The NCUA’s equity ratio at the end of June was 1.22% and the NCUA will be required to implement a formal restoration plan when it hits 1.20%. Learn what transpired at the NCUA September board meeting.
The National Credit Union Administration’s Chairman Rodney Hood and Board Member Todd Harper addressed participants at the National Association of Federally-Insured Credit Union’s virtual Congressional Caucus. Hood talked about his attempts to exempt credit unions from the Current Expected Credit Losses Standard and Harper discussed the NCUA’s approach to the pandemic.
The Inspector General for the National Credit Union Administration found that the Share Insurance Fund is at risk because the NCUA does not have the power to supervise third-party vendors and Credit Union Service Organizations. The fix, according to the Inspector General, is that Congress pass legislation giving those supervisory powers to the NCUA.
Credit unions that recently became members of the NCUA Central Liquidity Facility have substantially increased the facility’s borrowing capacity, National Credit Union Administration officials said Monday.
In a startling turn of events, the National Credit Union Administration board tabled a final rule Thursday that would have allowed credit unions more flexibility in deciding when to require members to settle overdrafts.
Clashing with NCUA Chairman Rodney Hood, board member Todd Harper is asking Congress not to reduce credit union capital standards in response to the coronavirus crisis.
“Reductions in capital standards could ultimately lead to greater losses for the Share Insurance Fund, which all surviving federally insured credit unions would need to pay,” Harper wrote to leaders of the House and Senate committees with NCUA oversight powers.