No plans to move NCUA’s McWatters to Ex-Im Bank

Senate Banking Committee Chairman Richard Shelby (R-Ala.) said he has not decided when — or even if – the panel will consider the nomination of NCUA Board Member J. Mark McWatters to the Export-Import Bank board of directors. Even though Senate Banking Committee hearings are underway for some Obama Administration nominees, Shelby made it clear […]

Alabama Credit Union president talks regulatory burden

CUNA recently commissioned an analysis of the financial impact of regulation on credit unions. In an interview with S&P Global Market Intelligence, Alabama Credit Union’s Steve Swofford spoke about the credit union’s “involvement in the study, the importance of scale, and the tax-exempt status of credit unions.” Swofford, president of the Tuscaloosa-based credit union with […]

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 […]