In today’s financial services environment, keeping up with the regulatory compliance landscape is challenging, and takes an ever-increasing commitment of your credit union's time and energy. Our REGular Blog is designed to keep you informed of what’s happening in the regulatory compliance world by providing not only our thought leadership and perspective, but also linking you to helpful resources from other trade associations and industry groups. From Richmond to Alexandria to Washington, stay in the know on issues to help you stay one step ahead of the regulators.
- REGular Blog: FFIEC Issues Statement on Exam Principles Related to Real Estate Valuation Discrimination and Bias
February 16, 2024Just this week (Feb. 12, 2024), the Federal Financial Examination Council (FFIEC) issued a statement to communicate principles for the examination of residential property appraisal and evaluation (valuation) practices to mitigate risks that may arise due to potential discrimination or bias in those practices; and to promote credible valuations. When it comes time for your exam, whether it is a safety and soundness exam or a specific consumer compliance exam, expect a review of risk management processes for residential lending activity. Here are additional details to help your credit union prepare!
- NCUA Share Insurance Fund Update: Diving into CAMELS Code Data
February 15, 2024NCUA held its February Board meeting today, which included a quarterly update on the share insurance fund. We've seen a growth in both the number of CAMELS 3/4/5 credit unions, as well as the shares and assets they hold, in recent quarters. Let's see how things looked at year-end.
- NCUA Issues HMDA Reg Alert
February 15, 2024The NCUA issued a Regulatory Alert to provide information on which credit unions must comply with the Home Mortgage Disclosure Act (HMDA) reporting requirements under the CFPB’s Regulation C. In the alert, the NCUA explained that credit unions must collect HMDA data associated with mortgage loan applications processed during 2024 if the credit union meets the four following criteria ...
- REGular Blog: What We Can Learn from the Fed's Consumer Compliance Outlook
February 12, 2024The Federal Reserve recently published its quarterly issue of the Consumer Compliance Outlook. This publication generally focuses on what the Federal Reserve is identifying in the review of banks under their purview. This offers us an opportunity to see some trends (regulatory agencies tend to focus on similar things) and gain expertise on how we can jumpstart and improve our processes and avoid similar violations.
- NCUA Board to Meet Feb. 15; Share Insurance Fund Update, MDI Program on Agenda
February 9, 2024The NCUA released the agenda for its Feb. 15 Board meeting, noting that the agency will receive a briefing on the Share Insurance Fund’s (SIF) quarterly report and will issue a final interpretive ruling and policy statement on the Minority Depository Institution (MDI) Preservation Program.
- REGular Blog: Big Banks Using the Credit Union Playbook - More Branches and a SEG Strategy?
February 9, 2024A couple of banking news articles caught my eye this week because they highlighted a couple of big banks using some familiar strategies for those of us in the credit union world.
- REGular Blog: Harper Signals Additional Reporting Requirement for Large CUs
February 6, 2024NCUA Chairman Todd Harper spoke today with the Brookings Institution. As is normally the case, the Chairman's prepared remarks were published on the NCUA's website and can be viewed here. However, the Chairman participated in some Q&A following the interview, during which he indicated that the NCUA will soon require credit unions with more than $1 billion in assets to report data on both overdraft and NSF fees separately to the NCUA, according to an article from American Banker.
- League Notes Concerns With NCUA Plan to Collect Overdraft, NSF Info From Large CUs
February 6, 2024Following a speech today at the Brookings Institution, National Credit Union Administration Chairman Todd Harper announced that the agency will soon require credit unions with more than $1 billion in assets to report data on both overdraft and nonsufficient funds fees separately to the NCUA. Read our REGular blog post for insights. “Credit unions have a long track record when it comes to overdraft and nonsufficient fees,” said League Chief Advocacy Officer JT Blau. “Credit unions have responsible programs that provide members with a valued service at a reasonable cost. We know, too, that these services carry risk, require back-office effort on the part of credit unions, and can be a meaningful deterrent that keeps members out of financial trouble. This signal from the agency adds to the legislative and regulatory headwinds credit unions are fighting when it comes to non-interest income. We continue to advocate on this critical issue with the NCUA, CFPB, and with Congress.”
- REGular Blog: When Do Credit Union Mergers Not Need Member Approval?
January 31, 2024Credit unions acquiring banks has gotten a lot of headlines in the banking press world this year, with four bank asset acquisitions announced so far in 2024. However, another interesting merger story has played out behind the scenes a couple of times in recent weeks: NCUA approving mergers without a member vote.
- NCUA Sets Feb. 8 Webinar on 2024 Supervisory Priorities
January 29, 2024The NCUA released details on an upcoming webinar to discuss the agency’s 2024 supervisory priorities. The webinar will be held Feb. 8 at 2 p.m.
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