Registration Open for April 11 CECL Webinar

ALEXANDRIA, Va. (March 25, 2019) – Registration is now open for an “Ask the Regulators” webinar on coming changes to the Current Expected Credit Losses accounting standard.

The April 11 webinar, scheduled to begin at 2 p.m. Eastern, will cover the significant differences financial institutions should expect in their accounting procedures following the CECL changes, scheduled for 2022. Participants will use the registration link to log into the webinar.

The webinar will focus on how CECL changes will affect smaller institutions and will include a detailed discussion of the weighted average remaining maturity method for estimating the allowance for credit losses. There will be a question-and-answer session, and participants also may submit questions in advance at [email protected].

The webinar, hosted by the Federal Reserve Bank of St. Louis, will be presented by staff from the NCUA, the Financial Accounting Standards Board, the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Conference of State Bank Supervisors.

The NCUA will post updated frequently asked questions about the anticipated CECL changes in the near future.

The webinar will be archived approximately three weeks following the live event. The archive will require a separate registration.

Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Flooding in the Midwest

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of flooding in the Midwest on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.  The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

A complete list of the affected disaster areas can be found at https://www.fema.gov/disasters.

Lending: Financial institutions should work constructively with borrowers in communities affected by flooding in the Midwest.  Prudent efforts to adjust or alter terms on existing loans in affected areas should not be subject to examiner criticism.  Modifications of existing loans should be evaluated individually to determine whether they represent troubled debt restructurings.  This evaluation should be based on the facts and circumstances of each borrower and loan, which requires judgment, as not all modifications will result in a troubled debt restructurings. In supervising institutions affected by flooding in the Midwest, the agencies will consider the unusual circumstances these institutions face.  The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound practices as well as in the public interest.

Temporary Facilities: The agencies understand that many financial institutions face staffing, power, telecommunications, and other challenges in re-opening facilities after the flooding in the Midwest.  In cases in which operational challenges persist, the primary federal and/or state regulator will expedite, as appropriate, any request to operate temporary facilities to provide more convenient availability of services to those affected by flooding in the Midwest.  In most cases, a telephone notice to the primary federal and/or state regulator will suffice initially to start the approval process, with necessary written notification being submitted shortly thereafter.

Publishing Requirements: The agencies understand that the damage caused by flooding in the Midwest may affect compliance with publishing and other requirements for branch closings, relocations, and temporary facilities under various laws and regulations.  Institutions experiencing disaster-related difficulties in complying with any publishing or other requirements should contact their primary federal and/or state regulator.

Regulatory Reporting Requirements: Institutions affected by flooding in the Midwest that expect to encounter difficulty meeting the agencies’ reporting requirements should contact their primary federal and/or state regulator to discuss their situation.  The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies’ regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of the effects of flooding in the Midwest.  The agencies’ staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution’s particular circumstances, including the status of its reporting and recordkeeping systems and the condition of its underlying financial records.

Community Reinvestment Act (CRA): Financial institutions may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas.  For additional information, institutions should review the Interagency Questions and Answers Regarding Community Reinvestment at https://www.ffiec.gov/cra/qnadoc.htm.

Investments: The agencies realize local government projects may be negatively affected by flooding in the Midwest.  Institutions should monitor municipal securities and loans affected by flooding in the Midwest.  Appropriate monitoring and prudent efforts to stabilize such investments are encouraged.

For more information, refer to the Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster, which is available as follows:

CSBS:  https://www.csbs.org/interagency-supervisory-examiner-guidance-institutions-affected-major-disaster
FDIC:  https://www.fdic.gov/news/news/financial/2017/fil17062.html
FRB:  https://www.federalreserve.gov/supervisionreg/srletters/sr1714a1.pdf
OCC:  https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-61.html
NCUA:  https://www.ncua.gov/Resources/Documents/SL-17-02-examiner-guidance-institutions-affected-major-disaster-enclosure.pdf

Media Contacts
Agency Contact Phone
CSBS James Kurtzke 202.728.5733
Federal Reserve Darren Gersh 202.452.2955
FDIC Julianne Fisher Breitbeil 202.898.6895
NCUA John Fairbanks 703.518.6330
OCC Stephanie Collins 202.649.6870

Closed Board Meeting – March 27, 2019


NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.

“Protecting credit unions and the consumers who own them through effective regulation”

C B S Employees Federal Credit Union Closes; University Assumes Shares, Loans

Member Services Continue; Deposits Remain Protected by Share Insurance Fund

ALEXANDRIA, Va. (March 29, 2019) – Members of C B S Employees Federal Credit Union are now members of University Credit Union following today’s liquidation by the National Credit Union Administration.

The new University Credit Union members should experience no interruption in services. Members’ accounts remain insured by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share insurance Fund has the backing of the full faith and credit of the United States.

The NCUA liquidated C B S Employees, located in Studio City, California, and discontinued its operations after determining the credit union was insolvent with no prospect of restoring viable operations on its own. University Credit Union, located in Los Angeles, immediately assumed C B S Employees’ assets, loans, and all member shares.

University Credit Union is a federally insured, state-chartered credit union that, prior to its assumption of C B S Employees, served 37,057 members and had assets of $654,577,105, according to the credit union’s most recent Call Report. Members with questions can call University Credit Union at 800-828-4510 between 7 a.m. and 5 p.m. Pacific Monday through Friday and between 9 a.m. and 3 p.m. on Saturday. Members with questions about Share Insurance coverage can find information on the Share Insurance section of NCUA’s consumer website, MyCreditUnion.com.

At the time of liquidation and subsequent purchase and assumption by University Credit Union, C B S Employees served 2,798 members and had assets of $21,037,558, according to the credit union’s most recent Call Report. Chartered in 1961, C B S Employees Federal Credit Union provided financial services to employees of CBS, Inc., Mary Tyler Moore Productions, and CBS/MTM who work in Studio City, California.

CFPB Director Kraninger Becomes FFIEC Chairman

Consumer Financial Protection Bureau (CFPB) Director Kathleen L. Kraninger today becomes the Chairman of the Federal Financial Institutions Examination Council (FFIEC). Her two-year term runs from April 1, 2019, through March 31, 2021. Chairman Kraninger succeeds Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation. The FFIEC named National Credit Union Administration Board Chairman J. Mark McWatters as its new Vice Chairman for the same two-year term.

“The FFIEC provides a platform for members of the Council to promote collaboration and consistency in the supervision of financial institutions,” said Director Kraninger. “I look forward to engaging with my colleagues and remain committed to finding effective ways to collaborate on supervisory matters, including the use of appropriate technology. Under my leadership, I plan to focus on building a culture of compliance that prevents consumer harm in the first place,” she said. “This prevention of harm is one of my primary goals, and using all available tools will better protect consumers, taxpayers, and the financial system.”

Director Kraninger is the second confirmed Director of the CFPB. The U.S. Senate confirmed her as Director on December 6, 2018, for a five-year term. Prior to her confirmation, Director Kraninger served as the Policy Associate Director at the Office of Management and Budget, where she oversaw the budgets for executive branch agencies including the Departments of Commerce, Justice, Homeland Security, Housing and Urban Development, Transportation, and Treasury, as well as 30 other government agencies.

Director Kraninger graduated magna cum laude from Marquette University and earned a law degree from Georgetown University. She served as a U.S. Peace Corps Volunteer in Ukraine.

Media Contacts
Agency Contact Phone
Federal Reserve Susan Stawick 202.452.2955
CFPB Marisol Garibay 202.435.7170
FDIC Greg Hernandez 202.898.6984
NCUA Ben Hardaway 703.518.6330
OCC Stephanie Collins 202.649.6870
SLC Jim Kurtzke 202.728.5733

Closed Board Meeting – April 18, 2019


NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.

“Protecting credit unions and the consumers who own them through effective regulation”

Registration Open for CURE Initiatives Webinar

ALEXANDRIA, Va. (April 2, 2019)Online registration is open for an April 24 webinar discussing programs and initiatives the National Credit Union Administration’s Office of Credit Union Resources and Expansion has planned for 2019.

The webinar, “What’s Happening in CURE for 2019,” is scheduled to begin at 2 p.m. Eastern and run approximately 60 minutes. Participants will be able to log into the webinar and view it on mobile devices using the registration link, and they should allow pop-ups from this website.

Martha Ninichuk and JeanMarie Komyathy, Director and Deputy Director of the Office of Credit Union Resources and Expansion, will discuss topics including:

  • Programs and initiatives for Minority Depository Institutions;
  • The credit union chartering process;
  • The upcoming grant round for low-income credit unions;
  • CURE’s training programs schedule; and
  • New upgrades for the agency’s Learning Management Service.

The NCUA will offer live Twitter updates during the webinar on @TheNCUA. Participants can submit questions over Twitter anytime during the presentation and in advance at [email protected]. The email’s subject line should read, “What’s Happening in CURE.” Technical questions should be emailed to [email protected].

This webinar will be closed captioned and archived online approximately three weeks following the live event.

NCUA’s Office of Credit Union Resources and Expansion supports low-income-designated credit unions and credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.

NCUA Marks National Financial Capability Month

ALEXANDRIA, Va. (April 5, 2019) – The National Credit Union Administration will promote  consumer financial preparedness during the Financial Literacy and Education Commission’s National Financial Capability Month campaign.
 
The NCUA today released a new video highlighting its redesigned MyCreditUnion.gov consumer website. This will be the first in a new series of videos on consumer money management and financial information resources the agency will post on its Facebook page. 

On April 10, beginning at 1 p.m., the NCUA will join the Federal Emergency Management Agency for a Twitter chat on financial planning and budgeting. Credit unions and consumers are encouraged to follow the conversation and contribute using the #FinancialChat hashtag.

MyCreditUnion.gov includes information on topics like cost of education, homeownership, retirement, saving and managing debt, most of which are available in English and Spanish. NCUA.gov also hosts a Financial Literacy and Education Resource Center. Consumers can find and share additional tips and best practices on protecting their financial well-being on the NCUA’s Facebook and Twitter sites, as well.

The NCUA is one of 19 federal agencies who are members of the Financial Literacy and Education Commission, which was established in 2003 to develop a national financial education website and a national strategy on financial education. 

Under the Federal Credit Union Act, promoting financial capability is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA reinforces credit union efforts, raises consumer awareness, and increases access to credit union services.

Harper Sworn in as NCUA Board Member

ALEXANDRIA, Va. (April 8, 2019) – The Honorable Todd M. Harper took the oath of office today and joined the National Credit Union Administration as its 23rd Board member.

“My priorities will be to safeguard the safety and soundness of federally insured credit unions, preserve the integrity of the credit union industry in a continually evolving and increasingly complex marketplace, and protect taxpayers and credit union members from losses to the Share Insurance Fund,” Harper said immediately after getting sworn in.

NCUA Board Member J. Mark McWatters delivered the oath of office to Harper at the agency’s Alexandria, Virginia, central office.

During his tenure, Harper plans to focus on the issues of capital, liquidity, and cybersecurity. He will also prioritize the agency’s consumer protection duties and access to affordable credit for the unbanked and underserved.

“By law, the mission of the credit union system is to promote thrift and serve people of modest means. That’s why I am deeply committed to increasing access to financial services for all,” Harper said. “By providing access to affordable credit, as the Federal Credit Union Act requires, we can also expand our economy, create jobs, and protect American consumers from predatory lending practices. I will focus intently on these issues.”

After nearly a decade of economic growth, Harper also noted that NCUA must prepare for a changing financial environment.

“The recent inversion of the yield curve highlights the real need for the NCUA to prepare for the next recession,” Harper said. “Accordingly, we must ensure that federally insured credit unions and the Share Insurance Fund have the capital needed to withstand the next downturn.”

President Donald J. Trump nominated Harper for the NCUA Board on Feb. 6. The Senate Banking Committee held its confirmation hearing Feb. 14 and unanimously approved Harper’s nomination on Feb. 26. The Senate confirmed him on March 14.

Prior to his joining the NCUA Board, Harper served as director of the agency’s Office of Public and Congressional Affairs and chief policy advisor to Chairmen Debbie Matz and Rick Metsger. He also worked for the U.S. House of Representatives as staff director for the Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises and as senior policy advisor, legislative director, and senior legislative assistant to Rep. Paul E. Kanjorski (D-PA).

Harper holds an undergraduate degree in business analytics from Indiana University’s Kelley School of Business and a graduate in public policy from Harvard University’s Kennedy School of Government.

President Trump Designates Rodney E. Hood as Chairman of the NCUA Board

ALEXANDRIA, Va. (April 8, 2019) – President Donald J. Trump has designated Rodney E. Hood as the eleventh Chairman of the National Credit Union Administration Board.

Today, as his last official action as Chairman of the Board, J. Mark McWatters administered the oath of office to Mr. Hood, at the NCUA headquarters.

“It is an honor to have been nominated by President Trump, confirmed by the U.S. Senate, and sworn in by Chairman McWatters to serve as the eleventh NCUA Chairman,” Mr. Hood said. “I look forward to leading the agency and focusing on the safety and soundness of America’s credit unions as they operate in today’s ever-changing marketplace. As President Trump’s pro-growth economic agenda seeks to empower individuals and communities across the nation, America’s credit unions are on the frontline of providing affordable access and opportunity to the financial system. 

“Over the next four years, I will be especially honored to lead the talented and professional NCUA team while doing my level best to ensure that they have the necessary resources to respond nimbly to today’s market risks and emerging issues. As Chairman, I look forward to enhancing and modernizing the federal credit union charter, addressing the issues of capital reform and cyber security, creating opportunities for credit unions to serve vulnerable communities, and reducing regulatory burdens.” 

Hood was nominated to the NCUA Board on January 16, 2019, and confirmed by the Senate on March 14, 2019. Upon his swearing in, his term will expire on August 2, 2023. Nominated to the NCUA Board by President Barack Obama on January 7, 2014, J. Mark McWatters will remain on the Board. His term expires on August 2, 2019.

“I look forward to working with Mr. Hood in continuing to pursue an agenda of safe and sound regulatory reform for the credit union community, upon his assuming the Chairmanship of the NCUA,” Chairman J. Mark McWatters said. “I thank President Trump for the honor of serving as Chair for the past two years and congratulate Mr. Hood on his designation. Mr. Hood brings a wealth of financial and credit union experience to the position having previously served on the board and will do an outstanding job as Chairman.”

Immediately prior to his rejoining the NCUA Board, Mr. Hood served as a corporate responsibility manager for JPMorgan Chase, managing national partnerships with non-profit organizations promoting financial inclusion and shared prosperity for underserved communities.

He previously served as Vice Chairman of the NCUA Board, as associate administrator of the Rural Housing Service at the U.S. Department of Agriculture, and as a member of the Board of Governors for the University of North Carolina. Before public service, Mr. Hood held management positions in retail finance, commercial banking, affordable housing and community development at G.E. Capital, Bank of America, Wells Fargo and North Carolina Mutual Life Insurance Company.

Mr. Hood holds a bachelor’s degree in business, communications, and political science from the University of North Carolina at Chapel Hill.