National Credit Union Administration (ncua)
U.S. Government: Agencies/Departments/Divisions | Federal Agencies
Recent News About National Credit Union Administration (ncua)
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Katherine Easmunt appointed as Chief Ethics Counsel by NCUA Board
The National Credit Union Administration (NCUA) Board has appointed Katherine Easmunt as the agency's Chief Ethics Counsel, effective November 3.
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NCUA issues prohibition notices against four former credit union employees
The National Credit Union Administration (NCUA) has issued three consent orders and one prohibition notice in October 2024.
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CFPB takes enforcement action against VyStar Credit Union following investigation
The National Credit Union Administration (NCUA) Chairman Todd M. Harper and Board Member Tanya F. Otsuka have commented on the Consumer Financial Protection Bureau's (CFPB) recent enforcement action against VyStar Credit Union.
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NCUA board discusses cybersecurity threats and charter modernization initiatives
The National Credit Union Administration (NCUA) Board convened for its seventh open meeting of 2024, where members received updates on cybersecurity and charter modernization efforts. The briefings highlighted significant trends and challenges facing the credit union sector.
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Regulators offer support to banks hit by Hurricane Milton
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency have issued a statement acknowledging the significant impact of Hurricane Milton on financial institutions. These agencies have pledged to provide regulatory assistance to affected institutions.
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NCUA Chairman addresses Citadel Federal Credit Union's redlining settlement
National Credit Union Administration (NCUA) Chairman Todd M. Harper has commented on the U.S. Department of Justice's settlement with Citadel Federal Credit Union concerning allegations of lending discrimination. Citadel, a financial institution in Southeastern Pennsylvania, manages assets worth $6 billion.
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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.