Register Now for June 18 Flood Insurance Webinar

ALEXANDRIA, Va. (May 29, 2019)Online registration is open for a June 18 webinar discussing updates to the flood insurance rule.

The webinar, hosted by the National Credit Union Administration and four other federal financial regulatory agencies, is scheduled to begin at 2 p.m. Eastern and run approximately one hour. Participants will be able to log into the webinar and view it on mobile devices using the registration link.

Staff from the NCUA, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency will cover topics including:

  • Mandatory acceptance of private flood insurance,
  • Mandatory acceptance compliance aid,
  • Discretionary acceptance of private flood insurance,
  • Flood coverage provided by mutual aid societies, and
  • Recommended preparations for compliance with the new rule.

A question-and-answer session will follow the presentation. Participants also may submit questions in advance at [email protected]. Credit unions may wish to review the NCUA’s online flood insurance resources.

NCUA Webinar Highlights Credit Union, Bank Partnership Benefits

ALEXANDRIA, Va. (June 5, 2019)Online registration is open for a June 12 webinar discussing the Bank Enterprise Award Program, hosted by the National Credit Union Administration.

The webinar, “Bank Enterprise Award Program,” 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.

Staff from the NCUA’s Office of Credit Union Resources and Expansion and the Bank Enterprise Award Program will discuss topics including:

  • Overview of the program;
  • Benefits of BEA-related partnerships for credit unions and banks;
  • Actual examples of credit union and bank participation in the program; and
  • Benefits of the program for Minority Depository Institutions.

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, “Bank Enterprise Award Program.” Please email technical questions about accessing the webinar 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 Releases Q1 2019 Credit Union System Performance Data

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, NCUA also educates the public on consumer protection and financial literacy issues.

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

New NCUA Video Helps Explain the Home Buying Process

ALEXANDRIA, Va. (June 11, 2019) – Buying a home can be confusing, so the National Credit Union Administration has created a new video that makes the process easier to understand.

The NCUA video, Understanding the Basics of Obtaining a Home Mortgage, guides potential homebuyers through the steps of shopping for the right mortgage loan and what to expect during the home buying process.

“An educated consumer is a smarter homebuyer,” NCUA Chairman Rodney E. Hood said. “Knowing what to expect in the process helps give people the confidence they need to make financial decisions for themselves. I encourage credit unions to add these resources to their educational outreach to members.”

The video is part of the agency’s digital campaign for National Homeownership Month. Throughout the month, the NCUA will regularly post home buying tips and resources on its Facebook and Twitter sites that credit unions, their members, and consumers in general can use and share.

Consumers can also get basic homeownership information on finding the right home, buying a home, and owning a home on the agency’s consumer site, All resources are available in Spanish.

NCUA: Q1 2019 State Credit Union Data Report Now Available

ALEXANDRIA, Va. (June 14, 2019) – Federally insured credit unions generally saw continued positive trends in the first quarter of 2019, according to the latest NCUA Quarterly U.S. Map Review.

The review tracks performance indicators for federally insured credit unions in all 50 states and the District of Columbia and includes information on two important state-level economic indicators: the unemployment rate and home prices.

Nationally, overall membership growth continued and the strongest growth continued to be concentrated in larger credit unions. Eighty-six percent of federally insured credit unions reported positive net income at the end of the first quarter. Median annual loan growth in the year ending in the first quarter was 5.8 percent, and median annual asset growth 1.6 was percent.

NCUA Chairman Hood Appoints Davis as Cybersecurity Advisor

ALEXANDRIA, Va. (June 20, 2019) – National Credit Union Administration Board Chairman Rodney E. Hood has appointed Johnny E. Davis, Jr. as Special Advisor to the Chairman for Cybersecurity.

“Cybersecurity is one of my top priorities as Chairman of the NCUA,” Hood said. “I have great confidence in Johnny’s experience and judgment in this critical area. I will be relying on Johnny to not only provide strategic counsel on cybersecurity policy but also to engage with other federal financial institutions regulators and external stakeholders.”

Davis currently serves as the NCUA’s Division Director for Critical Infrastructure, a role he will continue to fill along with this new responsibility.

Davis has more than 25 years’ experience in information security and infrastructure operations in the military, federal government, and private sector. Prior to joining the NCUA in 2015 as Chief Information Security Officer, Davis served as the Director of Critical Infrastructure Protection for the Department of Veterans Affairs. He also has served as Deputy Chief Information Security Officer at the departments of Interior, Health and Human Services, and the Environmental Protection Agency.

Davis holds a master’s degree in management and information systems from Webster University in St. Louis, Missouri, and a bachelor’s degree in the same discipline from Park University, also in St. Louis. He also holds numerous professional certifications, including: Certified Information Systems Security Professional, Certified Information Systems Auditor, Certified in Risk and Information Systems Control, and Certified Business Continuity Professional.

Davis assumes his duty as Special Advisor on June 20.

Board Proposes Delaying Risk-Based Capital Rule Until 2022

Board Action Bulletin

ALEXANDRIA, Va. (June 20, 2019) – The National Credit Union Administration Board held its sixth open meeting of 2019 at the agency’s headquarters today and approved one item:

  • A proposed rule delaying the effective date of the agency’s risk-based capital rule to Jan. 1, 2022.

RBC Delay Would Give More Time for Study

The effective date of the NCUA’s risk-based capital rule would move to Jan. 1, 2022, under a proposed rule approved by a 2-1 Board vote.

“This is an appropriate time to consider additional improvements to the risk-based capital rule,” NCUA Board Chairman Rodney E. Hood said. “We have a strong economy, and credit unions are very well-capitalized, with a net worth above 11 percent. As a regulator and steward of the National Credit Union Share Insurance Fund, I am committed to a system of prudent capital standards as required by the Federal Credit Union Act.”

Comments on the proposed rule must be received within 30 days after publication in the Federal Register.

The proposed delay will provide the NCUA Board time to holistically consider additional improvements to credit union capital standards, such as subordinated debt authority, capital treatment for asset securitization, and a community bank leverage ratio equivalent for credit unions. It also will give the agency time to integrate changes into the rule before it goes into effect. During the extended delay period, the NCUA’s current prompt corrective action requirements would remain in effect.

The Board approved the risk-based capital rule at its October 2015 meeting and scheduled it to go into effect Jan. 1, 2019.  At its October 2018 meeting, the Board unanimously approved a rule that delayed the effective date to Jan. 1, 2020, and raised the asset threshold for a complex credit union from $100 million to $500 million.

Based on Call Report data from the end of 2018, if the NCUA’s risk-based capital rule were to go into effect today, 545 complex credit unions would be subject to its requirements, and more than 99 percent of all complex credit unions would be considered well-capitalized.

The NCUA tweets all open Board meetings live. Follow

on Twitter, and access Board Action Memorandums and NCUA rule changes at
. The NCUA also live streams, archives and posts

videos of open Board meetings

“Community, Service, and Savings” Initiative Marks Federal Credit Union Act Anniversary

Chairman Hood Praises the Act’s “Democratization of Banking and Credit”

ALEXANDRIA, Va. (June 26, 2019) – To mark the 85th anniversary of the Federal Credit Union Act, the National Credit Union Administration has launched a digital outreach initiative, “85 Years of Community, Service, and Savings.”

NCUA Board Chairman Rodney E. Hood urged credit unions to make use of the agency’s digital resources.

“On this 85th anniversary of the signing of the Federal Credit Union Act, we should feel a great sense of accomplishment, but we should also accept the challenge to do more,” Hood said. “I encourage credit unions and their members to take advantage of the information resources NCUA has available. An educated credit union member is a more financially secure member.

“The Federal Credit Union Act led the way for a further democratization of banking and credit that contributed to the economic rebirth of the country following the Depression,” Hood said. “Through times of relative peace and times of conflict, through economic booms and busts, through societal and technological changes, credit unions have continued serving their members and communities. They have kept the promise of people helping people by fostering greater financial inclusion, accessibility, and opportunity for all Americans.”

The full text of Chairman Hood’s remarks is available online.

The digital outreach effort includes a commemorative page on its main website,, that traces the history of the Federal Credit Union Act, the agency, and the credit union system. The page will feature a new credit union timeline, a special consumer infographic, and a commemorative seal. A new page on the agency’s consumer website highlights how credit unions help their members build secure financial futures.

The NCUA is sharing significant events in credit union history, its leadership, and its work on its Facebook page and its Twitter accounts, @TheNCUA and @MyCUgov. Credit unions and members can follow and share in this initiative using the hashtag, #FCUAct85.

Today, there are 5,335 federally insured credit unions serving more than 117 million members and holding assets of more than $1.5 trillion.

Helping People Guides NCUA Chairman’s Work

Hood Attends Ceremonial Swearing-In Administered by Vice President Pence

WASHINGTON, D.C. (June 27, 2019) – National Credit Union Administration Chairman Rodney E. Hood today recounted how values of humility, integrity, hard work, compassion, and service to others have shaped his outlook and his career.

“I did not set out to dedicate my work life to financial services,” Hood said. “My first choice of a career, stemming from my time spent working as a church missionary in Africa, was to enter the ministry. As it turned out, life had other plans for me. But that urge to service I felt as a young man did point the way to my future path. Once I embarked on my banking career, I always saw our primary mission in simple terms: people helping people.

“Credit unions arose and grew not out of government fiat,” Hood said. “Instead, they grew from a grassroots movement of people who were forgotten and were being left behind. At every step, it was about the promise of people helping people. It was the promise of people working together to use their assets to invest in their communities.”

Hood spoke at a ceremonial swearing-in administered by Vice President Michael R. Pence at the Eisenhower Executive Office Building in Washington, D.C. The full text of his remarks is available online.

“Rodney Hood has been a leader in the financial industry for 25 years,” Pence said. “He’s dedicated his career to helping others achieve their dreams. And now, he’s stepped up to serve our country in an even bigger way by protecting consumers from harm and ensuring integrity, accountability, and transparency throughout the financial industry. President Trump promised to fight for the prosperity of all Americans, and I am confident that Rodney will help us succeed in this great task.”

President Donald J. Trump nominated Hood to the NCUA Board on January 16. He was confirmed by the Senate on March 14 and officially took office April 8. His term will expire on August 2, 2023.

Prior to rejoining the NCUA Board, where he previously served as Vice Chairman, 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 also held the position of associate administrator of the Rural Housing Service at the U.S. Department of Agriculture and was a member of the Board of Governors for the University of North Carolina.

Before entering 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.

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

Catherine Galicia Named Senior Policy Counsel to NCUA Board Member Harper

ALEXANDRIA, Va. (July 12, 2019) – Catherine Galicia has been named senior policy counsel to National Credit Union Administration Board Member Todd M. Harper.

Galicia joins the NCUA from the Consumer Financial Protection Bureau, where she directed legislative affairs. She assumed her duties July 8.

“For more than two decades, Catherine has deeply impressed me with the breadth and depth of her knowledge of financial services and consumer financial protection policy,” Harper said. “In advising lawmakers, regulators, and industry leaders, she has demonstrated excellent judgment, regularly built trust among stakeholders to forge bipartisan coalitions, and strategically resolved differences between parties. I look forward to working with her to protect the safety and soundness of the credit union system and the interests of the 117 million Americans who place their faith in that system.”

Galicia has worked on financial services policy in the public and private sectors since 1995. Her experience includes service as senior counsel for the Senate Banking, Housing, and Urban Affairs Committee; as associate vice president for legislative affairs at the Mortgage Bankers Association; as vice president and director of government affairs at Banco Popular; and as counsel and legislative staff in the U.S. Senate and House of Representatives.

Galicia holds a bachelor’s degree from the University of Connecticut and a Juris Doctor from the Rutgers University School of Law.