NCUA accepts $33 million, plus interest, from UBS in MBS suit

The National Credit Union Association (NCUA) has accepted a judgment for $33 million, plus pre-judgment interest, from Swiss banking giant UBS AG to resolve claims from losses related to purchases of residential mortgage-backed securities (MBS). This is NCUA’s latest recovery from legal action following the corporate credit union crisis. More than $2.4 billion in legal […]

FDIC expands number of banks eligible for 18-month exam

As credit unions push the NCUA to return to an 18-month exam cycle, the FDIC has increased the number of small banks and savings associations eligible for an 18-month examination cycle. These institutions will move from the 12-month cycle. The FDIC sees this reduction as a savings to regulatory compliance costs for smaller institutions, while […]

ACTION ALERT: Comment letters needed for IOTLAs

Back in December 2014, Pres. Obama signed H.R. 3468, the Credit Union Share Insurance Fund Parity Act, into law and it directed the NCUA to extend share insurance coverage to trust accounts, such as Interest on Lawyer Trust Accounts (IOTLAs), opened and managed by credit union members. In 2015, the NCUA implemented this legislation through […]

NCUA could finalize MBL rule next week; FOM letters top 11,000

The League is hearing from NCUA sources that the NCUA board will vote to finalize changes to the member business lending (MBL) regulation at its February 18 meeting. The revisions to the current MBL rule were proposed and issued for comment at the board’s June meeting. At that time, the proposal would “provide federally insured […]

White House budget includes tax on big banks

The final budget proposal from the White House looks to add $4 trillion in new spending and pay for it by taxing the wealthy, oil companies, and big banks. The proposed budget includes a new fee “on the largest financial firms on the basis of their liabilities.” This was one of a number of taxes […]

League files comment on IOTAs in Florida

This past week, the League filed comment on an amendment to the Rules Regulating the Florida Bar that would allow credit unions as permissible custodians of attorney trust accounts. IOTAs, as they are known in Florida, are currently only allowed to be opened at banks because the NCUA would not insure these accounts previously. With […]