In Ongoing Feud, NCUA’s Hood Blasts McWatters Over Cost of Office Furniture

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.

CUs May Be Headed for Showdown With Harper on Overdraft Rule

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.

NCUA Failed to Inform Examiners of Consumer Complaints: IG Report Says

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.

Future NCUA Rulemaking Remains Unclear

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.