NCUA

Following their banking counterparts, the National Credit Union Administration reported that the credit union industry also posted profits in the second quarter of 2020, despite the pandemic.

Profits were down sharply from a year ago but remained positive as total assets also soared.

Read on for more details from the regulator’s second-quarter report.

The National Credit Union Administration (NCUA) Office of Inspector General became the latest in a long line to recommend that the NCUA gain statutory authority to examine and oversee credit union service organizations and third-party vendors.

The office’s audit follows earlier recommendations from the Financial Stability Oversight Council and the Government Accountability Office that the credit union regulator should have the same authority which banking regulators have.

Read on for more details from the agency’s audit report.

A joint statement from federal regulators sought to clarify consumer due diligence (CDD) requirements for institutions under the Bank Secrecy Act.

The requirements involve customers who might be considered politically exposed persons.

Read on for more details about the compliance clarification from the Federal Reserve, the Federal Deposit Insurance Corp., the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency.

At its latest board meeting, the National Credit Union Administration approved a final rule amending the chartering and field-of-membership rules for credit unions applying for a community charter approval, expansion, or conversion.

The change was among four items approved by the board.

Read on for more details from the meeting.

In the wake of the resolution of the court case challenging the National Credit Union Administration’s (NCUA) field of membership rule, the agency announced it would work to help credit unions impacted by the process.

A challenge from a banking trade association led to the removal of rural districts for 18 credit unions, and NCUA announced it was in the process of reinstating those districts.

Read on for more details from the regulator.

The National Credit Union Administration (NCUA) recently released its annual report to Congress detailing the financial condition of minority credit unions.

The report discussed the agency’s efforts to preserve and promote the formation of minority depository institutions.

Read on for more details from the report and NCUA Chairman Rodney Hood.

The National Credit Union Administration released its latest quarterly report on the credit union industry, finding that assets and deposits in federally insured credit unions rose in the first quarter of 2020 from a year earlier.

The industry posted profits of $8.4 billion in the quarter, down from a year earlier, in part because of a jump in provisioning for loan and lease losses or credit loss expenses.

Read on for more highlights from the report.

The process for the National Credit Union Administration (NCUA) to change its field of membership rule has taken nearly four years, but the credit union regulator finally got some certainty when the Supreme Court declined to hear an appeal made by the American Bankers Association to the rule.

NCUA promulgated the rule in October 2016, but the banking association filed suit two months later, and the rule has been debated in court since.

Read on for details and reaction from credit union and banking advocates.

Looking to provide a boost to credit unions interested in adding hemp-related businesses as customers, the National Credit Union Administration issued a new set of FAQs focused on compliantly serving those businesses.

The agency said hemp-related businesses have been affected by the pandemic, as other businesses have, and reminded credit unions that the information and FAQs provide no new expectations or requirements for credit unions.

Read on for more about how the regulator says credit unions can work with these businesses.