Latest NCUA Actions: Guidance, Board Items, Priorities & MOU

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The Consumer Financial Protection Bureau (CFPB) and National Credit Union Administration (NCUA) have both approved a final rule on the role of supervisory guidance.

It codifies an interagency statement clarifying the role of supervisory guidance that was issued in September 2018. The NCUA will continue to follow and respect the limits of administrative law in carrying out its supervisory responsibilities. 

NCUA Rodney Hood’s Accomplishments
The NCUA discusses its accomplishments since Chairman Rodney Hood was sworn-in back in April 2019 in a news release issued today, including: regulatory relief; responding to the COVID-19 pandemic; advancing diversity, equity, and financial inclusion; advancing communities through credit, education, stability, and support; improving the NCUA's culture; and supporting small businesses.

NCUA Board Approves Six Items
During the NCUA board’s first open meeting of 2021, six items were approved:

  • A proposed rule that would raise the asset threshold for defining a credit union as “complex” for purposes of being subject to any risk-based net worth requirement.
  • An advance notice of proposed rulemaking that solicits comments on two approaches to simplify risk-based capital requirements.
  • A proposed rule that would add the “S” component to the existing CAMEL rating system and redefine the “L” component.
  • A proposed rule expanding the list of permissible activities and services for credit union service organizations.
  • A final rule clarifying that corporate credit unions may purchase subordinated debt instruments.
  • The NCUA’s 2021 Annual Performance Plan.

In addition, the NCUA Board was briefed on the agency’s ACCESS Initiative, the Consolidated Appropriations Act of 2021, and annual adjustments to the agency’s civil monetary penalties. You can view the full recap here.

NCUA’s 2021 Supervisory Priorities
Letter to Credit Unions 21-CU-02, released by the NCUA today, outlines the agency’s supervisory priorities for 2021. It will assist in preparing for your credit union’s next NCUA examination.

NCUA and CFPB's Memorandum of Understanding
The NCUA and the CFPB have signed a memorandum of understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions with more than $10 billion in assets. Read more here.

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