News and Updates
- NCUA Office of Inspector General
Material Loss Review
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).
Proposed Rule and IRPS Summary
NCUA has published a proposed rule and proposed Interpretive Ruling and Policy Statement (IRPS) to amend existing IRPS 87–2, as amended by IRPS 03–2, and two NCUA regulations that apply asset thresholds to grant relief from risk-based net worth and interest rate risk requirements for "small" credit unions.
OGC Legal Opinion 12-1007 Charter Change
NCUA's Office of General Counsel (OGC) has issued a Legal Opinion to all federally chartered credit unions (FCUs) regarding confirming that NCUA has the authority to approve a credit union’s request to receive a change in its charter and subsequently merge with another credit union with the same type of field of membership.
OGC Legal Opinion 12-0764 Definition of Fleet
NCUA's Office of General Counsel (OGC) was asked to revisit the definition of a "fleet" of vehicles pursuant to the Part 723.7 of NCUA Rules and Regulations pertaining to member business loans. At issue is that NCUA's MBL rule provides an exception to collateral and security requirements for commercial loans if the loan is to purchase certain types of vehicles unless the vehicle being purchased is to be part of a "fleet" of vehicles. See §723.7(a).
OGC Legal Opinion
The Office of General Counsel (OGC) Legal Opinion 11-0965 addresses whether video-teller machines meet the definition of a “service facility” as that term is used in NCUA’s Chartering and Field of Membership Manual (Chartering Manual). The OGC concluded that video-teller machine meeting certain criteria would qualify as a service facility under the federal credit union (FCU) Chartering Manual. The issue is important for FCUs because NCUA rules require geographically proximate "service facilities" as a pre-requisite for a multiple common bond FCU to add a select group or an underserved area to its field of membership.
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. View NASCUS summary of the proposal here. (Member log-in required).
NASCUS Summary of NCUA Elimination of Part 742 RegFlex Rule
NCUA has eliminated the Regulatory Flexibility Rule ( Part 742) effective July 2, 2012 while removing or amending related rules to "ease compliance burden" and retaining other provisions based on safety and soundness considerations. View the summary here. (Member log-in required).
NASCUS Summary: NCUA 12 CFR Part 74.3 Troubled Debt Restructuring & Appendix C
The NCUA Board issued a final rule addressing troubled debt restructuring (TDR). The new final rule will require all federally insured credit unions (FICUs) establish and maintain written policies regarding TDR, the management of loan workout arrangements and nonaccrual policies for loans. View the summary here. (Member log-in required).
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.
NASCUS Summary: NCUA Interest Rate Risk Final Rule Letter to Credit Unions and FAQ
NCUA published LTCU 12-CU-05 to provide more information to credit unions regarding NCUA's new final interest rate risk (IRR) policy and program rule, Part 741.3(b)(5). The new IRR rules become effective September 30, 2012. (A summary of the final IRR rule is available on the NASCUS website here.) In the LTCU, NCUA answers "frequently asked questions" about the new IRR rule.
- View the Regulatory Resources News and Updates archive here. See additional NASCUS summaries of regulatory guidance and correspondence at this link.
Read NASCUS briefings of 2012 NCUA Board Meetings at this link.
Proposed Rules, NASCUS Comment Letters and Recent Final Rule Summaries
To view the rule archive, follow this link.
NASCUS Accreditation and Agency Best Practices (Regulator member log-in required)
Guide for Senior Consumers on Financial Services Tips to Prevent Fraud, Abuse and Inappropriate Marketing of Financial Products and Services and Financial Services Issues for Senior Citizens
Resources developed by the State Financial Regulators Roundtable (SFRR)
2012 NASCUS Profile of State Regulatory Agencies (Member Log-in Required)
Nationwide Cooperative Agreement for the Supervision of State-Chartered Credit Unions
Guidelines for state credit union supervisors to examine and supervise the interstate operations of multi-state, state-chartered credit unions. (PDF Format)
Southeastern Regional Cooperative Interstate Agreement for the Supervision of State-Chartered Credit Unions
A regional agreement to examine and supervise the interstate operations of multi-state, state-chartered credit unions. (PDF Format)