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NCUA APPROVES NEW FIXED ASSET RULE
updated 09/13/13 10:18 AM
Revisions to Streamline Regulation
The National Credit Union Administration (NCUA) approved the revised fixed asset rule on Sept. 12.

The revised rule streamlines existing regulation and provides clarification to waiver requests and unimproved land or unimproved real property.

NCUA Staff Attorney Pamela Yu described the fixed asset waiver process that allows for an additional 1 percent of shares and retained earnings over the approved waiver amount. Under the new rule, federal credit unions that exceed the 1 percent buffer would have to submit a new waiver request. However, multiple purchases of fixed assets could be made within the 1 percent buffer, a provision included to limit credit unions from making multiple requests. Exceeding the 5 percent aggregate limit would require a new waiver request.

The revised rule also clarifies unimproved land or property as raw land without development, significant buildings, structures or site preparation; land that has never had improvements; or, land that was improved at one time but has functionally reverted to its unimproved state.

New Board Member Rick Metsger requested additional information to determine whether more rule changes should be made in the future.

 
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NCUF RELEASES ANNUAL REPORT updated 08/29/14 02:44 PM
Activities From Last 12 Months
The National Credit Union Foundation (NCUF) released its 2013-2014 Annual Report, entitled “Improving People’s Financial Lives through Credit Unions.” The report highlights the organization's program and grant activities during the past 12 months.

WEEKLY E-FILING BILL SIGNED INTO LAW updated 08/28/14 02:18 PM
Will Streamline Reports for CUs
California Gov. Jerry Brown has signed Assembly Bill 2298, legislation that will allow financial institutions which hold local agency deposits to submit their weekly reports to the California Department of Business Oversight (DBO) electronically rather than through U.S. mail.

NEW STATE LAWMAKERS SHAPE DIRECTION updated 08/27/14 08:24 PM
California Assembly and Senate
New leadership in California will help form the state’s priorities in the coming years. Here’s what your credit union needs to know:

CFPB ISSUES FINAL 'TILA' ADJUSTMENTS updated 08/24/14 11:35 AM
Rule Reviews Dollar Amounts
The Consumer Financial Protection Bureau (CFPB) is issuing its final rule on Truth in Lending Act (TILA) annual threshold adjustments, amending the regulatory text and official interpretations for Regulation Z, which implements TILA.