Former National Credit Union Administration Chairman Rodney Hood took to Twitter to accuse former Board Member J. Mark McWatters of exorbitant spending on office furniture that is now being sold at a government auction. McWatters said that Hood’s comments give an inaccurate reflection of the situation and that he has no idea why Hood is bringing up the issue now. McWatters left the NCUA Board in November.
At the February National Credit Union Administration meeting it was reported that the equity ratio dropped to 1.26%. The board did not immediately impose a premium, but Chairman Todd Harper noted that it may eventually be required. A restoration plan is legally required if the equity ratio dips below 1.2%. Other issues were also reported and discussed at the meeting.
Under current National Credit Union Administration rules, negative balances need to be resolved in 45 days. In December, the board approved a proposed rule that allows credit unions to establish their own specific time limits to resolve negative balances. Credit unions argue this is good for credit unions and their members, but consumer advocacy groups and NCUA Chairman Todd Harper are not convinced.
The National Credit Union Administration’s Inspector General issued a report that says the NCUA’s Consumer Assistance Center focuses on consumer complaint resolution, not on whether or not those complaints indicate a violation of consumer protection laws. Since the NCUA instructs examiners not to reinvestigate complaints, violations of consumer protection laws may not be identified during exams. The IG report indicates better coordination is needed.
The National Credit Union Administration held a webinar to discuss new board Chairman Todd Harper’s priorities and the main message from Harper is that he cares about continuing to advance economic equity and justice, as well as consumer protection efforts. It is not clear what he plans to do about some of the proposed rules that were approved before he became chairman.
New National Credit Union Administration Chairman Todd Harper on Monday announced the appointment of Catherine Galicia as his chief of staff.
Credit Union National Association President/CEO Jim Nussle sent a letter to new National Credit Union Administration Chairman Todd Harper asking that a list of previously proposed rules be brought to the agency board for votes. Harper has objected to some of the rules on the list in the past.
The American Banker’s Association endorsed Todd Harper’s appointment as the board chairman of the National Credit Union Administration. After praising him, they went on to urge him to be a credit union watchdog and not a credit union cheerleader.
President Biden appointed Democrat Todd Harper to serve as board chairman of the National Credit Union Administration, replacing Republican Rodney Hood. This puts Harper as chairman over two Republicans. What can credit unions expect from the NCUA now? This article, written by our editor, is posted on the Credit Union Times website. Clicking on the link will take you to the article. There is a free, one-time registration required to visit the Credit Union Times website. Todd Harper Selected as New NCUA Board Chairman Why am I being redirected to the Credit Union Times website? This will explain: Message from
The Consumer Financial Protection Bureau and the National Credit Union Administration released the Memorandum of Understanding that they signed recently, without waiting for the processing of a Freedom of Information Act request. The MOU says the NCUA and CFPB will attempt to coordinate their regulation of credit unions with assets of more than $10 billion.