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.
The National Credit Union Administration is an above-average place to work, but the Consumer Financial Protection Bureau ranks far lower, according to the annual “Best Places to Work in the Federal Government” survey conducted by the Partnership for Public Service.
The National Credit Union Administration announced Monday that it will distribute $865.5 million to 1,800 capital account holders that helped bail out corporate credit unions following the 2008 financial crisis.
The National Credit Union Administration board voted Thursday to maintain the current temporary maximum interest rate of 18% for virtually all loans through March 10, 2023.
The heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: National Credit Union Administration Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
The National Credit Union Administration will consider adopting two final rules at its meeting Thursday, but the board continues to steer clear of the politically divisive rule proposals that have badly divided the board along political lines.
The board will consider rules on the capitalization of interest and implementation of the Current Expected Credit Loss methodology. The board also will discuss the credit union loan interest rate ceiling.
The National Credit Union Administration board may issue an advance notice of proposed rulemaking to solicit comments on changes to the interest rate ceiling for loans made by credit unions in the coming months, according to the Spring version of the federal regulatory agenda that was released Friday.
Federal banking agencies, including the National Credit Union Administration and Consumer Financial Protection Bureau, should develop specific directions on how credit unions and banks may use alternative data in the credit underwriting process, the Government Accountability Office said in a new report.