National Credit Union Administration (ncua)
Recent News About National Credit Union Administration (ncua)
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Regulatory bodies provide guidance for financial institutions post-Hurricane Helene
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators have issued a joint statement acknowledging the significant impact of Hurricane Helene on financial institutions. The agencies are committed to providing regulatory assistance to those affected under their supervision.
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NCUA prohibits two individuals from participating in federally insured depository institutions
The National Credit Union Administration (NCUA) has issued one consent and one prohibition notice in September 2024. The individuals named are permanently prohibited from participating in the affairs of any federally insured depository institution.
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NCUA reports decline in assets but rise in loans for Q2 2024
Total assets, shares and deposits, and membership at federally insured credit unions declined at the median over the year ending in the second quarter of 2024, while loans outstanding increased, according to the latest Quarterly U.S. Map Review released today by the National Credit Union Administration (NCUA).
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NCUA reports Q2 growth in credit union assets but notes rising delinquencies
The National Credit Union Administration (NCUA) has released its second-quarter 2024 financial performance data for federally insured credit unions. The report indicates a rise in total assets by $79 billion, or 3.5 percent, reaching $2.3 trillion over the year ending in the second quarter of 2024. The delinquency rate increased to 84 basis points, up 21 basis points from the same period in 2023. Net income for the first half of 2024 totaled $15.7 billion annually, a decrease of $1.8 billion or 10.1 percent from the previous year.
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NCUA awards over $3.5 million in community development revolving loan fund grants
The National Credit Union Administration (NCUA) announced the distribution of over $3.5 million in Community Development Revolving Loan Fund grants to 135 low-income-designated credit unions.
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NCUA prohibits former credit union employee from working in federally insured institutions
The National Credit Union Administration (NCUA) has permanently prohibited Luz Araceli Davila-Hernandez, a former employee of Magnifi Financial Credit Union in Melrose, Minnesota, from participating in the affairs of any federally insured depository institution. This action was taken through an Order of Prohibition.
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FFIEC issues updated IT guidance for financial institutions
The Federal Financial Institutions Examination Council (FFIEC) has released a new booklet aimed at aiding examiners in assessing information technology practices within financial institutions. The "Development, Acquisition, and Maintenance" booklet outlines fundamental examination expectations related to development and acquisition planning and execution, governance and risk management, as well as maintenance and change management practices.
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NCUA announces retirement of Cherie Freed after over three decades of service
The National Credit Union Administration (NCUA) has announced the retirement of Cherie Freed, regional director of the NCUA’s Western Region, effective August 24, 2024.
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NCUA Board approves new rule to standardize data submissions to financial regulators
The National Credit Union Administration (NCUA) Board has unanimously approved an interagency notice of proposed rulemaking aimed at establishing data standards for specific information collections submitted to the NCUA and other financial regulatory agencies. The decision was made by notation vote.
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NCUA issues prohibition orders against two former credit union employees
The National Credit Union Administration (NCUA) has permanently prohibited two individuals from participating in the affairs of any federally insured depository institution as of July 2024.
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Federal agencies seek comments on updated anti-money laundering rules
Four federal financial institution regulatory agencies have requested public comment on a proposal to update requirements for supervised institutions to establish, implement, and maintain effective anti-money laundering and countering the financing of terrorism (AML/CFT) programs. These amendments aim to align with changes proposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), stemming from the Anti-Money Laundering Act of 2020 (AML Act).
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NCUA Board approves rules on incentive-based compensation; maintains loan interest rate ceiling
The National Credit Union Administration (NCUA) Board convened its fifth open meeting of 2024, approving several significant regulatory measures. These include a proposed rule on incentive-based compensation and a revised proposal on succession planning. Additionally, the board decided to maintain the current interest rate ceiling for federal credit unions at 18 percent.
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Federal agencies issue final guidance on reconsiderations of value for real estate valuations
On July 18, 2024, five federal regulatory agencies issued final guidance on reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises financial institutions on policies and procedures to allow consumers to provide information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal.
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Agencies issue final rule on automated valuation models under Dodd-Frank Act
Six federal regulatory agencies issued a final rule on July 17, 2024, aimed at ensuring the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. This action is pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule will implement quality control standards for automated valuation models (AVMs) utilized by mortgage originators and secondary market issuers.
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FFIEC releases comprehensive report on mortgage lending activities in U.S.for23
WASHINGTON, D.C. (July 11, 2024) – The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.
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NCUA extends CDRLF grant application deadline to July 12
The National Credit Union Administration (NCUA) has extended the deadline for applying for 2024 Community Development Revolving Loan Fund (CDRLF) grants to July 12. The agency will administer more than $3.4 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds. The grants page on the NCUA’s website contains all necessary information for submitting an application. A webinar explaining how to apply for a CDRLF grant is available on the NCUA’s YouTube Channel.
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NCUA issues prohibition orders against three individuals
The National Credit Union Administration (NCUA) issued one consent and two prohibition notices in June 2024, permanently prohibiting three individuals from participating in the affairs of any federally insured depository institution.
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Federal Credit Union Act celebrates its 90th anniversary
The National Credit Union Administration (NCUA) commemorated the 90th anniversary of the Federal Credit Union Act of 1934, signed into law by President Franklin Delano Roosevelt, which authorized the formation of federally chartered credit unions in all states.
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NCUA releases annual report on cybersecurity measures for credit unions
The National Credit Union Administration (NCUA) released its annual Cybersecurity and Credit Union System Resilience Report today. The report provides an overview of the current cybersecurity threat landscape, highlights key cybersecurity initiatives, and details ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry.
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NCUA releases annual report highlighting growth among minority depository institution credit unions
The NCUA Releases its Annual MDI Report to Congress Today