Last Week In Credit Unions TodayHarper on vendor authorityhttps://www.americanbanker.com/opinion/credit-union-members-deserve-the-same-protection-as-bank-customers?utm_medium=email&utm_source=NCUAgovdeliveryCredit union members deserve the same protection as bank customers With that statutory expiration, the NCUA lacks the same authority that all other federal banking regulators have to oversee and examine the vendors that depository institutions use for critical services like information technology, loan underwriting, payments and mortgage originations. As a result, the credit union system is vulnerable to exploitation by the cybercriminals, terrorist financiers, fraudsters and other lawbreakers who threaten our nation's economic security and the financial well-being of our citizens.ECIPhttps://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/emergency-capital-investment-programRichmond City Conservatorshiphttps://ncua.gov/newsroom/press-release/2022/richmond-city-employees-federal-credit-union-conservedBoard Agenda:ACTION ITEM: The NCUA Board’s approval of a proposed rule to amend the NCUA’s rules relating to loan participations and eligible obligations.SUMMARY: The proposed rule would amend the NCUA’s rules regarding the purchase of loan participations and the purchase, sale, and pledge of eligible obligations and other loans (including notes of liquidating credit unions). The proposed rule is intended to clarify the NCUA’s current regulations and provide additional flexibility for federally insured credit unions to make use of advanced technologies and opportunities offered by the financial technology sector. The proposal would also make conforming amendments to the NCUA’s rule regarding loans to members and lines of credit to members by adding new provisions regarding indirect lending arrangements and indirect leasing arrangements.Finally, the proposal would make other conforming changes and technical amendments in other sections of the NCUA’s regulations.ACTION REQUESTED: Board approval of the 2023 – 2024 operating budget, capital budget, and Share Insurance Fund administrative budget.RECOMMENDED ACTIONS: As detailed in the staff draft justification and modified by this board action memorandum, the NCUA Board approves: 1. The 2023 operating budget of $344,158,000 and 1,214 positions and the 2024 operating budget of $387,588,000 and 1,240 positions.FTX SBF ArrestedCUs, Banks May Exit Zelle if Required to Reimburse Scammed Users, NAFCU, Bank Trade Groups Say https://www.cutoday.info/Fresh-Today/CUs-Banks-May-Exit-Zelle-if-Required-to-Reimburse-Scammed-Users-NAFCU-Bank-Trade-Groups-SayWith Clock Ticking, NAFCU Reminds Congress of What It Would Like to Seehttps://www.cutoday.info/Fresh-Today/With-Clock-Ticking-NAFCU-Reminds-Congress-of-What-It-Would-Like-to-See
Last Week In Credit Unions Today
Harper on vendor authority
https://www.americanbanker.com/opinion/credit-union-members-deserve-the-same-protection-as-bank-customers?utm_medium=email&utm_source=NCUAgovdelivery
Credit union members deserve the same protection as bank customers
With that statutory expiration, the NCUA lacks the same authority that all other federal banking regulators have to oversee and examine the vendors that depository institutions use for critical services like information technology, loan underwriting, payments and mortgage originations. As a result, the credit union system is vulnerable to exploitation by the cybercriminals, terrorist financiers, fraudsters and other lawbreakers who threaten our nation's economic security and the financial well-being of our citizens.
ECIP
https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/emergency-capital-investment-program
Richmond City Conservatorship
https://ncua.gov/newsroom/press-release/2022/richmond-city-employees-federal-credit-union-conserved
Board Agenda:
ACTION ITEM: The NCUA Board’s approval of a proposed rule to amend the NCUA’s rules relating to loan participations and eligible obligations.
SUMMARY: The proposed rule would amend the NCUA’s rules regarding the purchase of loan participations and the purchase, sale, and pledge of eligible obligations and other loans (including notes of liquidating credit unions).
The proposed rule is intended to clarify the NCUA’s current regulations and provide additional flexibility for federally insured credit unions to make use of advanced technologies and opportunities offered by the financial technology sector.
The proposal would also make conforming amendments to the NCUA’s rule regarding loans to members and lines of credit to members by adding new provisions regarding indirect lending arrangements and indirect leasing arrangements.
Finally, the proposal would make other conforming changes and technical amendments in other sections of the NCUA’s regulations.
ACTION REQUESTED: Board approval of the 2023 – 2024 operating budget, capital budget, and Share Insurance Fund administrative budget.
RECOMMENDED ACTIONS: As detailed in the staff draft justification and modified by this board action memorandum, the NCUA Board approves: 1. The 2023 operating budget of $344,158,000 and 1,214 positions and the 2024 operating budget of $387,588,000 and 1,240 positions.
FTX SBF Arrested
CUs, Banks May Exit Zelle if Required to Reimburse Scammed Users, NAFCU, Bank Trade Groups Say
https://www.cutoday.info/Fresh-Today/CUs-Banks-May-Exit-Zelle-if-Required-to-Reimburse-Scammed-Users-NAFCU-Bank-Trade-Groups-Say
With Clock Ticking, NAFCU Reminds Congress of What It Would Like to See
https://www.cutoday.info/Fresh-Today/With-Clock-Ticking-NAFCU-Reminds-Congress-of-What-It-Would-Like-to-See
