Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC

By: Credit Union Exam Solutions Inc.
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  • Summary

  • This podcast provides you the ability to listen to new regulatory guidance issued by the National Credit Union Administration, and occasionally the F D I C, the O C C, the F F I E C, or the C F P B. We will focus on new and material agency guidance, and historically important and still active guidance from past years that NCUA cites in examinations or conversations. This podcast is educational only and is not legal advice. We are sponsored by Credit Union Exam Solutions Incorporated. We also have another podcast called With Flying Colors where we provide tips for achieving success with the N C U A examination process and discuss hot topics that impact your credit union.
    2023
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Economics
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Episodes
  • NCUA Chairman Harper's Written Testimony Before the House Financial Services Committee

    NCUA Chairman Harper's Written Testimony Before the House Financial Services Committee
    Nov 21 2024

    www.marktreichel.com

    https://www.linkedin.com/in/mark-treichel/


    # NCUA Chairman's Congressional Testimony: State of Credit Unions in 2024

    ## Episode Overview
    A deep dive into NCUA Chairman Todd M. Harper's testimony before the House Financial Services Committee, covering the current state of the credit union system, key challenges, and regulatory initiatives.

    ## Key Points

    ### Credit Union System Performance
    - Total assets nearly $2.3 trillion
    - Total outstanding loans exceed $1.6 trillion
    - Net worth ratio: 10.84%
    - Return on average assets: 0.69%
    - Warning signs: rising delinquency rates, declining capital levels

    ### Major Concerns
    - One in five credit unions rated as troubled (CAMELS 3, 4, or 5)
    - Number of troubled complex credit unions tripled in Q2 2024
    - Commercial real estate showing stress due to hybrid work environments
    - Rising consumer financial stress affecting loan performance

    ### Cybersecurity Initiatives
    - Deployed updated Information Security Examination procedures
    - Received 1,000+ reportable cyber incidents since September 2023
    - 70% of cyber incidents related to credit union vendors
    - Expanded partnerships with CISA and FBI

    ### Consumer Protection Efforts
    - Focus areas: overdraft programs, fair lending, auto lending
    - Eight credit unions referred to DOJ for discrimination in 2024
    - First-ever race-based redlining settlement against a credit union
    - New requirements for large credit unions to disclose overdraft fees

    ### Minority Depository Institutions (MDIs)
    - 490 MDI credit unions serving 6.6+ million members
    - Combined assets over $90 billion
    - 39 MDIs received nearly $1.4 million in technical assistance grants
    - Average asset size: $183 million

    ### Legislative Requests
    1. Restore third-party vendor oversight authority
    2. Reform Central Liquidity Facility
    3. Provide more flexibility in Share Insurance Fund management
    4. Increase Community Development Revolving Loan Fund to $10 million

    ## Hurricane Response
    - Detailed response to Hurricanes Helene and Milton (Sept/Oct 2024)
    - Provided emergency grants and loans to affected credit unions
    - Extended regulatory filing deadlines
    - Supported cash needs during telecommunications outages

    ## Notable Statistics
    - Share Insurance Fund equity ratio: 1.28%
    - Share Insurance Fund net income: $154.3 million
    - Insured shares and deposits: $1.76 trillion
    - Uninsured shares and deposits: $169.4 billion

    ## Contact Information
    For more information: [ncua.gov](https://ncua.gov)

    ## Additional Resources
    - NCUA's Financial Technology and Digital Asset webpage
    - Credit Union Diversity Self-Assessment tool
    - Automated Cybersecurity Evaluation Toolbox (ACET)

    *Show notes based on testimony delivered November 20, 2024*


    Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

    We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

    Hire us and gain:

    • Peace of mind during your exam process

    • Insider knowledge of NCUA procedures and expectations

    • Strategies to address potential issues before they become problems

    • Continuous access to our extensive subject matter expertise

    With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

    Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.
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    36 mins
  • Civil Money Penalties and NCUA

    Civil Money Penalties and NCUA
    Nov 19 2024
    www.marktreichel.comhttps://www.linkedin.com/in/mark-treichel/Hello, this is Samantha Shares. This episode covers N C U A’s Authority to Assess Civil Money Penalties as outlined in its Enforcement Manual. The following is an audio version of manual. This podcast is educational and is not legal advice. We are sponsored by Credit Union Exam Solutions Incorporated, whose team has over two hundred and Forty years of National Credit Union Administration experience. We assist our clients with N C U A so they save time and money. If you are worried about a recent, upcoming or in process N C U A examination, reach out to learn how they can assist at Mark Treichel DOT COM. Also check out our other podcast called With Flying Colors where we provide tips on how to achieve success with N C U A. And now civil money penalties. 1. What are civil money penalties?The FCU Act section206(k), 12 U.S.C. section1786(k), contains N.C.U.A.'s authority to issue civil money penalties; N.C.U.A. Rules and Regulations. Section 747, Subpart A, contains the rules and regulations governing civil money penalty administrative hearings. The N.C.U.A.Board may assess civil money penalties against either a credit union or an institution­ affiliated party (see definition of institution-affiliated party above). The FCU Act specifies three tiers of civil money penalties, as follows: ► First tier. Any credit union or institution-affiliated party that violates a law or regulation, a final order of the N.C.U.A. Board, a published agreement with the Board (such as a published Letter of Understanding and Agreement), or a condition imposed in a published writing by the Board in connection with the granting of any application (such as the Insurance Agreement), may receive a penalty of not more than 5,000 dollars for each day of the violation. First tier penalties may apply to credit unions that, even after warnings, repeatedly submit late or substantially inaccurate call reports. ► Second tier. If the credit union or institution-affiliated party commits a first tier violation, and exhibits reckless conduct or a breach of fiduciary duty, and the violation, practice or breach is part of a pattern of misconduct, or causes more than a minimal loss to the credit union, or results in a monetary gain or other benefit to the institution-affiliated party, then the N.C.U.A. Board may assess a civil money penalty of not more than 25,000 dollars per day for each day of the violation. ► Third tier. Any credit union or institution-affiliated party that knowingly commits the first tier violations, knowingly engages in unsafe or unsound practices, knowingly breaches any fiduciary duty, or knowingly or recklessly causes a substantial loss to the credit union or a substantial monetary gain or other benefit to a party because of the violation, breach, or practice, may receive assessment of a civil money penalty of not more than $1,000,000 perday for each day of the violation, or in the case of a credit union, 1 percent of assets, whichever is less. 2. How are civil money penalties assessed?The normal administrative procedure for a civil money penalty action is as follows: 1. The regional director notifies the party of his or her intent to recommend to the N.C.U.A. Board the issuance of a civil money penalty, requesting a written response from the party.2. The N.C.U.A. Board issues a Notice of Assessment, setting forth a statement of the law and facts on which it bases the assessment.3. The assessed party has 90 days to make payment, but may request a hearing within 20 days.4. An administrative law judge will hold a formal hearing if requested.5. After the administrative hearing, the administrative law judge submits a recommended decision to the N.C.U.A. Board.6. The N.C.U.A. Board issues its final order.7. An institution-affiliated party or credit union may appeal to the U.S. Court of Appeals within 20 days of receipt of the final order. This concludes the N.C.U.A. civil money penalty authorities and policies. If your Credit union could use assistance with your exam, reach out to Mark Treichel on LinkedIn, or at mark Treichel dot com. This is Samantha Shares and we Thank you for listening. Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.Hire us and gain:• Peace of mind during your exam process• Insider knowledge of NCUA procedures and expectations• Strategies to address potential issues before they become problems• Continuous access to our extensive subject matter expertiseWith our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.Contact ...
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    5 mins
  • NCUA Guidance on Preliminary Warning Letters

    NCUA Guidance on Preliminary Warning Letters
    Nov 12 2024

    www.marktreichel.com

    https://www.linkedin.com/in/mark-treichel/


    Episode Summary
    This episode covers the National Credit Union Administration's (NCUA) examiner guidance on Preliminary Warning Letters (PWLs) to credit unions, as outlined in the National Supervision Policy Manual.

    ## Key Points

    1. Purpose of Preliminary Warning Letters (PWLs):
    - Issued when a credit union's problems are serious or persistent
    - Used when a credit union's board is unwilling to sign a Letter of Understanding and Agreement (LUA)
    - Supports potential formal administrative action

    2. Content of a PWL:
    - Written from the Regional Director's perspective
    - Lists serious areas of concern and cites relevant regulations
    - Includes required actions and timeframes for resolving issues

    3. Process for Issuing a PWL:
    - Examiners draft PWLs after examinations or supervision contacts
    - Division of Supervision (DOS) reviews and processes for Regional Director approval
    - Can be hand-delivered or mailed, depending on severity of issues

    4. Supervision of Credit Unions with PWLs:
    - Follow-up examinations typically every 120 or 180 days
    - Examiners document compliance with PWL in Status Updates
    - PWLs usually not outstanding for longer than 12 months

    5. Terminating a PWL:
    - Recommended when credit union meets specific performance standards
    - Examiners prepare draft removal letter for Regional Director's signature

    ## Sponsor
    Credit Union Exam Solutions Inc. - Offering assistance with NCUA examinations

    ## Additional Resources
    - Sample PWLs and BSA-specific PWL templates mentioned
    - Reference to NCUA Instruction 4820, Enforcement Manual

    ## Call to Action
    For credit unions needing assistance with exams, contact Mark Treichel on LinkedIn or at marktreichel.com.


    Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

    We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

    Hire us and gain:

    • Peace of mind during your exam process

    • Insider knowledge of NCUA procedures and expectations

    • Strategies to address potential issues before they become problems

    • Continuous access to our extensive subject matter expertise

    With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

    Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.
    Show more Show less
    9 mins

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