California and Nevada's voice in Washington D.C. The Leagues are the only Leagues with a full time staff dedicated to working with Congress, Government Agencies, and Federal Regulators. The resources in this area will help you keep informed of the latest developments and credit union priorities.
State Government Advocacy efforts brings the voice of credit unions to Sacramento and Carson City. Our advocacy team works daily with elected officials, staff, the executive offices, gubernatorial appointees, and the decision-makers of California and Nevada. This area will keep you updated on all advocacy efforts at the state level of Government.
Besides California, eight other states are affected:
Nevada's 12 federally insured credit unions returned to NCUA's Region V office from Region 1 on Jan. 1, 2013.
"We are pleased that California is moving back to Region V," said Sharon Lindeman, vice president of regulatory advocacy for the California and Nevada Credit Union Leagues. "This will help ensure our credit unions’ examiners know and understand the unique challenges faced in California, including familiarity with our economy and housing markets. It will also make it easier to communicate with the field office since we will now be located in the same time zone."
NCUA Chairman Debbie Matz said the agency will "continually monitor our regional workload and, when necessary, make adjustments to distribute exam hours proportionally."
Also starting in 2014 and announced earlier this year, a newly created Office of National Examinations and Supervision (ONES) will begin supervising the nation's largest consumer credit unions. The NCUA notes that the new office was created by the re-allocation of existing resources. The office will oversee the unique examination and supervision issues related to consumer credit unions with assets greater than $10 billion and all corporate credit unions.
Federal Reserve Board Rulemaking Update
This week, the Federal Reserve Board (FRB) posted an update to its semi-annual rulemaking agenda. This agenda, published as part of the Unified Agenda of federal regulatory and deregulatory actions across the federal government, can give credit unions a "heads up" of what to expect from the agency.
So what’s coming from the FRB that's relevant to credit unions?
The agenda includes Regulation CC/Funds Availability as a "proposed rule," meaning the FRB may consider this rule for public comment during the next six months. Regulation CC is issued by the FRB, and compliance with the rules are enforced by NCUA.
The FRB issued a proposal in March 2011, but no action has been taken on that proposal. The FRB proposed an overhaul of the regulation to shorten the "safe harbor" duration of exception holds to four days; promote acceptance of electronic presentment and electronic return items; eliminate old references to "local" and "nonlocal" checks; update preemption determinations; and revise disclosures and notices.
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