(Oct. 29, 2021) NCUA Board meetings in 2022 will be – again – on Thursdays, beginning at 10 a.m. ET, and skipping an August meeting, the agency said in a release this week. In most cases, the meetings will be on the third Thursday of the month – with the exceptions of January, May and September, when the meeting falls on the fourth Thursday of each month … NASCUS Credit Union Advisory Council Chairman Mike Williams, who is also president and CEO of Colorado Credit Union in Denver, was named a ‘Most Admired CEO’ by the Denver Business Journal this week. The award, the publication said, recognizes CEOs who are driving transformative change within their organization, industry, and the community … The Oregon Department of Consumer and Business Services has three openings for a Financial Examiner 3 extended to Nov. 29. See the link below for details (and other recent job openings) … Congrats to the New York Credit Union Association (NYCUA) for its steadfast efforts in achieving credit union authority to participate in its state’s program to provide commercial loans to small and mid-sized businesses at reduced interest rates. Legislation was signed by NY Gov. Kathy Hochul (D) to authorize credit unions to participate in the program – the culmination of an effort that NY credit unions began in the 1990s. The new law also allows marks the first time New York state has been authorized to deposit public funds in credit unions, according to NYCUA … Congrats, also, to CUNA, state associations and others for convincing congressional negotiators to keep out from the “framework” of the massive “build back better” legislation a provision that would require increased reporting of some members’ savings accounts by credit unions to the IRS. Reports Thursday indicated the provision has been omitted from the framework.
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NCUA Board Announces 2022 Meeting Schedule
(Oct. 15, 2021) California legislation was signed into law this week, the California and Nevada Credit Union Leagues reported. The new law for state credit unions: allows expulsion of members for abusive behavior; simplifies how an expelled member may appeal; allows non-member deposits from other credit unions (giving CA CUs parity with FCUs and low-income designated credit unions); makes changes to how audit committees are governed; and makes other technical changes … Two jobs have opened up at the Oregon Department of Consumer and Business Services (DCBS); see the NASCUS Career/Job Postings page for more details … Federal Reserve Board Vice Chair for Supervision Randal Quarles – whose term in that role ran out this week, but who continues to serve until a successor is confirmed – will no longer chair the Fed Board’s committee on supervision and regulation. Instead, the Fed said this week, the three-member committee will only advance agenda items before it when there is “broad consensus” among Federal Reserve officials. That essentially means that all three committee members will have to agree to any rule changes to be proposed to the full board.
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(Aug. 6, 2021) The Massachusetts Division of Banks is looking for candidates to fill the position of chief director of risk management (safety & soundness) supervision. For more information, see the NASCUS Career/Job Postings page (link below) … Federal credit unions were advised by NCUA this week that the 18% loan ceiling was continued by the agency, following board action in June. The 18% ceiling runs for 18 months, expiring March 10, 2023. The current 18% loan rate ceiling for FCUs ends Sept. 10.
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NCUA Letter to FCUs 21-FCU-04: Permissible Loan Interest Rate Ceiling Extended
(April 2, 2021) The Oregon Department of Consumer and Business Services has an opening for a mortgage banker/broker examiner (financial examiner 2). The closing date for the position is April 12. For more information, see the NASCUS State Job Announcements page (link below) … Mortgage lending data from 2020 is now available via the FFIEC’s Home Mortgage Disclosure Act (HMDA) platform, it was announced this week. The data, published by the exam council, come from about 4,400 HMDA modified loan application register (LAR) filers … A joint webinar of NCUA and the FDIC will be held April 27 (at 1 p.m.) on youth financial education, in celebration of April as National Financial Capability Month, the credit union and banking agencies announced this week. The 90-minute program will dive into the importance of financial account access and financial education for young people participating in employment programs.
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NASCUS State Job Announcements
2020 HMDA Data on Mortgage Lending Now Available
Registration: Account Access and Financial Education for Youth Participating in Employment Programs
(March 5, 2021) NCUA’s Rodney Hood was named the agency’s representative on the board of NeighborWorks America, a public-private organization that promotes affordable housing and community development, NCUA Chairman Todd Harper said this week. The group’s board consists of representatives of financial regulatory agencies and the U.S. Department of Housing and Urban Development (HUD) and includes (in addition to Hood): Martin Gruenberg, member of the FDIC Board, serving as NeighborWorks’ board chair; Michelle W. Bowman, member of the Federal Reserve Board of Governors, serving as vice chair; Grovetta Gardineer, senior deputy comptroller for bank supervision policy at the (OCC) … Federal civilian agencies were advised this week to install a patch for Microsoft Exchange for on-premises products – or disconnect those products until they do update with the patch. The “emergency directive” issued by the federal Cybersecurity and Infrastructure Security Agency (CISA) said the directive was issued in response to observed active exploitation of these products using previously unknown vulnerabilities. The directive also requires agencies to collect forensic images (if they are currently able to do so), and requires agencies to search for known indicators of compromise after patching; if indicators are found, they agencies are advised, they should contact CISA to begin incident response activities … The State of Washington, Dept. of Financial Institutions, is inviting applications for the position of program manager, chief of specialty examinations; see the NASCUS “state job opportunities” page (link below) for more details … NASCUS now has its own Facebook page, an effort undertaken by NASCUS Senior Director of Communications and Marketing Amanda Tuckey to expand the association’s reach. “We’re welcoming everyone to follow our page for daily NASCUS/industry news,” Tuckey said.
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Chairman Harper Appoints Hood to NeighborWorks America Board of Directors
CISA issues emergency directive requiring federal agencies to patch critical vulnerability
NASCUS state job opportunities (WA program manager, chief of specialty exams)
NASCUS Facebook page (https://www.facebook.com/NASCUS)
(Feb. 5, 2021) New NCUA Board Chairman Harper met with state regulators this week during a regularly scheduled conference call of state regulators. During the hour-long “regulator to regulator” session, the new NCUA leader outlined his priorities for the agency in 2021 and responded to questions from the state supervisors … An advisory warning financial institutions of a proliferation of fraud schemes tied to health care or health insurance services bought and paid for amid the COVID-19 pandemic was issued this week by the Treasury’s Financial Crimes Enforcement Network (FinCEN). The agency said law enforcement and financial institutions have detected numerous instances of potential frauds to health care benefit programs, health insurance, and COVID-19 health care relief funds. The advisory also stated that frauds have also been seen related to COVID-19 relief funds for health care providers, such as those provided under the Paycheck Protection Program (PPP) and Health Care Enhancement Act (HCEA) … The Federal Reserve now says 2023 (rather than 2024) is the launch time for its planned FedNow instant payments system. The agency said the one-year, shortened timeframe is the result of “significant strides” made over the last several months toward program milestones. The Fed said it continues to take a phased approach to launching the service, with the initial launch set for two years from now to include core clearing and settlement functionality and key value-added features, such as a request-for-payment capability and tools to support participants in their handling of payment inquiries, reconcilements and certain exceptions … The Texas Credit Union Department has a job opening for a Director of Examination Support Activities (Director IV); see the State Job Announcements page on the NASCUS website for more information.
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FinCEN advisory (FIN-2021-A001)
Federal Reserve updates FedNowSM Service launch to 2023
(Jan. 29, 2021) The new acting director of the CFPB said in a statement released Thursday that the bureau will be taking “aggressive action” in response to cases where financial providers have violated COVID-19-related consumer protections. Making public a statement he provided to staff last week, Acting Director Dave Uejio included COVID-19 relief for consumers as one of two priorities he has for the bureau; the other is racial equity … Just a reminder that Jan. 31 (Sunday) is the deadline for filing federally insured credit unions to file their fourth quarter 2020 call reports with NCUA. Also to be updated by that date: the Credit Union Profile, which includes (among other things) information that infrequently changes (including emergency contact information, information systems and technology, member programs and services, and more) … The Virginia State Corporation Commission, Bureau of Financial Institutions, is recruiting for multiple credit union examiner positions. More details available through the NASCUS State Job Announcements page (see link below) … Eligible credit unions interested in the Treasury Department’s Emergency Capital Investment Program can get more information during an upcoming webinar hosted by NCUA next Wednesday (Feb. 3) starting at 2 p.m. Eastern. The one-hour program will discuss the program’s eligibility and application requirements; the financial instrument and terms used for the investment, and whether credit unions can use the investment as secondary capital.
Call Report Filing Deadline for the December 31 Call Report Cycle
NASCUS State Job Announcements
NCUA webinar on Treasury Emergency Capital Investment Program
(Dec. 18, 2020) The Credit Union Department of the Washington Department of Financial Institutions has two job openings (which are posted on nascus.org right now): Financial Examiner 2-3 and Financial Examiner Supervisor. See the link to our “state job announcements” on the website … A predicted collapse did not materialize of some financial institutions and others due to over-investment in leveraged loans and collateralized loan obligations (CLO) as a result of the financial impact of the coronavirus crisis, according to a report issued this week. The report indicated that’s because of large banks’ strong capital positions and other factors. The new report issued by the congressional watchdog Government Accountability Office (GAO) added that federal regulators remain cautious about financial stability and urged the Treasury Secretary and Congress to take action … Due to the upcoming holidays, NASCUS Report will be published early next week, on Wednesday (Dec. 23). The following week (Dec. 28-Jan. 1) NASCUS Report will be taking a break, with publication resuming the following week (Jan. 4).
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NASCUS state job announcements