Latest from NCUA, Fed, FinCEN, FHA that CUs Should Know

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Regulatory and compliance news that credit unions should be aware of came to light as 2020 transitioned into 2021, including issues addressed by the National Credit Union Administration (NCUA), the Federal Reserve, the Federal Housing Administration (FHA), and the Financial Crimes Enforcement Network (FinCEN).

Upcoming January NCUA Board Meeting
The NCUA Board will have its first meeting of 2021 on Jan. 14 at 7 a.m. (Pacific). The board’s agenda includes: 

  • Board Briefing, ACCESS Initiative.
  • Proposed Rule, Part 712, Credit Union Service Organizations.
  • Board Briefing, Final Rule, Part 747, Statutory Inflation Adjustment of Civil Monetary Penalties.
  • Final Rule, Part 704, Corporate Credit Unions.
  • Notice of Proposed Rulemaking, Parts 700, 701, 703, 704 and 713, CAMELS Rating System.
  • Proposed Rule, Part 702, Risk Based Net Worth, Complex Threshold.
  • NCUA’s 2021 Annual Performance Plan.
  • Board Briefing, Consolidated Appropriations Act, 2021.
  • Advance Notice of Proposed Rulemaking, Part 702, Simplification of Risk Based Capital Requirements.

Following the board’s public meeting will be a closed meeting to discuss six items, which include two supervisory actions, two personnel actions, a delegation of authority, and a board briefing.

The California and Nevada Credit Union Leagues will monitor the board meeting and provide an update soon after. NCUA board meetings are broadcast via livestream video and can be accessed from NCUA’s homepage at Open board meetings are also tweeted live; follow @TheNCUA on Twitter.

Other Recent Regulatory and Compliance Topics
You can also view the following stories, which round-up the latest over the past couple of weeks:

Recap of NCUA's December Board Meeting
Recently, the Leagues provided a recap of the NCUA’s two-day board meeting for December. Click here to view a synopsis of both days (Dec. 17 – 18).

Topics include the 2021 – 2022 budget; final rule on the annual operating fee assessment; briefing on the overhead transfer rate and operating fee schedule methodology; proposed rules on Field of Membership Shared Facility Requirements, Mortgage Servicing Rights, and Overdraft Policy; a temporary final rule on Regulatory Relief in Response to COVID-19; and a final rule on Subordinated Debt.

FHA Extends Options for Borrowers Financially Impacted by COVID-19
The Federal Housing Administration (FHA) has announced it is extending the foreclosure and eviction moratorium for single-family FHA-insured mortgages for an additional two months (through Feb. 28). Additionally, the FHA is extending through Feb. 28 the deadline for single family borrowers with FHA-insured mortgages to request an initial COVID-19 forbearance from their mortgage servicer to defer or reduce their mortgage payments for up to six months, which can be extended for an additional six months.
Also, FHA extended multiple temporary provisions for lenders and servicers to allow them to continue doing FHA business despite social distancing considerations. You can read more here.

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