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Member Deposits Insured up to $250,000, Member Services Uninterrupted

ALEXANDRIA, Va. (Jan. 6, 2012) – The National Credit Union Administration (NCUA) today assumed control of service and operations at People for People Community Development Credit Union (CDCU), a state-chartered, federally insured credit union, in Philadelphia. While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness.

Deposits at People for People CDCU remain federally protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at People for People CDCU up to $250,000. The NCUSIF, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.

Service to People for People CDCU’s 1,561 members will continue uninterrupted. Members can continue to conduct normal financial transactions—deposit and access funds, make loan payments, and use shares. People for People CDCU serves an underserved 14.3 square mile area of north Philadelphia. The credit union reported assets of $1.1 million as of Sept. 30, 2011. 

The decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous service and operational weaknesses. During conservatorship, members may therefore continue to conduct business at the credit union.

The Federal Credit Union Act authorizes the NCUA Board to appoint itself as conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the NCUSIF. The Pennsylvania Department of Banking, which chartered People for People CDCU, concurred with the conservatorship decision. People for People CDCU is the first federally insured credit union placed into conservatorship during 2012.

Members who have questions about the conservatorship may review the People for People CDCU Frequently Asked Questions document attached to this release.

People for People Community Development Credit Union
Frequently Asked Questions

Is my money safe and secure?

Yes, member accounts at People for People Community Development Credit Union remain safe and fully insured up to the maximums established in federal law.

The National Credit Union Share Insurance Fund (NCUSIF) insures individual accounts up to $250,000 and joint accounts up to $250,000 per member. The NCUSIF also separately protects IRA and KEOGH retirement accounts up to $250,000.

The Share Insurance Estimator (http://webapps.ncua.gov/ins/ (opens new window)) allows individuals to estimate their share insurance coverage. Once an individual inputs the required data, the Share Insurance Estimator produces a report with detailed explanations of insurance coverage.

Members with additional questions about their insurance coverage may contact the National Credit Union Administration’s Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern Standard Time. Individuals may also visit the MyCreditUnion.gov (opens new window)website at any time for more information about insurance coverage. 

What is the current status of People for People Community Development Credit Union?

The National Credit Union Administration (NCUA) placed People for People Community Development Credit Union into conservatorship on Jan. 6, 2012.

In conservatorship, NCUA’s priority is to protect the assets of the members of People for People Community Development Credit Union while working to maintain safe-and-sound credit union operations.

What is the National Credit Union Administration?

An agency of the federal government, NCUA, among other things, operates and manages the NCUSIF. The NCUSIF insures accounts at all federally insured credit unions, including People for People Community Development Credit Union.

What is a conservatorship?

A conservatorship means NCUA has assumed control of a credit union in order to ensure a credit union’s financial stability and safe-and-sound operation. In a conservatorship, NCUA works to address issues related to a credit union’s operations and financial condition while maintaining member service.

Can I still conduct business at People for People Community Development Credit Union?

Yes, People for People Community Development Credit Union will remain open during the conservatorship.

What are NCUA’s plans for operations at People for People Community Development Credit Union?

Through a conservatorship, NCUA seeks to fix operating issues at a credit union with a goal of protecting member assets and seeking a resolution to identified problems.

How many members and branches are affected by the conservatorship?

People for People Community Development Credit Union has one main office, and service to the credit union’s more than 1,500 members will continue.

What is the field of membership for People for People Community Development Credit Union?

People for People CDCU serves a low-income underserved community in north Philadelphia.

How big is People for People Community Development Credit Union?

The credit union has approximately $1.1 million in assets.

How long will this conservatorship last?

In working to resolve the issues affecting People for People Community Development Credit Union, NCUA’s top priority is to protect the interests of the credit union’s members. NCUA has no set timeframe for completing this resolution process.

What are NCUA’s plans for the future of People for People Community Development Credit Union?

NCUA has made no decisions about the long-term future of the credit union. Continued credit union service for the members, however, is a priority.

Board Action Bulletin

The NCUA Board unanimously approved the merger of West Virginia Corporate Federal Credit Union into Volunteer Corporate Credit Union.

The NCUA Board considered a supervisory matter that remains confidential at this time.

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.

Board Action Bulletin

Board also Finalizes Interest Rate Risk Rule, Proposes Derivatives for Credit Unions to Hedge Interest Rate Risk

ALEXANDRIA, Va. (Jan. 26, 2012) – The National Credit Union Administration (NCUA) Board convened its first open meeting of 2012 at the agency’s headquarters here today and unanimously approved three items: 

• A proposed rule and guidance on troubled debt restructuring (TDR) to facilitate mortgage modifications and assist credit union members in keeping their homes; and

• A tailored final rule to protect against credit union failures and losses to the National Credit Union Share Insurance Fund by requiring covered federally insured credit unions (FICUs) to develop a written policy on interest rate risk (IRR) management;

• An advance notice of proposed rulemaking (ANPR) to seek further public comments about the parameters under which federal credit unions (FCUs) may use derivatives to hedge interest rate risks. 

TDR Proposal Designed to Keep Credit Union Members in Their Homes
Prudent and sound loan workouts can be an effective tool for credit unions to use to help their financially distressed members. A need also exists to effectively balance appropriate loan workout programs with potential safety-and-soundness considerations. In the proposed rule and Interpretative Ruling and Policy Statement on TDRs, the Board seeks to find a balance between both of these important considerations in order to help keep more families in their homes.

“When credit union officials told me that an NCUA policy was forcing them, in some cases, to foreclose on troubled members seeking lower payments, I committed to change that policy, and my colleagues immediately joined this effort,” said NCUA Board Chairman Debbie Matz. “In addition to benefiting members, this new TDR policy will also provide relief for credit unions.”

Specifically, the TDR proposal: 

• Establishes consistent standards for the management of loan workout arrangements that assist borrowers;

• Streamlines regulatory reporting requirements related to TDR loans by removing manual tracking and eliminating confusion between TDRs and other loan modifications; and

• Reaffirms the existing policy and practice within the credit union industry of placing loans on nonaccrual status when they reach 90 days past due.

Credit unions will be able to modify loans without having to immediately classify TDR loans as delinquent. Additionally, credit unions will not have to track each TDR loan’s performance manually for six months, as is the current requirement.

In developing a written policy in this area, the proposed TDR guidance would allow credit union boards and management to consider similar parameters as those previously established in the Federal Financial Institutions Examinations Council (65 FR 36903).

NCUA issued the proposed TDR guidance with a 30-day comment period. “Normally we open proposals to longer comment periods to receive as many comments as possible,” said Chairman Matz, “but we are committing to implement regulatory relief on TDRs as quickly as possible.”

Tailored Interest Rate Risk Rule Protects against Future Losses
The NCUA Board adopted a final amendment to the agency’s insurance rules (Part 741) requiring certain FICUs to have a written policy to address IRR management as well as an effective IRR program for successful asset liability management. To assist credit unions, the final rule includes an appendix setting forth guidance on developing an IRR policy, and effectively implementing a program based on generally recognized best practices for safely and soundly managing interest rate risk.

Consistent with the proposed rule, NCUA tailored the final IRR rule to apply to credit unions at most risk for interest rate shocks. The final rule will not apply to credit unions with less than $10 million in assets. FICUs with assets between $10 million and $50 million must have a written policy if first mortgage loans plus total investments longer than five years is equal to or greater than 100 percent of net worth. FICUs with assets more than $50 million must comply with the new IRR rule.

The NCUA Board adopted the final rule at this time because many credit unions will face increased IRR in the future. At the moment, we are in a historically low interest rate environment that has produced abnormally large interest rate spreads. Many credit unions have taken advantage of these spreads in the short term by borrowing short to lend long. The Board’s action is therefore premised on mitigating risks when interest rates inevitably rise.

Earlier this month, bank regulators and NCUA issued an Interagency Advisory on Interest Rate Risk Management. The advisory recognizes that when the current record-low rates finally rise, they may rise very quickly. Thus, the advisory recommends that all financial institutions implement new shock tests and other interest rate risk management measures to manage rate volatility.

Credit unions, however, credit unions face far higher exposures to interest rate risk than banks. While banks have steadily reduced their interest rate risk exposure since 1995, credit unions have increased their exposure by more than 50 percent. Today, credit unions hold nearly 31 percent of their assets in long-term, fixed-rate mortgages, compared to only 18 percent at banks.

For the average credit union with this high interest rate risk exposure, a rapid rise to pre-recession rates could reduce their net worth by as much as 20 percent.

“Clearly, exposed credit unions without appropriate interest rate risk policies pose unacceptable and preventable risks to the Share Insurance Fund,” Chairman Matz observed. “Management and boards of these credit unions must be vigilant and well-prepared before rates rise.”

As adopted, the final rule requires affected FICUs to have an IRR policy and program that incorporates five elements: 

• Adoption of a board-approved IRR policy;

• Oversight by the board of management’s implementation of the IRR policy;

• Development of risk-measurement systems to assess the IRR sensitivity of earnings and/or asset and liability values;

• Establishment of internal controls to monitor adherence to IRR limits; and

• Implementation of a decision-making process that is informed and guided by IRR measures.

 The final rule also includes an appendix to provide guidance to FICUs in developing an IRR policy and program.

“Our standard for interest rate risk policies is not one-size-fits-all,” added Chairman Matz. “We realize that exposed credit unions have different risk profiles. So while we are providing a template policy, we are also providing flexibility for credit union managers and board members to develop their own policy. And we are giving affected credit unions until September 30th to comply.”

NCUA Continues to Explore Options for Interest Rate Derivatives
NCUA continues to examine alternatives to permit more credit unions to use derivatives to hedge simple interest rate risks. Through the ANPR adopted today, the NCUA Board seeks additional public comments in relation to eligibility requirements to engage is certain derivatives based on at least three factors, including the need, financial condition, and ability to manage derivatives.

“Derivatives can be a useful tool for highly experienced professionals to manage interest rate risks,” said Chairman Matz. “Our intent is to safely allow more credit unions to use derivatives responsibly as a hedge against interest rate risks. Credit unions that have high interest rate risk exposure on their balance sheet could offset some of those risks if they purchase the right types of derivatives.”

Chairman Matz, however, cautioned that several types of derivatives can be extremely volatile – and choosing the right rates to hedge at the right time can be a very risky proposition. “The fact that we have issued two ANPRs on derivatives demonstrates the complexity of this issue.”

The NCUA Board released an earlier ANPR on derivatives transactions by credit union in June 2011. The comments received on the earlier ANPR are discussed in the latest ANPR adopted today.

NCUA issued the ANPR with a 60-day comment period.

“I am confident that our actions today will save the Share Insurance Fund from preventable losses for years to come,” Chairman Matz concluded.

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.

Member Deposits Protected up to $250,000; Member Service Continues Uninterrupted

ALEXANDRIA, Va. (Jan. 27, 2012) – The National Credit Union Administration (NCUA) liquidated Eastern New York Federal Credit Union of Napanoch, N.Y today.  USAlliance Federal Credit Union of Rye, N.Y. immediately assumed Eastern New York Federal Credit Union’s members, assets, loans and debts.

The accounts of the new USAlliance Federal Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000.  The new USAlliance Federal Credit Union members will also experience no interruption in services.  USAlliance Federal Credit Union is a federally chartered and insured credit with $748 million in assets and 46,515 members.

NCUA made the decision to liquidate Eastern New York Federal Credit Union and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own.  At the time of liquidation and subsequent purchase by USAlliance Federal Credit Union, the credit union served approximately 6,800 members and had deposits of approximately $49 million.

Chartered in 1961, Eastern New York Federal Credit Union served state and government industry employees located in nine counties of New York State.

Eastern New York Federal Credit Union is the first federally insured credit union liquidated in 2012.

Board Action Bulletin

The NCUA Board unanimously approved placing A M Community Credit Union of Kenosha, WI into conservatorship under Sections 206(h)(1)(A) and (F) of the Federal Credit Union Act.

The NCUA Board unanimously approved placing People for People Community Development Credit Union of Philadelphia, PA into liquidation under Section 207(a)(3)(A)(ii) of the Federal Credit Union Act.

The NCUA Board unanimously approved the merger of Southeast Corporate Federal Credit Union into Corporate One Federal Credit Union.

The NCUA Board considered two supervisory matters that remain confidential at this time.

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.

Member Deposits Insured up to $250,000; Member Services Uninterrupted

ALEXANDRIA, Va. (Feb. 17, 2012) – The National Credit Union Administration (NCUA), working cooperatively with the Wisconsin Office of Credit Unions, today assumed control of service and operations at A M Community Credit Union headquartered in Kenosha, Wis.

Deposits at A M Community Credit remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at A M Community Credit Union up to $250,000. The NCUSIF, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.

A M Community Credit Union is a state-chartered, federally insured credit union that serves anyone who lives or works in Wisconsin’s Kenosha and Racine counties, as well as any employee of Chrysler Corporation. With assets reported at $125 million in the last Call Report, service to A M Community Credit Union’s 16,000 members will continue uninterrupted.

The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the NCUSIF. While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness.

The decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous operational weaknesses. During conservatorship, members can continue to conduct normal financial transactions—deposit and access funds, make loan payments, and use shares—at the credit union.

A M Community Credit Union is the second federally insured credit union placed into conservatorship during 2012. Members who have questions about the conservatorship may review the Frequently Asked Questions document attached to this release.

A M Community Credit Union Frequently Asked Questions

Is my money safe and secure?

Yes, member accounts at A M Community Credit Union remain safe and fully insured up to the maximums established in federal law.

The National Credit Union Share Insurance Fund (NCUSIF) insures individual accounts up to $250,000 and joint accounts up to $250,000 per member. The NCUSIF also separately protects IRA and KEOGH retirement accounts up to $250,000.

The Share Insurance Estimator allows individuals to estimate their share insurance coverage. Once an individual inputs the required data, the Share Insurance Estimator produces a report with detailed explanations of insurance coverage.

Members with additional questions about their insurance coverage may contact the National Credit Union Administration’s Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov (opens new window)website at any time for more information about insurance coverage.

What is the current status of A M Community Credit Union?

The National Credit Union Administration (NCUA) placed A M Community Credit Union into conservatorship on Feb. 17, 2012.

In conservatorship, NCUA’s priority is to protect the assets of the members of A M Community Credit Union while working to maintain safe and sound credit union operations.

What is the National Credit Union Administration?

An agency of the federal government, NCUA, among other things, operates and manages the NCUSIF. The NCUSIF insures accounts at all federally insured credit unions, including A M Community Credit Union.

What is a conservatorship?

A conservatorship means that NCUA has assumed control of a credit union in order to ensure a credit union’s financial stability and safe and sound operation. In a conservatorship, NCUA works to address issues related to a credit union’s operations and financial condition while maintaining member service.

Can I still conduct business at A M Community Credit Union?

Yes, A M Community Credit Union will remain open during the conservatorship.

What are NCUA’s plans for operations at A M Community Credit Union?

Through a conservatorship, NCUA seeks to fix operating issues at a credit union with a goal of protecting member assets and seeking a resolution to identified problems.

How many branches and members are affected by the conservatorship?

A M Community Credit Union operates in four locations, and service to the credit union’s more than 16,000 members continues.

What is the field of membership for A M Community Credit Union?

A M Community Credit Union serves employees of Chrysler Corporation, as well as people residing or employed in Kenosha and Racine counties in Wisconsin.

How big is A M Community Credit Union?

A M Community Credit Union has approximately $125 million in assets, according to the most recently submitted Call Report.

How long will this conservatorship last?

In working to resolve the issues affecting A M Community Credit Union, NCUA’s top priority is to protect the interests of the credit union’s members. NCUA has no set timeframe for completing this resolution process.

What are NCUA’s plans for the future of A M Community Credit Union?

NCUA has made no decisions about the long-term future of the credit union. Continued service for the members of A M Community Credit Union, however, is a priority.

Member Deposits Insured up to $250,000; Member Services Uninterrupted

ALEXANDRIA, Va. (Feb. 19, 2012) – The National Credit Union Administration (NCUA) announced the liquidation of People for People Community Development Credit Union (CDCU) of Philadelphia today. TruMark Financial Credit Union of Philadelphia immediately purchased and assumed People for People CDCU’s members and loans.

The accounts of the new TruMark Financial Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. The new TruMark Financial Credit Union members will also experience no interruption in services. TruMark Financial Credit Union is a federally insured credit with $1.35 billion in assets and 96,134 members.

NCUA made the decision to liquidate People for People CDCU and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by TruMark Financial Credit Union, People for People CDCU served approximately 1,600 members and had assets of approximately $635,000.

Chartered in 1999 by the Pennsylvania Department of Banking, People for People Community Development Credit Union served an underserved community located in north central Philadelphia. The Pennsylvania Department of Banking concurred with the decisions to liquidate People for People CDCU and to transfer the former credit union’s members and loans to TruMark Financial Credit Union.

People for People CDCU is the second federally insured credit union liquidated in 2012.

Board Action Bulletin

Equity Transfer to Corporate Stabilization Fund Will Reduce Future Assessments

ALEXANDRIA, Va. (March 15, 2012) – The National Credit Union Administration (NCUA) Board convened its second open meeting of 2012 at the agency’s headquarters here today and received an update on the performance of the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF ended 2011 in a stronger position as a result of fewer losses, portfolio growth, and a decline in at-risk credit unions, among other factors. As a result, NCUA transferred $278.6 million in equity from the NCUSIF to the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund).

The Board also unanimously approved two items: 

• NCUA’s Diversity and Inclusion Strategic Plan to comply with President Obama’s Executive Order on workforce diversity at federal agencies, as well as the supplier diversity requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act;

• A final rule making minor technical corrections and necessary updates identified during a scheduled review of NCUA’s rules on fair housing, flood insurance, and agency structure.

Insurance Fund Shows Steady Improvements in 2011
The NCUSIF ended 2011 with an equity ratio of 1.30 percent after the year-end transfer from the NCUSIF to the Stabilization Fund. Before the transfer, the NCUSIF equity ratio had risen to 1.32 percent. The Federal Credit Union Act requires NCUA to transfer any NCUSIF equity above the normal operating level of 1.30 percent at year-end as long as the Stabilization Fund has outstanding borrowings from the U.S. Treasury.

“The effective management of the NCUSIF is one of our top priorities,” said NCUA Board Chairman Debbie Matz. “The NCUSIF’s steady improvements during 2011 demonstrate that NCUA has been performing this job very well. The equity ratio rose, the total number and assets of at-risk credit unions fell, and the NCUSIF portfolio grew. After applying our traditional methodology, we have also decreased NCUSIF reserves. Moreover, NCUA will apply the year-end reallocation from the NCUSIF to lower Corporate Stabilization Fund assessments.”

NCUA calculated the 1.30 percent equity ratio for 2011 on an insured share base of $795.3 billion. By comparison, the NCUSIF equity ratio at the end of 2010 stood at 1.28 percent on an insured share base of $757.9 billion. The growth in credit union insured shares for 2011 was nearly 5 percent.

The value of the NCUSIF portfolio grew about 4 percent during 2011 to close the year with a value of $10.7 billion.

Other positive, year-over-year trends contained in the 2011 year-end NCUSIF report presented to the Board include: 

• Credit union failures dropped by more than 40 percent to 16 failures from 28 failures.

• The total amount of losses associated with credit union failures dropped 75 percent to $55 million from $221 million.

• The total number of CAMEL code 3, 4 and 5 credit unions dropped to 2,150 from 2,192.

• The total assets of CAMEL code 4 and 5 credit unions fell 32 percent to $29.4 billion from $43.3 billion.

• The total assets of CAMEL code 3 credit unions decreased 9 percent to $142.5 billion from $156.7 billion.

On the strength of these positive trends and other factors, NCUA’s robust reserving methodology allowed for a reduction in the NCUSIF’s reserves by 51 percent to $606.6 million at year-end 2011 from $1.2 billion at year-end 2010.

In light of the steady improvements, NCUA did not collect an NCUSIF premium in 2011. At the open Board meeting in November 2011, Chairman Matz announced a reduction in the projected NCUSIF premium range for 2012 down to 0–6 basis points.

Additionally, the Chief Financial Officer reported on the Stabilization Fund’s operations based on preliminary and unaudited information. The condition of the Stabilization Fund remained stable in 2011. During 2011, the Total Net Position of the Stabilization Fund improved by $2.2 billion. The Stabilization Fund continues to have $3.5 billion in outstanding borrowings with the U.S. Treasury.

Strategic Plan Advances NCUA Workforce and Supplier Diversity
NCUA’s newly adopted Diversity and Inclusion Strategic Plan for 2012–2016 complies with President Obama’s Executive Order 13583, which aims to promote diversity and inclusion throughout the federal government workforce, as well as the supplier diversity requirements established by section 342 of the Dodd-Frank Act (Public Law 111-203).

“Just over a year ago, we created the Office of Minority and Women Inclusion in response to the Dodd-Frank Act, and we have now adopted a strategic plan that will add more momentum toward building and sustaining a diverse NCUA workforce,” said Chairman Matz. “The plan brings into sharper focus our ongoing efforts to advance equal opportunity, diversity, and inclusion within NCUA.”

The strategic plan complies with the Government-wide Diversity and Inclusion Strategic Plan 2011 and the goals outlined in guidance from the Office of Personnel Management. Key workforce goals in NCUA’s strategic plan include: 

• Workforce Diversity. Recruit from a diverse, qualified group of potential applicants to secure a high performing workforce drawn from all segments of American society.

• Workplace Inclusion. Cultivate an environment that encourages collaboration, flexibility, and fairness to enable individuals to contribute to their full potential.

• Sustainability. Develop structures and strategies to equip leaders with the ability to manage diversity, be accountable, measure results, refine approaches on the basis of such data, and institutionalize a culture of inclusion.

 Additionally, the strategic plan requires NCUA to develop and implement a policy to improve the inclusion of minority- and women-owned businesses in NCUA’s contracting awards. NCUA has already developed this supplier policy and will implement it in April.

Rules Affecting Fair Housing, Flood Insurance, and Agency Structure Updated
NCUA reviews each of its rules on a three-year schedule in order to update, clarify, and simplify existing regulations. The rolling review also aims to eliminate redundant or unnecessary rules. As part of the 2011 review cycle, NCUA identified the need for minor technical corrections to the rules governing fair housing, flood insurance, and NCUA’s structure.

As adopted by the Board, the final rule: 

• Updates nondiscrimination requirements for credit union operations (Part 701) to reflect the recent designation of NCUA’s Office of Consumer Protection to hear Fair Housing Act and Equal Credit Opportunity Act complaints. Credit unions engaging in real estate-related lending will have a reasonable amount of time to post updated Equal Housing Lender signs in public areas.

• Modifies the requirements of credit unions to use a standard flood hazard determination form (Part 760) to replace the Federal Emergency Management Administration’s mailing address with the www.fema.gov (opens new window) website address.

• Amends the rule on NCUA’s organization (Section 790) to add the Office of Minority and Women Inclusion created in 2011, incorporate the Division of Capital Markets into the Office of Examination and Insurance, change the title of the Chief Financial Officer, and update regional director descriptions.

The final rule becomes effective upon 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.

Board Action Bulletin

The NCUA Board voted unanimously to uphold the decision of the Asset Management and Assistance Center and deny a creditor claim appeal arising from the liquidation of Western Corporate Federal Credit Union.

The NCUA Board considered a supervisory matter that remains confidential at this time.

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.

Board Action Bulletin

The NCUA Board considered a supervisory matter that remains confidential at this time.

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.