Feb. 26, 2021 NASCUS Report

THIS WEEK: Trio honored by state system with Pierre Jay Awards; Comment supports SAR exemption proposal; Summaries look at capital plans; Sub debt, related corporate rules finalized; Agency publishes 2021 reg review; ‘Seasoned QM’ rule under review; ATR/QM rules updated in guide; Agencies update BSA/AML exam manual; Register now for National Meeting 2021; BRIEFLY: Comments due March 9 on NCUA communications; Regulators call for action in response to TX storm; PPP loans reserved for smaller institutions

State system leaders Idol, Santos, Vega honored with 2020-21 Pierre Jay Awards

(Feb. 26, 2021) Honorees of the 2020-2021 Pierre Jay Awards – the highest honors bestowed by NASCUS for persons or entities demonstrating service, commitment and leadership to the state system…

NASCUS backs exemptions from SARs

(Feb. 26, 2021) A comment letter supporting NCUA’s proposed rule about credit union exemptions from filing suspicious activity reports (SARs) has been submitted by NASCUS, which also some recommendations for…

Summaries outline RBC, RBNW proposals

(Feb. 26, 2021) Summaries on NCUA proposals for simplifying risk-based capital (RBC) requirements and on the complex credit union threshold under risk-based net worth (RBNW) for relief during theCOVID-19 pandemic…

Subordinated debt, related corporate rules finalized

(Feb. 26, 2021) Final rules on subordinated debt and corporate credit unions were finally published in the Federal Register this week, completing the action on the final rules and opening…

Agency publishes reg review for 2021

(Feb. 26, 2021) NCUA this week published its regulatory review roster for 2021, listing the one-third of its rules that it is reviewing – part of the three-year review plan…

Revising – or revoking – ‘seasoned QM’ rule under consideration

(Feb. 26, 2021) Revoking or revising the “seasoned” qualified mortgage (QM) final rule issued in December is under consideration by CFPB, according to a statement issued this week by the…

Ability-to-repay/QM rules updated in guide

(Feb. 26, 2021) Updates to the small-entity compliance guide on the ability-to-repay/qualified mortgage (QM) rule were also issued this week by the bureau, reflecting amendments to last year’s final rules…

Agencies update 4 sections of BSA/AML exam manual

(Feb. 26, 2021) Updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual were released Thursday by NCUA, federal banking regulators and the State Liaison Committee of…

Regulators can register now for National Meeting

(Feb. 26, 2021) Registration for the NASCUS 2021 National Meeting of state regulators, March 17-18, is now open; all top regulators from each state are encouraged to attend. The annual…

BRIEFLY: Comments due March 9 on NCUA communications, transparency info request; Credit union, other federal regulators, call for action in response to Texas winter storms; PPP loans reserved for smaller institutions

(Feb. 26, 2021) Comments are due March 9 on NCUA’s request for information (RFI) on how the agency can improve its communications and improve transparency. A NASCUS comment letter is…

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