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CUs PRESS NCUA FOR REGULATORY RELIEF
updated 08/08/14 12:11 PM
Corporate Assessment Unlikely
Credit unions continued pressing the National Credit Union Administration (NCUA) for regulatory relief last week as Credit Union National Association (CUNA) Interim President and CEO Bill Hampel wrote NCUA Board Chairman Debbie Matz a letter to emphasize the continuing need for regulatory relief measures.

Hampel called on NCUA to work with other regulators to reduce regulatory burdens that credit unions face. The letter also urged fiscal restraint for the agency.

Regulatory relief is a top priority for the California and Nevada Credit Union Leagues and CUNA as both organizations continue asking NCUA and the Consumer Financial Protection Bureau (CFPB) to minimize government-imposed requirements on credit unions every chance they have.

Corporate Stabilization Assessment Unlikely
Additional credit union payments to the Temporary Corporate Credit Union Stabilization Fund will not be required this year and are unlikely ever again, NCUA stated at its board meeting last week.

Total projected stabilization costs at the end of 2013 ranged from $2.8 billion to $4.2 billion—compared to a range of $6 billion to $9.3 billion in 2011—after all the NCUA Guaranteed Notes had been issued, according to Larry Fazio, director of examination and insurance for the agency.

The stabilization fund is currently projected to conclude in 2021 with a surplus of $600 million to $2 billion, and there could be a rebate to credit unions at that time, if all obligations have been met.

NCUA said the continued positive performance of conserved corporate credit union legacy assets, the NCUA Guaranteed Notes, and the $1.75 billion in settlements for the sale of mortgage-backed securities to the corporates have resulted in the favorable performance of the stabilization fund.

 
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MCWATTERS DISSENTS ON BUDGET VOTE updated 11/22/14 06:37 AM
Also, Revised RBC Rule Coming
National Credit Union Administration (NCUA) Board Member J. “Mark” McWatters was the only one to vote “no” on the board’s 2015 proposed budget, which will increase 4.2 percent over last year. The vote was 2 to 1.

ANNUAL FED WEBINAR ON REGS, GUIDANCE updated 11/21/14 10:32 AM
Also, FinCEN Issues Advisories
Senior staff at the Federal Reserve will host an annual webinar to provide a recap of recent regulatory changes and highlight various inter-agency guidance. The webinar will also discuss current hot topics in the financial services industry and give a glimpse of future regulatory changes.

NEW EMPLOYMENT LAWS FOR 2015 updated 11/21/14 04:33 PM
Also, TIPs Bulletin Posted
The California Chamber of Commerce has released a list of new employment laws scheduled to take effect in 2015 or earlier that will have an impact on businesses in California.

DIANA DYKSTRA RECEIVES 'EAGLE AWARD' updated 11/20/14 10:41 AM
Outstanding Record of Achievement
Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues, was presented with the American Association of Credit Union Leagues’ highest honor—the Eagle Award—this week during AACUL’s winter meeting in Hawaii.