NCUA to Repay Treasury in Full
By Oct. 31, the National Credit Union Administration plans to fully repay the $1 billion outstanding balance on the agency’s borrowing line with the U.S. Treasury. “This marks an historic moment for both NCUA and the entire credit union system,” NCUA Board Chairman Rick Metsger said. “The success of the corporate resolution program is a testament to the hard work and perseverance of our entire team, and I extend my deep personal gratitude to all of them for making this possible.”
NCUA Sets Budget Briefing for Oct. 27
NCUA will hold a public briefing on its proposed 2017–2018 budget on Thursday, Oct. 27, from 2 p.m. to 4 p.m. Eastern in the agency’s boardroom in Alexandria, Virginia. The agency plans to release its draft budget during the week of Oct. 9 to give interested parties ample time to review the document prior to the briefing. Comments suggesting specific changes to the proposed 2017–2018 budget are due Friday, Nov. 4, at 5 p.m. Eastern.
Exam Flexibility Initiative Makes 10 Recommendations to Improve Exam Process
Well-managed, low-risk federal credit unions with assets of less than $1 billion could move to an extended examination cycle beginning next year, pending approval by the NCUA Board. The extended exam cycle is one of 10 recommendations the agency’s Exam Flexibility Initiative working group included in a report now available
online. A comprehensive list of frequently asked questions and a summary of stakeholder comments are also available on the
Exam Flexibility Initiative’s webpage.
NCUA Posts 2017–2018 Budget Proposal
A detailed summary of the NCUA’s 2017–2018 budget proposal is now available online, and the agency is accepting comments as well as requests to attend its Oct. 27 budget briefing. NCUA will accept written comments on the proposed budget by email at BudgetComments@ncua.gov until 5 p.m. Friday, Nov. 4.
Credit Unions Must Prep for New Cyber Risks
At its September open meeting, the NCUA received a briefing from the Office of Examination and Insurance on the rapidly changing nature of cybersecurity. The agency’s Chief Financial Officer also briefed the Board on the performance of the Temporary Corporate Credit Union Stabilization Fund, which performed well in the first half of 2016.