's (NCUA) supervision of corporate credit unions and implementation of prompt corrective action (PCA). The bill also amends the Federal Credit Union Act to allow Section 208 assistance to be counted towards net worth.
Dec. 19, 2010
State Examiners: New Refresher Courses Added to NASCUS Online University
State examiners have free access to more than 150 courses focused on providing familiarity with the trends and issues facing credit unions at the NASCUS Online University. Recently, several refresher courses have been added on BSA and OFAC topics.
Dec. 13, 2010
NASCUS Executive Committees Meeting in Washington This Week, Dec. 15-17
The officers of the NASCUS Board of Directors and the Credit Union Executive Council will gather in Washington, D.C. Dec. 15-17 to discuss NASCUS organizational business and also to meet with the National Credit Union Administration (NCUA) and others.
Jobs, the Economy and Social Issues Shape National Conference of State Legislatures Meeting
NASCUS joined state legislators and their staffs at the recent Fall Forum of the National Conference of State Legislatures (NCSL). The forum's discussion topics focused on the impact of the recent midterm election on state legislatures as well as the effects of the continued weakened economy on the states.
NASCUS Reiterates Support for Supplemental Capital for Credit Unions to Senate Banking Committee
In a statement for the record of the Dec. 9 hearing on the "State of the Credit Union Industry," NASCUS reemphasizes need for supplemental capital options for credit unions. You can view the statement here.
Dec. 6, 2010
S.A.F.E. Act Webinar Series and Other Archived Webinars Available for Download
If you missed last month's three-part S.A.F.E. Act webinar series, a recording of the entire series is available for download. This webinar series focuses on helping credit unions and examiners understand what credit unions need to do to comply with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act).
NASCUS Shares Priorities with Leagues
Recently, NASCUS President and CEO Mary Martha Fortney spoke to league executives at the winter meeting of the American Association of Credit Union Leagues (AACUL) and the California and Nevada Credit Union League Annual Meeting.
Dec. 1, 2010
NCUA Extends Comment Period for Second Corporate Rulemaking to Jan. 28
Comments are now due Jan. 28 for a proposed rule that seeks input on seven areas for corporate credit unions. It covers areas that were outside the scope of the rulemaking for the changes made to Part 704 earlier this year.
Nov. 30, 2010
New Refresher Courses Added to NASCUS Online University
Attention state examiners: Check out new refresher courses just added to the NASCUS Online University course catalog.
Nov. 18, 2010
NCUA Approves 12 Percent Increase for 2011 Operating Budget, Higher OTR and Estimates 2011 Premiums
The budget increase includes 78 new positions, 60 of which will be new examiner hires. The Overhead Transfer Rate (OTR) increased from 57.2 percent in 2010 to 58.9 percent for 2011.
NCUA Proposes Part Two of Rulemaking for Corporate Credit Unions
The proposed rule, approved with a 30-day comment period, seeks input on seven areas. It covers areas that were outside the scope of the rulemaking for the changes made to Part 704 earlier this year.
Nov. 17, 2010
State Regulators Tapped for Federal Regulator Roles
State regulators Steve Antonakes, Mark Pearce and Joesph Smith were recently tapped for positions within federal regulatory agencies.
Nov. 15, 2010
NASCUS Requests FTC Exempt SCUs from Mortgage Advertising Proposed Rule
NASCUS submitted a comment letter to the Federal Trade Commission (FTC) requesting an exemption for state-chartered credit unions (SCUs) from its proposed rule on unfair and deceptive acts and practices related to mortgage advertising.
Nov. 12, 2010
Congress Back for Lame Duck Session Nov. 15
The 111th Congress will come back to Washington, D.C. on November 15 for a lame duck session that is expected to last until early December.
Nov. 1, 2010
Comments Due November 12 on Proposed Fees for the Nationwide Mortgage Licensing System & Registry (NMLS)
Credit unions are encouraged to comment on the proposed fees for the Nationwide Mortgage Licensing System & Registry (NMLS) Federal Registry.
NASCUS Presents on SCU Issues at AICPA Conference on Credit Unions
NASCUS' presentation titled the "Shifting Regulatory Landscape: The View from the States" provided attendees with an overview of hot regulatory and legislative topics from the perspective of state regulators and state-chartered credit unions.
Comments Due November 12 on Proposed Fees for the Nationwide Mortgage Licensing System & Registry (NMLS)
Credit unions are encouraged to comment on the proposed fees for the Nationwide Mortgage Licensing System & Registry (NMLS) Federal Registry.
Oct. 27, 2010
Comment Period Closes Nov. 15: Important Proposed Rule for SCUs - FTC Mortgage Advertising
NASCUS urges all members to pay particular attention to a Federal Trade Commission proposed mortgage advertising rule. The comment period closes November 15. read more>
Oct. 25, 2010
Examiners, Credit Union Executives and Compliance Officers Gathering this Week for NASCUS/CUNA BSA School
NASCUS and CUNA are partnering again for their comprehensive BSA training this week, October 24-27, 2010 in Las Vegas, Nevada.
Oct. 21, 2010
NCUA Board Rescinds MBL Personal Guarantee Exemption, Provides Insurance Fund Update
This final rule eliminates the blanket personal guarantee waiver for RegFlex credit unions; however, Part 723 continues to allow credit unions to apply for a specific waiver of the personal guarantee requirement.
Oct. 20, 2010
Government Abandons Appeal in UBIT Bellco Case
The U.S. Department of Justice decided not to move forward with an appeal to challenge the credit union favorable ruling in the unrelated business income tax (UBIT) case brought by Bellco Credit Union, Greenwood Village, Colo.
Oct. 18, 2010
Important Proposed Rule for SCUs - FTC Mortgage Advertising
NASCUS urges all members to pay particular attention to a Federal Trade Commission proposed mortgage advertising rule. The comment period closes November 15.
Oct. 13, 2010
Multi-State Group Investigating Mortgage Foreclosure Practices
In response to the recent finding that some mortgage loan servicers submitted affidavits or other foreclosure documents that appear to have procedural defects, a group of state regulators and state attorneys general plan to focus on whether this process creates an unfair or deceptive practice and/or violates state law.
Oct. 12, 2010
NCUA Continues Series of Town Halls to Discuss Corporate Credit Unions
During the month of October, National Credit Union Administration (NCUA) leadership and staff are traveling the country holding town halls to discuss the final corporate credit union rule and the legacy assets plan.
NCUA Issues Letter to FCUs on Reg Z Impact on Multi-Featured Open End Lending Programs
For state-chartered credit unions, Truth in Lending Regulation Z is enforced by the Federal Trade Commission (FTC). However, the issues discussed for federal credit unions in NCUA's letter would be similar for state-chartered credit unions.
Oct. 6, 2010
Maryland State Regulator Takes Oath of Office as Fed Governor
Sarah Bloom Raskin, now former Maryland Commissioner of Financial Regulation, is a new member of the Board of Governors for the Federal Reserve System.
Oct. 2, 2010
Past NASCUS Chairman George Reynolds Honored with NASCUS Pierre Jay Award
George Reynolds, past NASCUS Chairman and retired state regulator from Georgia, was awarded the 2010 NASCUS Pierre Jay Award. Recipients of the award best demonstrate outstanding service, leadership and commitment to NASCUS and the dual chartering system.
Oct. 1, 2010
NASCUS Seats State Regulators on Board of Directors at Annual Meeting
The state regulators continuing their service on the NASCUS Board are Tom Candon (VT), Sue Cowan (WI) and Linda Jekel (WA). Each Board member will serve a three-year term ending in September 2013.
State Credit Union Executives Elected to NASCUS' Advisory Council Leadership Group
On October 1, three director positions on the NASCUS Credit Union Executive Council were filled by dedicated state credit union executives.
Sept. 27, 2010
NASCUS Hosting State System Summit This Week in San Antonio
On September 30-October 2 in San Antonio, the state credit union system's leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit.
NCUA Conserves Three More Corporates, Allows for NCUA to Address Legacy Assets
With the conservatorship of three more federal corporate credit unions, the National Credit Union Administration now controls a majority of the corporate system's other than temporary impairments (OTTI), allowing the agency to implement its legacy assets plan.
Long Awaited New Final Rule for Corporates Approved by NCUA Board
The final rule revises Part 704 particularly impacting capital standards, investments, asset liability management, corporate CUSO activities and governance. It also makes conforming amendments to Parts 702, 703, 709 and 747 of NCUA's rules.
Sept. 17, 2010
Premium Assessed for FICUs, NCUA to Address Final Corporate Rule on Sept. 24
Federally insured credit unions will be assessed 12.42 basis points to increase the National Credit Union Share Insurance Fund (NCUSIF) equity ratio to the required 1.30 percent.
Sept. 13, 2010
NASCUS Webinar Series for Directors - One Webinar Left!
NASCUS will continue its webinar series for directors on October 5. If you missed the webinar on critical compliance issues with Bill Klewin of CUNA Mutual, the recording is available.
Sept. 10, 2010
Corporate Credit Union Rule Absent from NCUA September Board Meeting Agenda
The National Credit Union Administration (NCUA) had predicted that it would consider a final rule on Part 704, Corporate Credit Unions, at its September 16 meeting. However, the agency has announced it will take up the final rule at a later date.
Sept. 9, 2010
NASCUS Responds to NCUA Proposal on Golden Parachutes and Indemnification Payments
NASCUS wrote NCUA about its proposed rule regarding golden parachutes and indemnification payments, expressing the state regulator's role in the process with regard to a state-chartered, federally insured credit union.
Sept. 8, 2010
Join NASCUS at Texas Directors College
Today's credit union directors are faced with new risks and new realities as their roles and responsibilities continue to evolve at an unprecedented pace. Join NASCUS at this event for valuable director education.
Sept. 2, 2010
Join NASCUS in San Antonio for the State System Summit, Sept. 30-Oct. 2, Room Block Closing Soon
Click here to register. Please note that our room block expires September 7, but may sell out before that date.
August 30, 2010
NASCUS Provides Summary of FFIEC Reverse Mortgage Guidance
The NCUA, the federal banking agencies and the FFIEC State Liaison Committee (SLC) issued guidance on managing compliance and reputation risks associated with reverse mortgage products.
August 25, 2010
Dykstra Named New California Credit Union League President
State-chartered credit union CEO Diana Dykstra has been named the new president and CEO of the California and Nevada Credit Union Leagues.
August 23, 2010
Five Regulation Z Federal Register Notices Issued
The Federal Reserve Board issued five Federal Register notices for rules related to Regulation Z, Mortgage Transactions.
IRS Appealing Credit Union-Favorable Bellco UBIT Court Decision
The U.S. government filed an appeal disputing a credit union-favorable court decision in the unrelated business income tax (UBIT) challenge brought by Colorado-based Bellco Credit Union.
August 18, 2010
NASCUS Announces Leadership and Committee Meeting Schedule in September
NASCUS leadership and committees will meet prior to the State System Summit, September 28-29.
August 12, 2010
NASCUS State System Summit to Spotlight State System Innovation
The state credit union system's leaders, state and federal regulators and dual chartering supporters will join NASCUS for its annual State System Summit September 30- October 1, 2010 in San Antonio, Texas.
August 9, 2010
NASCUS Responds to NCUA 2010 Rule Review
In response to the National Credit Union Administration (NCUA) annual Rule Review, NASCUS suggested the agency provide parity on loan participation rules and consolidate regulations for the share insurance fund in Part 741.
August 4, 2010
Regulatory Reform is Law - What Should We Expect Now?
The Dodd-Frank Act requires 243 new rules, 67 one-time reports and 22 periodic reports. However, only some of the provisions impact state regulators and the credit union system.
July 30, 2010
NCUA Addresses Golden Parachutes, New Public Relations Campaign at Monthly Meeting
At its July meeting, the National Credit Union Administration (NCUA) Board announced a $1.75 million public relations campaign featuring Suze Orman, as well as a proposed rule prohibiting golden parachutes in troubled institutions and limiting indemnification payments.
July 28, 2010
Final SAFE Act Rule Published by Federal Agencies
Final rules for the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act), were published in the Federal Register on July 28, detailing the requirements for registration of mortgage loan originators at financial institutions.
July 26, 2010
Kenyan Credit Union Regulators Visit NASCUS to Learn About State Supervision Processes
Representatives from the Kenyan credit union regulatory authority and the World Council of Credit Unions (WOCCU) recently visited the NASCUS offices to discuss the state credit union regulatory system.
July 22, 2010
Financial Regulatory Reform Bill Becomes Law
With the signing by President Obama, the Dodd-Frank Bill, a comprehensive regulatory reform bill, is now law.
July 21, 2010
Maryland State Regulator Nominated to Fed Governors Appears Before Senate Committee
Sarah Bloom Raskin, the commissioner of the Maryland Office of Financial Regulation, faced the Senate Banking Committee recently for her nomination to the Federal Reserve Board of Governors.
July 20, 2010
NASCUS Announces Changes to Credit Union Leadership Advisory Group
Dan Kester of Sooper Credit Union in Colorado has been appointed to serve as a Director of the NASCUS Credit Union Executive Council.
July 15, 2010
Financial Regulatory Reform Bill Headed to President's Desk
With the Senate and House approval of regulatory reform legislation, the conference report of H.R. 4173, the Dodd-Frank Bill, will now go to the President's desk for his signature.
NASCUS Directors College Series Continues to Texas
In response to increasing regulatory emphasis on corporate governance, NASCUS continues to hold its Directors College series. This event, which will be led by former and current regulator faculty from across the nation, is coming to Texas on September 29 at the Marriott Riverwalk in San Antonio.
Registration Open for NASCUS' August Webinar: Reverse Mortgages
As the population ages, the financial industry continues to look at reverse mortgages. This session will help examiners and credit unions get up to speed on this important and sometimes risky product.
The NASCUS Online University - Free to State Examiners!
Does your state have travel restrictions? Do you have a new examiner in need of training? Remember, the NASCUS Online University is free to state agencies and the credits count toward NASCUS State Examiner Certification.
July 12, 2010
NASCUS Chairman to Present at WOCCU Regulators Roundtable This Week
NASCUS Chairman Tom Candon (VT) is a speaker at this week's 2010 World Council of Credit Unions (WOCCU) Regulators Roundtable, July 15-16. Candon will present with Canadian regulator Paul Kennett on July 16 to discuss business lending and elements of credit risk.
July 7, 2010
New Superintendent Named in Ohio
Carolyn Bradford has been named the new Superintendent for the Division of Financial Institutions for the Ohio Department of Commerce. She begins her new role on July 12.
NASCUS Talks Supplemental Capital, State Issues at First Southeastern League Meeting
NASCUS President and CEO Mary Martha Fortney recently joined the League of Southeastern Credit Unions for its first annual meeting to provide an update on NASCUS issues and state credit union system news.
June 30, 2010
Looking for Education on a Certain Topic? Check NASCUS' Archived Webinars
NASCUS offers its previously recorded webinars to credit unions and regulators on a variety of regulatory and operational topics.
Special Rate for State Regulators at 2010 Summit
The NASCUS 2010 State System Summit will take place September 30-October 2 in San Antonio, Texas. State agencies qualify for a special registration rate.
BSA/AML Compliance Remains Critically Important for the Credit Union System
As examiners, credit union compliance officers, directors or senior management, are you familiar with the new developments in Bank Secrecy Act/Anti-Money Laundering (AML) compliance? Join NASCUS and CUNA to get up to speed on BSA/AML developments at their annual event.
June 25, 2010
House/Senate Conference Reach Consensus on Regulatory Reform Bill
After more than two weeks of conference and a 20-hour debate on June 24, the House and Senate agreed on a financial regulatory reform bill. The next step for the legislation, renamed the Dodd-Frank Act, will be action by the full House and Senate.
NASCUS to Hold Second Loan Modification Forum in October
By popular demand, NASCUS has announced a second Loan Modification Forum to be held in Columbus, Ohio, October 19-21, 2010.
June 17, 2010
NCUA Assesses CUs for Corporate Fund; NCUSIF Equity Ratio at 1.22 Percent
Federally insured credit unions (FICUs) will be assessed 13.4 basis points, or 0.134 of insured shares, in July to pay a portion of the borrowings for the Temporary Corporate Credit Union Stabilization Fund.
June 14, 2010
NASCUS Communicates State CU Regulatory Perspective to Regulatory Reform Conferees
The House and Senate continue their conference to reconcile two versions of regulatory reform legislation. Discussion resumed June 15, and continues throughout the week.
June 13, 2010
Next NASCUS Directors College: Join us in Madison on June 25
NASCUS popular Directors College series will continue in Wisconsin on June 25. Speakers include Sue Cowan, Director of the Wisconsin Office of Credit Unions, to discuss the regulatory expectations of directors; and George Hofheimer, Filene Research Institute on the directors' role in CU governance.
June 8, 2010
NASCUS Holding Leadership and Regional Regulator Meetings this Week
The NASCUS Board of Directors and Credit Union Executive Council will join NASCUS management in Chicago, Illinois this week for association business meetings. NASCUS Chairman Tom Candon (VT) will also host a regional regulator meeting on June 9 with state regulators from six states.
Registration Open for NCUA Virtual Town Hall with Chairman Matz, June 28
National Credit Union Administration (NCUA) Chairman Debbie Matz will hold a virtual town hall on June 28 to answer questions from the credit union industry. The event will be held from 3-4:30 p.m. Eastern time.
June 4, 2010
NASCUS Chairman to Present at WOCCU Regulators Roundtable, State Regulators Invited to Attend
NASCUS Chairman Tom Candon (VT) will join regulators from around the world and nation to discuss critical issues in the regulation of credit unions and other global cooperatives.
Status of Regulatory Reform: House/Senate Conference Expected to Commence Week of June 7
With the Senate approval of S. 3217 on May 20, the House and Senate leadership will now reconcile the Senate bill with H.R. 4173, the regulatory reform package approved by the House in December 2009.
June 1, 2010
NASCUS Emphasizes State Law Deference in Merger and Conversion Issues for SCUs in Comment Letter
NASCUS shares NCUA's concerns that important decisions regarding the future governance of a credit union must be handled in a fair and transparent manner; however, NCUA's rulemaking in this area should be limited to federal credit unions (FCUs).
May 27, 2010
NASCUS Asks NCUA to Clarify Waiver Process for MBL Personal Guarantee in RegFlex
NASCUS wrote the NCUA about the agency's proposed changes to its Regulatory Flexibility Program (RegFlex). The changes to Part 723, Member Business Lending (MBL), impact federally insured, state-chartered credit unions (FISCUs).
May 21, 2010
NCUA Discusses SAFE Act, Status of Insurance Fund at May Meeting
On May 20, the NCUA Board discussed the expected final rule that implements the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) and approved the extension of the Temporary Corporate Credit Union Liquidity Guarantee Program.
Next Step for Regulatory Reform: House and Senate Reconciliation
With the Senate approval of S. 3217 on May 20, the House and Senate leadership will now reconcile the Senate bill with H.R. 4173, the regulatory reform package approved by the House in December 2009.
More Speakers Join Growing NASCUS Summit Agenda to Discuss Compliance, Examination Issues and the Future of Credit Unions
Given the changing nature of the credit union system and continued regulatory and compliance obligations, the regulatory and operational landscape for the state credit union system has seen pivotal changes this year. The 2010 NASCUS Summit will address these challenges and more.
May 19, 2010
Join NASCUS for Webinar on Credit Risks, May 21
During this webinar, Mike Lord, Senior Vice-President / Finance & Accounting from State Employees' Credit Union (NC), will discuss critical credit risk management issues in today's economic environment.
May 17, 2010
Considine Confirmed as Commissioner of New Jersey Banking Agency
Following a period of serving as Acting Commissioner, Tom Considine is now the Commissioner of the New Jersey Department of Banking and Insurance.
NCUA Chairman Announces Online Town Hall for Feedback and Questions, June 28
The webinar is free and open to all. Participants will be able to submit questions during the event that will be answered live by the NCUA Chairman.
May 7, 2010
State Regulators: Join Your Peers for Discussion at June 9 Regional Regulator Meeting, Chicago
NASCUS is continuing its regional regulator meeting series to allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers and with NASCUS leadership. All state regulators are welcome at this event regardless of region.
Next NASCUS Directors College: Join us in Madison on June 25
The NASCUS Directors Colleges allow credit union directors along with senior credit union staff to hear first-hand about the expectations regulators have of directors. Save on registration by signing up before May 14.
May 4, 2010
Kentucky Regulator to Join NASCUS Board, Hughes to Fill Reynolds Unexpired Term
NASCUS Chairman Tom Candon (VT) has announced changes to the NASCUS Board of Directors. Due to Past Chairman George Reynolds' (GA) recent retirement, an unexpired term has emerged resulting in changes on the NASCUS Board.
May 3, 2010
Senate to Debate, Offer Amendments to Regulatory Reform Bill This Week
Following several days of failed procedural votes last week, the Senate has agreed to debate and offer amendments to S. 3217, the Senate financial regulatory reform bill.
April 29, 2010
President Intends to Nominate Maryland State Regulator to Fed Board of Governors
President Obama announced April 29 that he intends to nominate Sarah Bloom Raskin, the commissioner of Financial Regulation for Maryland, to the Board of Governors of the Federal Reserve System.
April 28, 2010
Past NASCUS Chairman Retiring from State Service
Immediate Past NASCUS Chairman George Reynolds, a 34 year state regulator veteran, retired from the Georgia Department of Banking and Finance effective May 1.
April 27, 2010
Regulatory Reform Bill Still Lingering in Senate
After several failed procedural votes, the Senate has yet to bring S. 3217, the Senate financial regulatory reform bill, to the floor for debate.
April 22, 2010
NASCUS Directors College Series Makes a Stop in Utah
Fifty board members from across Utah attended this interactive program to hear first-hand about the regulatory expectations of directors as well as the critical compliance issues facing credit unions.
State Regulators: Remember to Register for June 9 Regional Meeting in Chicago
On June 9, NASCUS leadership will meet with area NASCUS regulators at the Illinois Department of Financial & Professional Regulation in Chicago, IL.
April 19, 2010
NASCUS Presents at Event with State and Federal Regulators in
At the Ohio Credit Union League Zenith10 event, NASCUS President and CEO Mary Martha Fortney joined NCUA Chairman Debbie Matz and Ohio Superintendent of Financial Institutions John Reardon to discuss the most pressing issues impacting credit unions.
April 12, 2010
Arizona Announces New Superintendent of Financial Institutions
Arizona Gov. Jan Brewer announced that Mr. Lauren Kingry has been appointed as Superintendent of Financial Institutions of the Arizona Department of Financial Institutions.
NCUA White Paper Suggests Supplemental Capital is Appropriate for Policy Consideration
This initiative was led by NCUA Board Member Gigi Hyland, who after discussions with NASCUS and state regulators began to study the topic of supplemental capital for credit unions.
April 8, 2010
Massachusetts Governor Announces 35 State Settlement with CitiFinancial
Following an examination by the Massachusetts Division of Banks, it was discovered that CitiFinancial had failed to report 91,127 residential mortgage loans to the federal government, as required by the Home Mortgage Disclosure Act (HMDA).
April 6, 2010
New Judge Ruling Positive for SCUs in Challenge to UBIT Brought by Bellco CU
In the latest challenge to unrelated business income tax (UBIT), a federal judge determines income from credit life and disability insurance and royalties from accidental death and dismemberment (AD&D) should not be subject to UBIT.
March 31, 2010
Two April Webinars on Critical Topics - Negotiating Third Party Contracts and Credit Risk
How to negotiate third party contracts and an update on credit risk in today's financial services environment are the focuses of two upcoming webinars in April.
March 29, 2010
Washington Governor Signs Credit Union Bill to Enhance Regulatory Authority
The Washington Department of Financial Institutions (DFI) recently announced that Gov. Christine Gregoire signed two bills regarding the regulation of state-chartered credit unions and banks in the state of Washington.
March 26, 2010
NASCUS Midwest Regional Meeting Scheduled for June 9 in Chicago
NASCUS will continue its regional regulator meeting series to allow our state credit union regulators to meet in small groups to discuss issues of concern with their peers and with NASCUS leadership.
March 24, 2010
NCUA Proposes Rule to Revise Conversion Processes, RegFlex
The NCUA recently released a couple of proposed rules with a 60-day comment periods, one of which addresses credit union to bank conversions, as well as insurance conversions.
March 23, 2010
Senate Banking Committee Approves Regulatory Reform Bill
In a party line vote, the Senate Banking Committee approved Chairman Chris Dodd's (D-Conn.) revised regulatory reform bill, 13-10, with no Republicans voting for the measure.
March 22, 2010
NASCUS' Directors College Series Travels to North Carolina This Week
NASCUS will join the North Carolina state regulator and league to host a Directors College for the state's directors and CEOs on March 25 in Greensboro, NC.
Annual Gathering of the State Credit Union System - NASCUS Summit Registration Open
Make plans now to join NASCUS and the state credit union system for the annual State System Summit, Sept. 30-Oct. 2 in San Antonio, Texas. NASCUS will also hold a Directors College prior to the event on Sept. 29.
March 16, 2010
Senate Releases Long-Awaited Regulatory Reform Bill
Unlike the House regulatory reform package, the Senate bill does not create a stand-alone independent Consumer Financial Protection Agency (CFPA), but instead would institute a consumer bureau at the Federal Reserve.
March 15, 2010
Maryland State Regulator Nominated to Serve as Fed Governor
Sarah Bloom Raskin, the commissioner of the Maryland Office of Financial Regulation, has been nominated by President Obama to serve on the Board of Governors of the Federal Reserve Bank.
NASCUS Publishes New Edition of Profile of State Credit Union Regulatory Agencies
Published every two years, the NASCUS Profile of State Credit Union Regulatory Agencies is one of the most widely utilized NASCUS resources. It features the most comprehensive information about the operations of state credit union regulatory agencies.
March 5, 2010
Nearly 40 States Attending National Meeting with NCUA, March 7-9
Annually, state regulators and the NCUA gather for their National Regulators Meeting for regulator-to-regulator discussion on national policy issues affecting state-chartered credit unions.
NASCUS Recommends Diversity, Enhanced Oversight and Larger Role for State Regulators in Regulation of the Corporates
NASCUS' comments on proposed Part 704 focus on the need to balance reconsideration of regulatory oversight of the corporate system with the ability of the corporate system to recapitalize going forward. NASCUS seeks enhanced joint federal and state oversight as well.
Bellco CU Court Decision May Be "Substantial Authority" in UBIT Treatment of Financial Products for Members
The law firm of Foley and Lardner, LLP, explained in a recent memo that in their opinion, a November 2009 court decision could represent "substantial authority" under federal tax law for the position that selling financial products and services to a credit union's members is exempt UBIT.
NCUA, Treasury Share Information on New Low Income CU Capital Initiative
The NCUA held an audio conference for low income credit unions interested in the U.S. Treasury's Community Development Capital Initiative which is part of the Obama Administration's commitment to improving access to credit for small businesses.
March 1, 2010
Kansas State Regulator Reconfirmed for Another Term
John P. Smith, Administrator of the Kansas Department of Credit Unions, will continue as the head of the Kansas credit union agency for another term.
NASCUS Meets with Treasury, NCUA Board Members and Industry to Discuss Supplemental Capital, Other Issues
NASCUS recently met with NCUA Chairman Debbie Matz and Board members Gigi Hyland and Michael Fryzel, as well as U.S. Treasury Assistant Secretary Michael Barr to discuss critical issues for the state credit union system.
February 24, 2010
Early Bird Discount Extended to March 5 for NASCUS Annual School for State Examiners
The Annual School is the one NASCUS education event for regulators only, allowing for open regulator to regulator discussion on the most pressing issues and challenges facing state examiners
February 19, 2010
Regulatory Reform Still Pending in Senate
Chairman of the Senate Banking Committee Chris Dodd (D-Conn.) is still expected to release his version of regulatory reform legislation, possibly later this month.
February 16, 2010
NASCUS Board of Directors Colleges Planned for Tennessee, North Carolina and Utah
NASCUS popular Directors College series will continue with events scheduled in Nashville, Tennessee, March 10; Greensboro, North Carolina, March 25; and Salt Lake City, Utah, April 16.
NASCUS Promotes Supplemental Capital for Credit Unions at Washington Credit Union League Event
At the invitation of the Washington Credit Union League, NASCUS President and CEO Mary Martha Fortney joined Washington state regulator Linda Jekel for a panel on supplemental capital for credit unions at the league's Evolution Summit event.
February 4, 2010
NASCUS Preparing Comments on NCUA Proposed Rule Governing the Corporates
In its forthcoming comment letter to the agency, NASCUS will focus on areas of the proposed rule specifically impacting state-chartered corporates and the overall supervisory plan for the corporate credit union system.
February 2, 2010
Enhanced NASCUS Online University Available to Examiners
The NASCUS Online University has a new look! With all new design and student learning enhancements, state regulators and examiners can continue to take advantage of this great learning tool.
January 28, 2010
NASCUS' Directors College Series Continues in Tennessee on March 10
NASCUS' Directors Colleges allow credit union directors along with senior credit union staff to hear first-hand about the regulatory expectations of directors.
January 27, 2010
State Regulators Launch Searchable Mortgage Company Information Database for Consumers
A new website is now available for the general public to view information about state-licensed mortgage companies, branches and individuals currently licensed.
January 25, 2010
State Group Reports Six of 10 Borrowers Not Involved in Loss Mitigation Efforts
The State Foreclosure Prevention Working Group is encouraging servicers to step up foreclosure mitigation citing a significant outpacing of delinquent loans over outreach and loss mitigation.
NASCUS Holding Forum on Loan Modification and Foreclosure Issues This Week
For three days, NASCUS, state examiners and credit union CEOs will examine the various credit risk issues inherent in the collection process today.
January 21, 2010
Louisiana Re-accredited by NASCUS
NASCUS recently re-accredited the Louisiana Office of Financial Institutions (OFI). This is the third consecutive re-accreditation for Louisiana, first accredited in 1995.
January 19, 2010
Financial Services Legislation to Watch as Congress Returns
As Congress returns to Washington, D.C., legislators are considering several bills affecting financial services in both the House and Senate.
January 13, 2010
Registration Open to State Regulators for Annual National NASCUS/NCUA Regulators Meeting
NASCUS state regulators and the National Credit Union Administration (NCUA) will hold their annual National Regulators Meeting, March 7-9, 2010 in Nashville, Tenn.
January 11, 2010
Michigan Agency Recovers $33 Million for Consumers in 2009
The Michigan Office of Financial and Insurance Regulation (OFIR) reported a record recovery of $33 million for its state's consumers in 2009. The 2009 record nearly doubles the $17 million recovered in 2008.
January 10, 2010
NASCUS Leadership Traveling to Atlanta and San Francisco to Meet with State Regulators this Week
In meetings on January 11 in Atlanta Ga., and January 13 in San Francisco, Calif., NASCUS will meet with state regulators from 12 different states representing the Southeast, West and Northwest.
January 8, 2010
Now Archived: Washington State Regulator Provides Valuable Guidance in NCUA National MBL Webinar
Linda Jekel, director of credit unions for the state of Washington, served as part of the faculty with the National Credit Union Administration (NCUA) for a national webinar on regulators' perspectives on member business lending (MBL). This webinar is now archived for viewing.
January 6, 2010
Senate Banking Committee Chair Dodd Not Seeking Reelection
Sen. Chris Dodd (D-Conn.) announced January 6 that he would not seek reelection in November. He currently serves as the Chairman of the Senate Banking, Housing and Urban Affairs Committee.
January 4, 2010
Moved from July to April: NASCUS 2010 Annual School for State Examiners
This annual state examiner focused event features a variety of presentations and discussion on need-to-know regulatory topics. It is scheduled for April 20-22 in Boulder, Colorado.
Senate Returns Jan. 19, Regulatory Reform Remains Top Agenda Item
The Senate continues to develop its legislation to reform the financial services system, trailing behind the House which approved a comprehensive regulatory reform bill in late 2009.