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Agency Now Accepting Comments and Budget Briefing Presentation Requests

ALEXANDRIA, Va. (Nov. 13, 2020) – The National Credit Union Administration’s draft staff budget for 2021–2022 is now available on the agency’s website for review and comment and has been submitted for publication in the Federal Register (opens new window). The public comment period is open until Dec. 11.

“As we consider the draft staff budget for 2021–2022, the NCUA remains firm in its commitment to be a sound and prudent steward of the funds we collect from credit unions and any other resources entrusted to us,” NCUA Chairman Rodney E. Hood said. “This responsibility includes holding ourselves accountable by maximizing our resources and upholding transparency by inviting the public to comment on our proposed budget. Through this process, stakeholders are aware of how and why we allocate resources in the service of our safety and soundness mission.”

The draft 2021 operating budget is $315.6 million, which is 0.1 percent lower than the comparable 2020 budget. The draft 2021 capital budget is $18.8 million, or 24.8 percent lower than 2020. Largely because of surplus travel funds from 2020 and a lower estimated travel budget for 2021 due to anticipated COVID-19 travel restrictions, the NCUA is able to lower its operating budget for 2021 without compromising its mission of protecting the safety and soundness of the credit union system.

The draft staff budget summary and detailed budget justifications (opens new window) can be found on the Budget and Supplementary Materials page of NCUA.gov.

The agency will hold a public budget briefing on Wednesday, Dec. 2 beginning at 10 a.m. Eastern. The meeting will be livestreamed on NCUA.gov.

To Comment on the Proposed Budget:

• Email comments to [email protected] by Dec. 11.
• Comments should provide specific, actionable recommendations.

To Request a Presentation at the Dec. 2 Budget Briefing:

• Email your request to [email protected] by Nov. 20.
• Include the presenter’s name, title, affiliation, mailing address, email address, and telephone number.
• The Board Secretary will notify approved presenters and give them their allotted presentation times.
• Email a copy of your presentation to [email protected] by 5 p.m. Eastern on Nov. 30.

The Board is scheduled to approve a final budget at its Dec. 17 open meeting.

ALEXANDRIA, Va. (Nov. 12, 2020) – National Credit Union Administration Chairman Rodney E. Hood today testified during a hearing before the U.S. House Committee on Financial Services. He discussed the safety, soundness, and diversity of federally insured credit unions, and the NCUA’s efforts during the ongoing COVID-19 emergency.

Chairman Hood provided the Committee with a state of the credit union system and the National Credit Union Share Insurance Fund, and detailed the agency’s efforts to provide regulatory relief, help credit unions address emerging risks, and support small, low-income, and minority credit unions during the ongoing COVID-19 emergency. He also discussed the agency’s new financial inclusion initiative, ACCESS: Advancing Communities through Credit, Education, Stability, and Support.

LINKS:

ALEXANDRIA, Va. (Nov. 10, 2020) – On the eve of Veterans Day, National Credit Union Administration Chairman Rodney E. Hood encouraged federally insured credit unions to help our nation’s military, veterans, and their families gain greater access to affordable credit and financial services.

“I want to express my deep gratitude and sincere appreciation to our nation’s veterans for their courageous and selfless service to our country,” Chairman Hood said. “Each of them have made extraordinary sacrifices in the name of freedom, liberty, and peace. That is why it’s so important the NCUA and the credit union system work together to ensure greater financial inclusion for our nation’s service members, veterans, and their families.”

Expanding the availability of safe and affordable credit to meet the needs of diverse and underserved communities is a pillar of the NCUA’s financial inclusion initiative, ACCESS: Advancing Communities through Credit, Education, Stability, and Support. To learn more about the ACCESS initiative, visit www.ncua.gov/access.

In May, the agency announced it would include active duty military members with Army/Air Post Office or Fleet Post Office mailing addresses in its analysis when determining if a credit union qualifies for low-income designation. Under this new methodology, the majority of active duty military members count as low-income.

“We have taken an important first step by changing our methodology for how military members are considered in the low-income designation,” Hood said. “I encourage all credit unions with military members to consider this designation, which can provide eligible credit unions with greater opportunities to build more secure financial futures for our service members, veterans, and their families.”

There are several benefits for credit unions that carry a low-income designation, including an exemption from the statutory cap on member business lending, eligibility for grants and loans from the Community Development Revolving Loan Fund, the ability to accept deposits from non-members, and the authorization to obtain supplemental capital.

Additional information about the updated methodology and the options credit unions have to incorporate their military members into the low-income designation process are available in a Letter to Credit Unions issued in May.

The NCUA will work with credit unions on an individual basis to determine what types of additional information would be most helpful in determining whether members qualify as low income. The agency will continue to analyze available data periodically to ensure the low-income designation properly accounts for all military members.

Credit unions should contact the NCUA’s Office of Credit Union Resources and Expansion at [email protected] or 703.518.1150 for additional information about the low-income designation.

The NCUA will also be closed in observance of the Veterans Day holiday on Nov. 11.

ALEXANDRIA, Va. (Nov. 10, 2020) – National Credit Union Administration Chairman Rodney E. Hood today testified during a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

Chairman Hood provided the Committee with a state of the credit union system and the National Credit Union Share Insurance Fund, and detailed the agency’s efforts to provide regulatory relief, help credit unions address emerging risks, and support small, low-income, and minority credit unions during the ongoing COVID-19 emergency. He also discussed the agency’s new financial inclusion initiative, ACCESS: Advancing Communities through Credit, Education, Stability, and Support.

LINKS:

ALEXANDRIA, Va. (Nov. 4, 2020) – The National Credit Union Administration and the Consumer Financial Protection Bureau are co-hosting a webinar on financial literacy and consumer financial protections for servicemembers.

Registration for the November 18 webinar, “Financial Readiness Resources and Information for Servicemembers, Veterans, and their Families,” is now open (opens new window).

The webinar is scheduled to begin at 2 p.m. Eastern and run approximately 45 minutes. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. They should allow pop-ups from this website.

The NCUA’s Office of Consumer Financial Protection will share financial literacy resources for servicemembers and their families on MyCreditUnion.gov, and provide a brief overview of servicemember consumer financial protection laws and regulations. The CFPB’s Office of Servicemember Affairs will highlight their interactive learning tools and resources for servicemembers and their families.

The information presented in the webinar supports the NCUA’s ACCESS initiative and commitment to expand the availability of safe and affordable credit to meet the needs of diverse and underserved communities.

Participants can submit questions over Twitter anytime during the presentation and in advance by emailing [email protected]. The email’s subject line should read, “Financial Protection for Servicemembers Webinar.” Please email technical questions about accessing the webinar to [email protected].

This webinar will be closed captioned and archived online approximately three weeks following the live event.

To learn more about the ACCESS initiative, visit www.ncua.gov/access.

ALEXANDRIA, Va. (Nov. 2, 2020) – Credit unions can get valuable information on a range of fair lending and consumer compliance topics during an upcoming webinar hosted by the National Credit Union Administration on Tuesday, Nov. 17.

The information presented in this webinar reinforces the NCUA’s commitment to expand the availability of safe and affordable credit to meet the needs of diverse and underserved communities, which is a pillar of the agency’s financial inclusion initiative, ACCESS: Advancing Communities through Credit, Education, Stability, and Support.

Registration for the “Fair Lending and Consumer Compliance Regulatory Update” webinar is now open (opens new window). It is scheduled to begin at 3 p.m. Eastern and will run for approximately 60 minutes. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. They should allow pop-ups from this website.

Staff from the NCUA’s Office of Consumer Financial Protection will discuss the focus areas for the agency’s consumer compliance exams in 2021, including a review of COVID-19-related loan modifications and credit reporting, and fair lending policies and procedures. The discussion will also include the findings from the 2020 consumer compliance exam reviews.  

Participants can submit questions anytime during the presentation or in advance by emailing [email protected]. The email’s subject line should read, “Fair Lending and Consumer Compliance Regulatory Update.” Please email technical questions about accessing the webinar to [email protected].

This webinar will be closed captioned and archived online approximately three weeks following the live event.

To learn more about the ACCESS initiative, visit www.ncua.gov/access.

ALEXANDRIA, Va. (Nov. 2, 2020) – National Credit Union Administration Chairman Rodney E. Hood announced that the NCUA Board unanimously approved the selection of Myra Toeppe as the agency’s next Director of the Office of Examination and Insurance, effectively immediately.

In this role, Toeppe oversees the NCUA’s supervision and examination program that ensures the safety and soundness of federally insured credit unions and manages risk to the National Credit Union Share Insurance Fund. 

“Myra brings a wealth of management and financial supervision experience to this important position,” NCUA Chairman Rodney E. Hood said. “She has a passion for public service and has spent her career promoting the safety and soundness of financial institutions. We’re thrilled to have her in this role.” 

Myra Toeppe has served as Acting Director of the Office of Examination and Insurance since March 2020 and has nine years of executive experience with NCUA and 25 years of financial services regulatory experience with the Office of Thrift Supervision and the Federal Home Loan Bank of Atlanta. While at NCUA, she has served as an Associate Regional Director, Regional Director, and Strategic Advisor. 

Toeppe holds a B.S. B.A. and M.B.A. from the University of Central Florida. She also is a 2011 graduate of the Stonier Graduate School of Banking and their Wharton Leadership Program and has completed the Leadership for a Democratic Society Program at the Federal Executive Institute.

ALEXANDRIA, Va. (Oct. 29, 2020) – Credit unions interested in offering payday alternative loans or other forms of short-term lending can get valuable advice from an upcoming webinar hosted by the National Credit Union Administration. The information presented in the webinar reinforces the NCUA’s commitment to expand the availability of safe and affordable credit to meet the needs of diverse and underserved communities as part of NCUA’s financial inclusion initiative, ACCESS: Advancing Communities through Credit, Education, Stability, and Support.

Registration for the Nov. 16 webinar, “PALs and Short-Term Lending,” is now open online here (opens new window). It is scheduled to begin at 3 p.m. Eastern and run approximately 60 minutes. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. They should allow popups from this website.

Staff from the NCUA’s Office of Consumer Financial Protection and Office of Credit Union Resources and Expansion will discuss how credit unions can offer responsible small-dollar loans to help members meet temporary cash-flow needs and transition into mainstream financial products.

This webinar is open to credit unions and parties interested in working with credit unions to expand access to safe and affordable short-term lending options.

Participants can submit questions anytime during the presentation or in advance by emailing [email protected]. The email’s subject line should read, “PALs and Short-Term Lending.” Please email technical questions about accessing the webinar to [email protected]. This webinar will be closed captioned and archived online approximately three weeks following the live event.

To learn more about the ACCESS initiative, visit www.ncua.gov/access.

Board Action Bulletin

ALEXANDRIA, Va. (Oct. 28, 2020) – The National Credit Union Administration Board unanimously approved today a proposed interagency rule that codifies an interagency statement on the role of supervisory guidance issued by five federal financial regulatory agencies in September 2018.

“I am pleased that the NCUA joins with the other financial regulatory agencies in providing the industry and supervisory staff, in a transparent manner, with guidance that enhances consistency in the supervisory approach,” NCUA Chairman Rodney E. Hood said.

The 2018 interagency statement reiterated well-established law by stating that, unlike a law or regulation, supervisory guidance does not have the force and effect of law. As a result, supervisory guidance does not create binding legal obligations for the public. The proposed rule is intended to confirm that agencies will continue to follow and respect the limits of administrative law in carrying out their supervisory responsibilities.

This proposed rule was approved for public comment earlier by the FDIC, the OCC, CFPB, and the Federal Reserve Board.

Comments on the proposed interagency rule are due 60 days following publication in the Federal Register.

The NCUA tweets all open Board meetings live. Follow @TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at www.ncua.gov. The NCUA also live streams, archives and posts videos of open Board meetings online.

(Oct. 29, 2020) – Five federal financial regulatory agencies today invited comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for regulated institutions. The proposal would codify the statement, as amended, that was issued in September 2018 by the agencies that clarified the differences between regulations and guidance.

Unlike a law or regulation, supervisory guidance does not have the force and effect of law and the agencies do not take enforcement actions or issue supervisory criticisms based on non-compliance with supervisory guidance. Rather, supervisory guidance outlines supervisory expectations and priorities, or articulates views regarding appropriate practices for a given subject area.

In contrast to supervisory guidance, regulations do have the force and effect of law and enforcement actions can be taken if regulated institutions are in violation. Regulations are also generally required to go through the notice and comment process.

Comments will be accepted for 60 days following publication in the Federal Register.

Agency	Contact	Phone
Federal Reserve Board	Eric Kollig	202.452.2955
CFPB	Marisol Garibay	202.384.8538
FDIC	Julianne Fisher Breitbeil	202.898.6895
NCUA	Joe Adamoli	703.518.6330
OCC	Bryan Hubbard	202.649.6870