Louisiana Story Archive

LCUL Co-signs CUNA Letter to NCUA on Rulemaking Aimed at PCA Relief

March 24, 2021 — The Louisiana Credit Union League President/CEO joined credit union leagues around the country in signing a CUNA letter to the NCUA leadership on Friday. The letter urges the agency to provide additional relief to help credit unions facing prompt corrective action challenges.

In May 2020, the NCUA issued an interim final rule that provided credit unions relief related to PCA by permitting the NCUA Board to issue an order to temporarily waive the earnings retention requirement for any credit union classified as adequately capitalized. The interim final rule also permitted credit unions to submit simplified net worth restoration plans if the reduction in capital was caused by share growth resulting from a temporary condition due to the pandemic. The rule, however, expired Dec. 31, 2020.

In the letter, CUNA asks that the NCUA adopt a new interim final rule, essentially identical to the 2020 interim final rule to provide relief to credit unions experiencing prompt corrective action issues related to an increase in share growth, with the relief remaining in effect until the end of the pandemic as determined by the Centers for Disease Control or other federal entity authorized to make such a determination.

The letter can be accessed on CUNA’s website.

Louisiana Office of Financial Institutions Update 
June 13, 2018 — Louisiana updated its data breach notification law with, S.B. 361, which is effective August 1, 2018. Under the bill’s new provisions, businesses will be required to notify affected individuals of a data breach no later than 60 days from the discovery of the breach. The legislation does permit delays in notifications for certain reasons including, law enforcement investigations or to determine the scope of the breach.

‘Emergency preparedness guide’ updated, distributed
Aug. 25, 2017 — With Hurricane Harvey bearing down on the Gulf states, the LA Office of Financial Institutions has updated and distributed its “emergency preparedness guide” to help guide credit unions, banks and thrifts document how each will respond to “various scenarios and adversity in the event of a wide-area disaster or emergency.”

‘Great flood’ worse than ‘any hurricane ever’
Aug. 16, 2016 –– With reports of at least 20 Louisiana credit unions closed as a result of flooding after heavy rains, local state officials are reporting an inundation as bad, if not worse, than any hurricane.

NASCUS Regulatory Roundtable Set for Next Week in New Orleans
May 1, 2015 – New Orleans, La. – Next week, individuals from across the country will have the chance to exchange examination best practices with their peers at the NASCUS Regulatory Roundtable in New Orleans. Kirkland Promoted to Louisiana OFI Deputy Commissioner
August 13, 2014 – Baton Rouge, La. – Christine Kirkland was promoted to deputy commissioner with the Louisiana Office of Financial Institutions (OFI). She formerly held the position of an internal auditor with OFI.

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