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.
President Biden has issued a temporary moratorium on regulations until they can be reviewed by people in his administration. His Executive Order, signed the day of his inauguration, says that, with a few exceptions, until rules are approved by someone designated by him, agencies should not send rules to the Federal Register for publication. Rules that have been published but have not become effective should be delayed for 60 days.
The continuing coronavirus pandemic has the National Credit Union Administration adjusting its supervisory efforts during 2021. The extended exam cycle will continue, the targeted Small Credit Union Exam program will continue, and the larger credit unions will have risk-focused examinations. Chairman Rodney Hood explained the changes and risk-focus in a letter to credit unions.
After signing a memorandum of understanding the National Credit Union Administration and Consumer Financial Protection Bureau announce that they will do a better job of coordinating the consumer protection supervision of credit unions with more than $10 billion in assets. To independently confirm that, you will have to file a Freedom of Information Request as they are not releasing the memorandum to the public.
At the January National Credit Union Administration board meeting, board member Todd Harper frequently found himself in the minority. Among other items, the board considered a proposed rule to change the definition of Complex Credit Union, a proposed rule that would expand permitted activities of Credit Union Service Organizations, and an advance notice of proposed rulemaking to make changes to the NCUA Risk-Based Capital.
The National Credit Union Administration will begin accepting applications on Jan. 24 for federally insured, low-income credit unions that want to use the agency’s streamlined qualification process to be certified as Community Development Financial Institutions.
The agenda for the January board meeting of the National Credit Union Administration has been released. On the agenda is a rule on Risk-Based Net Worth, an Advance Notice of Proposed Rulemaking on the simplification of Risk-Based Capital Requirements, a proposed rule on CUSOs, a notice of proposed rulemaking on the CAMELS rating system and the agency’s annual performance plan.
J. Owen Cole, the National Credit Union Administration’s associate director in the Policy and Markets Division in the Office of Examination and Insurance, has announced he will retire at the end of the month.
Republican Chairman Rodney Hood and fellow Republican Kyle Hauptman approved the NCUA 2021-2022 budget over the vehement opposition of Democratic member Todd Harper. Harper wanted additional staff to perform consumer protection exams. He also does not think the agency is preparing enough for the economic fallout that will come from the pandemic.