New tool will enhance NCUA’s cybersecurity assessments at credit unions

This year, the NCUA will begin using a new tool to help our examiners assess a credit union’s level of cybersecurity preparedness. Called the Automated Cybersecurity Examination Tool, it provides the NCUA with a repeatable, measurable and transparent process that improves and standardizes its supervision related to cybersecurity in all federally insured credit unions. Developed […]

March NCUA board meeting video available

The video recording of the March 15 open meeting of the National Credit Union Administration Board is now available on the agency’s website. Archived videos of past Board meetings may be viewed here, and each video remains on the site for one year. At the March open meeting, the Board unanimously approved two items: An advance […]

Compliance: NCUA loan participation regulations

NCUA General Counsel Michael McKenna recently issued a legal opinion letter from the agency on loan participations. An inquiry was made about whether a loan participation must meet the requirements of NCUA’s loan participations regulation throughout the life of the transaction. “Yes, certain provisions of the loan participation must be met throughout the life of the transaction,” […]

InfoSight Spotlight: Fed adjusts interest rates in Regulations A and D

The Federal Reserve Board published in the recent Federal Register amendments to Regulations A and D. The Regulation A amendment changes the interest rates in § 201.51(a) for primary credit and in § 201.51(b) for secondary credit provided to depository institutions by the Federal Reserve Banks to 2.25 percent and 2.75 percent, respectively, effective today, and applicable to […]

NCUA invites comments on possible CU bylaw changes

During the National Credit Union Administration Board’s third open meeting of 2018, held last week at the agency’s headquarters, two items were unanimously approved. An advance notice of proposed rulemaking seeking stakeholder comments on ways to streamline, clarify, and improve the standard federal credit union bylaws. A proposal to adopt suspension and debarment procedures to […]

InfoSight Spotlight: Amended 1098s due to borrowers

Amended 1098s are due to borrowers by March 15, 2018. IRS has finally removed the warning that has been displayed on the agency’s 1098-Mortgage Interest web page since Feb. 9, which stated that their information was not up to date. This warning has been replaced with “New Developments” which include: “The deduction for mortgage insurance […]