Nov. 12, 2021 NASCUS Report

THIS WEEK: NCUA Board to consider FCU shared facility rule; Letter reminds of sub debt rule’s scope; Summary looks at new FCU CUSO rule; Ransomware schemes highlighted in advisory; Changes ahead for the Fed; State leaders urge SAFE Banking Act to proceed; NASCUS shines at NACUSO conference; BRIEFLY: Tiny FCU conserved; Louisiana leader to retire; OCC looking at climate change guidance; FFIEC advises on announcements

NCUA Board to consider shared service rule, hear report on modernized exam tools, too

(Nov. 12, 2021) A final rule on field of membership (FOM) shared facility requirements will be at least one of the items on the Nov. 18 NCUA Board meeting agenda,…

Letter reminds CUs sub debt rule will affect secondary capital

(Nov. 12, 2021) Any issuances of secondary capital not completed by Jan. 1 will be subject to the requirements of the new subordinated debt rule, which becomes effective on that…

Summary outlines new FCU CUSO rule

(Nov. 12, 2021) A summary of NCUA’s new rule on federal credit union service organizations (CUSOs) – adopted Oct. 21 by the NCUA Board on a 2-1 vote – has…

Advisory highlights latest ransomware schemes

(Nov. 12, 2021) Growing use of anonymity-enhanced cryptocurrencies (AECs) used in ransomware schemes and the ways that perpetrators launder ransomware proceeds are detailed in an updated advisory issued this week…

Ahead for the Fed: Quarles resignation signals big changes

(Nov. 12, 2021) There will soon be two open seats on the Federal Reserve Board – and maybe three as early as January – because of the announced resignation of…

State leaders urge cannabis bill move forward

(Nov. 12, 2021) A bipartisan group of 24 governors and other top officials called on the Congress this week to include the SAFE Banking Act – legislation supported by the…

State system prominent at NACUSO confab

(Clockwise from top) NASCUS’s Lucy Ito (second from right) joins other judges in the “Next Big Idea” competition in listening to a presenter’s big idea. Other judges are (from left)…

Two big opportunities to learn more about NASCUS

Two big opportunities are and will be available to you for learning more about NASCUS and the value it offers to the state system: A recording is now available of…

BRIEFLY: Tiny FCU conserved; Louisiana leader retires; OCC developing guidance on climate change risk; Exam Council revamps notification system

(Nov. 12, 2021) NCUA late last week placed the tiny Pomona Postal FCU of Pomona, Calif., into conservatorship, saying the credit union’s most recent call report shows it had 717…

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