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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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CHAPTER FORUM, RECEPTION ENGAGES CUs updated 10/27/14 06:55 PM
Networking and Awards after 'REACH'
Credit union chapter members from across California and Nevada gathered Oct. 23 at the JW Marriott (L.A. Live) in downtown Los Angeles to attend the 2014 Chapter Forum, which offered a full day of valuable networking and educational sessions for attendees who were eager to share individual stories about the work their chapters are accomplishing.

NEEN JAMES CHALLENGES CUs AT 'REACH' updated 10/27/14 04:17 PM
'Time is the New Currency'
By Wednesday afternoon, nearly 700 credit union CEOs, professionals, industry vendors, and guests had attended REACH 2014, the California and Nevada Credit Union Leagues’ Annual Meeting and Convention from Oct. 20-22 at the JW Marriott (L.A. LIVE) in downtown Los Angeles.

CFPB, FTC HOST DEBT COLLECTION FORUM updated 10/27/14 03:31 PM
Latino Consumers Discussed
The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) recently hosted an all-day forum on “Debt Collection and the Latino Community,” which brought together consumer advocates, industry professionals, and regulators to discuss how debt collection issues affect Latino consumers, especially those with limited English proficiency (LEP).

FinCEN: QUARTERLY UPDATE ON 'SARs' updated 10/27/14 03:09 PM
Also, Mortgage Service Transfer Guidance
The Financial Crimes Enforcement Network (FinCEN) has issued its SAR Stats quarterly update, which provides information on Suspicious Activity Reports (SARs) filed through Sept. 30, 2014.