NCUA Charters Community First Fund Federal Credit Union

New Credit Union Will Focus on Wealth-Building Opportunities for the Underserved ALEXANDRIA, Va. (July 6, 2021) – The National Credit Union Administration has granted a federal charter and National Credit Union Share Insurance Fund coverage to Community First Fund Federal Credit Union in Lancaster, Pennsylvania. “Supporting underserved communities and providing capital for community development is at the […]

Defense Logistics Closes; PenFed Assumes Loans, Assets, Shares

Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund ALEXANDRIA, Va. (July 1, 2021) – The National Credit Union Administration today liquidated Defense Logistics Federal Credit Union in Dover, New Jersey. Pentagon Federal Credit Union (PenFed) immediately assumed Defense Logistics Federal Credit Union’s assets, member shares, and loans. PenFed is a federally chartered […]

NCUA Ranks in Top Ten of Midsize Agencies in Federal Best Places to Work

ALEXANDRIA, Va. (June 29, 2021) – The National Credit Union Administration ranked 9 of 25 midsize agencies in the Partnership for Public Service’s 2020 Best Places to Work in the Federal Government rankings (opens new window) released today. The ranking is based on the 2020 Federal Employee Viewpoint Survey (opens new window) (FEVS) administered by the U.S. Office of Personnel Management. […]

Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Architecture, Infrastructure, and Operations

(June 30, 2021) – The Federal Financial Institutions Examination Council (FFIEC) today issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.” The booklet provides expanded guidance to help financial institution examiners assess the risk profile and adequacy of an entity’s information technology architecture, infrastructure, and operations. The new […]

NCUA to Distribute $865.5 Million Under Corporate System Resolution Program

ALEXANDRIA, Va. (June 28, 2021) – The National Credit Union Administration, in its role as liquidating agent, today announced an $865.5 million distribution to the 1,800 membership capital account holders of the former Members United, Southwest Corporate, and U.S. Central corporate credit unions. The agency also announced the end of the NCUA Guaranteed Notes program and will […]

Capitalization of Interest Rule to Assist Financially Distressed Borrowers

Board Action Bulletin NCUA Board Approves CECL Phase-in Final Rule ALEXANDRIA, Va. (June 24, 2021) – Through a live audio webcast, the National Credit Union Administration Board held its sixth open meeting of 2021 and unanimously approved three items: A final rule that removes the prohibition on the capitalization of interest in connection with loan […]

NCUA Releases Q1 2021 State-Level Credit Union Data Report

ALEXANDRIA, Va. (June 25, 2021) – Federally insured credit unions continued to experience double digit asset and share-and-deposit growth over the year ending in the first quarter of 2021, according to the latest Quarterly U.S. Map Review (opens new window) released today by the National Credit Union Administration. Nationally, median asset growth for federally insured […]

Minority Depository Institution Credit Unions See Year of Growth

NCUA Releases 2020 Minority Depository Institutions Annual Report to Congress ALEXANDRIA, Va. (June 23, 2021) – The National Credit Union Administration today issued its eighth annual report to Congress on the composition and financial performance of the minority depository institutions (MDI) supervised by the NCUA in 2020. Among the report’s highlights, the number of MDI […]

NCUA to Host 2021 Diversity, Equity, and Inclusion Summit for Credit Union System Stakeholders

ALEXANDRIA, Va. (June 21, 2021) – The National Credit Union Administration will host credit union leaders, credit union trade and support organizations, and diversity and inclusion professionals during the NCUA’s second Diversity, Equity, and Inclusion (DEI) Summit. This three-day event will take place virtually Nov. 2–4, 2021. The NCUA’s 2021 DEI Summit will provide credit […]

FFIEC Announces Availability of 2020 Data on Mortgage Lending

(June 17, 2021) – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available […]