NCUA

The House’s decision to approve H.R. 5841, the “Foreign Investment Risk Review Modernization Act” brings the Committee on Foreign Investment in the U.S. (CFIUS) one step closer to its first major revamp since 2007 and credit unions one step closer to a long-advocated two-year delay to risk-based capital requirements imposed by the National Credit Union Administration (NCUA).

The legislation, sponsored by Rep. Robert Pittenger (R-N.C.), passed by a 400-2 margin and is based on a bill (S. 2098) that received unanimous support in the Senate Banking Committee in May.

Find out more about what the legislation proposes.

The National Credit Union Administration has finalized one rule reforming field-of-membership (FOM) requirements, and approved another final rule on voluntary mergers containing changes from its original proposal.

The Credit Union National Association and the National Association of Federally-Insured Credit Unions have been strong supporters of updating FOM standards as the banking industry has expressed consistent opposition. 

Find out more about the rules and what the industry is saying about them. 

President Donald Trump has nominated Rodney Hood of North Carolina to serve as a member of the National Credit Union Administration (NCUA) for the remainder of a six-year term expiring Aug. 2, 2023. If confirmed, it would be his second stint working for the NCUA.

Multiple trade associations representing credit unions expressed support for the nomination.

Find out more about Hood and the experience he would bring to the agency.

Numerous conservative public policy organizations have gotten increasingly more involved in the debate over the federal tax exemption for credit unions, taking up positions similar to those banks have argued for years. 

Ten such groups recently wrote to Senate Finance Committee Chairman Orrin Hatch (R-Utah) and other committee members, urging them to revisit the matter. Hatch is among various legislators who have weighed in on the topic.

Find out more about what arguments are being levied on both sides of the issue.

The frequency of cyberattacks is causing many financial entities to consider ways of effectively insuring their assets against the risk of such an event.

That is why the Federal Financial Institutions Examination Council members recently issued a joint statement to describe matters that financial institutions should be mindful of when considering using cyberinsurance as a component of their risk management programs.

Find out what the council recommends companies keep in mind when considering obtaining cyberinsurance.

As part of its continuing effort to shift toward more risk-based supervisory standards and utilize technology to improve oversight efficiency, the Federal Financial Institutions Examination Council (FFIEC) recently announced steps it is taking to update its Examination Modernization Project. 

The FFIEC’s Examination Modernization Project was initiated as a follow-up to the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act.

Read on to learn more about how the council plans to focus its efforts moving forward.

Consumer Financial Protection Bureau acting director Mick Mulvaney detailed the bureau’s new guiding principles, which include protecting credit providers in addition to consumers, while speaking at the Credit Union National Association’s Government Affairs Conference in Washington, D.C.

He also referenced his written communications with Sen. Elizabeth Warren (D-Mass.) about his actions as the bureau’s interim leader and the legitimacy of his standing in that position, as well as a past exchange with a former credit union regulator.

Find out what Mulvaney touched on regarding the bureau’s new approach to regulating credit unions and other financial institutions during the speaking engagement.

Multiple financial trade associations are throwing support behind bipartisan legislation proposing to require federal banking regulators to review existing regulations more frequently, and roll back regulations determined to be obsolete.

H.R. 4607, also known as the “Comprehensive Regulatory Review Act,” recently was approved by a 38-17 vote in the House Financial Services Committee.

Find out more details about the potential impact of the bill and why it has gained support in the financial industry. 

The on-going lawsuit between the American Bankers Association (ABA) and the National Credit Union Administration (NCUA) over the agency’s field-of-membership (FOM) rule recently intensified.

The ABA responded to the NCUA’s approval of multiple FOM expansions with a court filing reiterating its contention that the rule violates federal law.

Get up to speed with the latest development in this long-running debate between bankers and credit unions. 

The Federal Financial Institutions Examination Council recently launched a new “Industry Outreach” website designed to disseminate information about financial institution supervision with financial institutions, regulators, the public and other stakeholders.

The new website offers industry professionals access to informative webinars and other useful information regarding compliance and cybersecurity matters, among others.

Take a look to see how this new site may be beneficial to your company.