Credit trade groups are continuing to press the National Credit Union Administration to lower its Normal Operating Level to 1.30%–a request that so far has been denied.
The National Credit Union Administration board agreed Thursday to solicit comments on a proposed rule that would amend the agency’s capital adequacy regulation governing credit unions with assets over $500 million.
In another sign of division among the three National Credit Union Administration board members, the agency on Wednesday dropped the 2022-2026 Strategic Plan from the agenda for Thursday’s board meeting.
On July 13, when federal banking regulators issued proposed guidance governing financial institution monitoring of third-party service providers, one agency was notably absent: the National Credit Union Administration.
The National Credit Union Administration board will consider the agency’s 2022-2026 Strategic Plan at its July 22 meeting, but once again is steering clear of contentious issues that badly divided the board earlier this year.
The National Credit Union Administration on July 19 will begin allowing staff and contractors to work onsite at credit unions where pandemic conditions have moderated, agency board Chairman Todd Harper announced Wednesday.
If President Biden’s Executive Order on competition is any indication, banker arguments that credit unions pose an unfair competitive threat may not be gaining traction in the White House.
Credit unions will not yet be required to revise their Bank Secrecy Act policies to conform to priorities issued by the Financial Crimes Enforcement Network, National Credit Union Administration Chairman Todd Harper said in a new letter.
The National Credit Union Administration announced Tuesday that it was awarding a federal charter and share insurance fund coverage to establish the Community First Fund Federal Credit Union in Lancaster, PA.
The credit union will be operated by the Community First Fund, a Community Development Financial Institution. Establishment of the credit union is partially being funded by philanthropist MacKenzie Scott, who has provided $10 million to the group to support its work on racial equity and economic mobility. Scott is the ex-wife of former Amazon CEO Jeff Bezos.
The National Credit Union Administration on Thursday liquidated the Defense Logistics Federal Credit Union in Dover, New Jersey.
Pentagon Federal Credit Union immediately assumed the credit union’s assets, shares and loans.