House Financial Services Committee Chairwoman Maxine Waters, D-Calif., is challenging the National Credit Union Administration and other banking regulators to issue guidance requiring institutions to measure and manage climate risk—a thorny issue for the NCUA board.
The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Unity of Eatonville Federal Credit Union in Eatonville, Florida. It is the fourth federal credit union chartered this year.
The National Credit Union Administration Board has approved an extension of its modification of certain rules to help federally insured credit unions stay in operation, while addressing some of the economic problems caused by the pandemic.
The rules now will be in effect until the end of 2022. They had been scheduled to expire at the end of this year. The board approved the rules by notation.
With better training on small credit union examinations, National Credit Union Administration examiners could have caught an alleged $1.3 million fraud sooner at an Indiana credit union, the agency’s Inspector General said in a new report.
The National Credit Union Administration board on Thursday agreed to a compromise budget that will return $15 million to credit unions next year and set the agency’s normal operating level at 1.33% for 2022.
During the next six months the National Credit Union Administration board may issue final rules governing overdrafts and the purchase of a bank by a credit union, the agency said in its Fall regulatory agenda, released late last week.
If Thursday’s National Credit Union Administration 2022 budget briefing was any indication, the agency board could have a hard time reaching a consensus by Dec. 16, when the board is scheduled to vote on the spending document.
The board will consider its final budget at the Dec. 16 meeting, after considering a draft budget during a briefing and public hearing on Thursday. The draft reflected many of the priorities of board Chairman Todd Harper, such as hiring additional examiners to increase the agency’s focus on consumer protection issues.
It became clear at a public hearing on Wednesday that National Credit Union Administration Chairman Todd Harper does not have the votes to expand the agency’s consumer protection examinations and to hire new employees to do it.
Based on testimony given at the public hearing on the 2022 NCUA budget, that is fine with much of the credit union industry.
The National Credit Union Administration board is asking Congress to make permanent the pandemic-related changes to the agency’s Central Liquidity Facility.
Those changes are set to expire on Dec. 31.
An influential community group last week joined bankers in telling Congress that credit unions are not fulfilling their mission and are not sufficiently accountable to the communities they serve.