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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 (opens new window), NCUA also educates the public on consumer protection and financial literacy issues.

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

ALEXANDRIA, Va. (April 2, 2019) – Online registration (opens new window) 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 (opens new window).

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.

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 (opens new window).
 
The NCUA today released a new video (opens new window) highlighting its redesigned MyCreditUnion.gov (opens new window) 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 (opens new window). 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 (opens new window) and Twitter (opens new window) 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 (opens new window) 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.

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 23^rd 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.

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.

ALEXANDRIA, Va. (April 9, 2019) – The National Credit Union Administration Board has re-scheduled its May open and closed meetings, originally set for Thursday, May 16.

Both meetings are now scheduled for Thursday, May 23. The open meeting will begin at 10 a.m. Eastern, and the closed meeting will follow immediately after the open meeting is concluded.

The May open meeting, like all NCUA open Board meetings, will be available on a livestream.

Information about NCUA Board meetings, including memorandums and other documents, is posted on the NCUA’s Board Meetings, Agendas, and Results page.

Board Action Bulletin

ALEXANDRIA, Va. (April 18, 2019) – The National Credit Union Administration Board held its fourth open meeting of 2019 at the agency’s headquarters today and unanimously approved one item:

• An advance notice of proposed rulemaking requesting public comment on modernizing the NCUA’s regulation on compensation related to loans and lines of credit to members.

Today marked the inaugural meeting for Board Chairman Rodney E. Hood, who was sworn in as the agency’s 11^th Board chairman on April 8.

“I am looking forward to building on the NCUA’s recent efforts on regulatory reform, transparency, and helping credit unions grow while always making safety and soundness a priority,” Hood said. “To that end, I want to thank Board Member McWatters for his service as chairman and for his significant accomplishments leading this agency through a period of major transition.”

Board Analyzing Regulation on Compensation Related to Loans

The Board approved an advance notice of proposed rulemaking (opens new window) to seek public comment on possible changes to its regulation (opens new window) governing compensation in connection with lending.

The Board is considering modernizing the regulation as part of the agency’s regulatory reform agenda.

NCUA’s regulation covers direct or indirect commissions, fees, or other compensation by credit union officials, employees, or their family members in connection with loans made by the credit union.

The NCUA is particularly interested in the following areas:

• Providing greater flexibility on compensation plans associated with lending while controlling related risks;
• Determining loan metrics, such as loan volume, as part of compensation plans; and
• Defining the structure and understanding industry standards for such plans.

Comments must be received within 60 days after publication in the Federal Register.

The NCUA tweets all open Board meetings live. Follow @TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at www.ncua.gov. The NCUA also live streams, archives and posts videos of open Board meetings online.

NCUA Will Award $2 Million for Underserved Outreach, Digital Services, Counselor Certification, and Training

ALEXANDRIA, Va. (April 18, 2019) – Low-income credit unions interested in Community Development Revolving Loan Fund grants can submit applications between June 2 and July 20.

“Creating opportunities for credit unions to serve low-income and rural communities is central to the credit union mission.” NCUA Board Chairman Rodney E. Hood said. “These grants support efforts for credit unions to better serve their members. I encourage eligible credit unions to evaluate how a CDRLF grant can strengthen their outreach program within their communities.”

The NCUA will administer approximately $2 million in CDRLF grants to the most qualified applicants, subject to the availability of funds, in four categories:

• Underserved Outreach (maximum grant $100,000): Assisting credit unions in improving the financial well-being of individuals in underserved areas.
• Digital services and security (maximum grant $8,000): Supporting development of digital tools for member outreach programs.
• Counselor certification (maximum grant $5,000): Providing support for credit union staff seeking certification in financial education.
• Training (maximum grant $5,000): Helping credit unions develop staff talents and skills.

Credit unions interested in applying for CDRLF grants should register with the federal government’s System for Award Management (opens new window). SAM.gov is an official U.S. government website that collects, validates, stores, and disseminates business information about the federal government’s trading partners to support contract awards, grants, and electronic payment processes.

Grant requirements, application instructions, and other information are available in the 2019 Grant Round Application Guidelines (opens new window). Credit unions should use the NCUA’s CyberGrants portal (opens new window) to submit grant applications.

The NCUA’s Office of Credit Union Resources and Expansion will host a WebEx presentation on May 22 to explain the grant process and answer credit unions’ questions. More details on the presentation will be available in the near future.

Accounts Remain Protected by Share Insurance Fund; Member Services Uninterrupted

ALEXANDRIA, Va. (April 23, 2019) – The National Credit Union Administration today placed Mid East Tennessee Community Credit Union in Decatur, Tennessee, into conservatorship.

Member deposits at Mid East Tennessee Community Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at Mid East Tennessee Community Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also 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.

Member services will continue uninterrupted at the credit union’s main office at 17640 State Highway 58 North, Decatur, Tennessee, and its branch office at 103 West Washington Avenue, Athens, Tennessee. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares. Both offices are open Monday through Friday from 10 a.m. to 5 p.m. Eastern.

Members with questions about Mid East Tennessee Community Credit Union’s operations may contact the credit union at 423.334.2100. Members with questions about the conservatorship may review the Mid East Tennessee Community Credit Union frequently asked questions posted on the NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage (opens new window) section of NCUA’s MyCreditUnion.gov (opens new window) consumer website.

Mid East Tennessee Community Credit Union is a federally insured, state-chartered credit union with 1,855 members and assets of $12,093,966, according to the credit union’s most recent Call Report. Mid East Tennessee Community Credit Union serves persons who have a residence in, work in, worship in, volunteer in, have a relative that lives in, or participate in programs to alleviate poverty or distress in Meigs, Rhea, or McMinn counties.

ALEXANDRIA, Va. (April 30, 2019) – The National Credit Union Administration and the U.S. Small Business Administration today launched a three-year collaborative effort to bring small businesses and credit unions together and expand awareness about SBA programs.

The NCUA and the SBA signed a memorandum of understanding (opens new window) to undertake a series of initiatives that will help credit unions better understand and make use of SBA-backed loans and resources. These joint initiatives may include webinars, training events, and media outreach.

“National Small Business Week is one week away and is an important opportunity to highlight SBA-guaranteed loans as another tool for credit unions to support small businesses and foster economic growth in their communities,” NCUA Board Chairman Rodney E. Hood said. “The credit union mission is grounded in the concept of providing affordable financial products and services tailored to meet their member’s needs, and that includes helping Americans start or expand businesses. Credit unions are well-situated to understand and work with their local businesses and entrepreneurs to extend affordable credit. I am delighted that we will be working with the SBA to help credit unions make these important investments, and I want to encourage credit unions to learn more about SBA programs.”

“The SBA’s partnership with the NCUA will provide an increased awareness of SBA programs that empower small businesses owners and credit unions from across the nation. Small businesses are the drivers of America’s economic growth and we want to ensure they are equipped with the tools they need for success,” SBA Acting Administrator Chris Pilkerton said. “I look forward to our two agencies collaborating on shared best practices, educational initiatives, and increasing our support of current and future entrepreneurs.”

Commercial lending by federally insured credit unions has grown in recent years. At the end of 2018, credit unions reported more than $71 billion in commercial loans outstanding. According to the SBA, nearly 200 credit unions have participated in the SBA guaranty program since October 2017.