NCUA Board issues asset and supervision threshold final rule, receives mid-session budget briefing

The NCUA Board met Thursday where a briefing on the 2022 mid-session budget revealed the projected Operating Budget surplus for 2022 is around $18 million. In addition, the board unanimously approved two items: a final rule that would amend its regulations to increase the $10 billion asset threshold used for assigning supervision of federally insured credit unions (FICUs) to the Office of National Examinations and Supervision (ONES) to $15 billion, and a proposed rule that would require a FICU to notify the NCUA no later than 72 hours after it reasonably believes that a reportable cyber incident has occurred.

Rep. Fitzgerald introduces NAFCU-supported CFPB accountability bill

Representative Scott Fitzgerald, R-Wisc., Wednesday introduced the NAFCU-supported Making CFPB Accountable to Small Business Act, a bill that would repeal the Dodd-Frank Act’s burdensome data collection rule, Section 1071. NAFCU has sought a number of changes to the rule, citing the significant compliance costs and the additional burden it would place on credit unions.

NAFCU Reg Alert seeks feedback on FHFA’s RFI on fintechs

NAFCU sent members a Regulatory Alert Thursday on the Federal Housing Finance Agency’s (FHFA) request for information (RFI) seeking public input on the role of technology in housing finance to gain a broader understanding of the level of innovation throughout the mortgage lifecycle. 

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NAFCU’s CFO Summit is on September 20 – 22 in Annapolis, MD. You’ll find solutions to your biggest challenges as CFOs and earn 13.50 CPE credits.

5 things to know this week

NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.