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New Training Online Series Outlines the Keys to Effective Board Leadership

ALEXANDRIA, Va. (Sept. 11, 2015) – Credit union board members will be able to find valuable information to help them be more successful in a new video series being offered by the National Credit Union Administration.

“I encourage both new and experienced credit union directors to watch this series; I think they will find it offers good advice aimed at helping them to be better leaders,” NCUA Board Chairman Debbie Matz said. “Through our Office of Small Credit Union Initiatives, NCUA offers training to directors to strengthen credit unions and the system overall.”

The seven-part video series is designed specifically for directors of small and medium-sized credit unions, although any director can find the series helpful. The first installment, “What Every Board of Directors Should Know,” covers topics including:

• Developing a sound governance program,
• Traits of effective and ineffective chairmen, and
• Evaluating and supporting the manager.

NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.

ALEXANDRIA, Va. (Sept. 15, 2015) – National Credit Union Administration Board Chairman Debbie Matz today announced the selection of Ralph Monaco as the agency’s Chief Economist.

“Those who have worked with Ralph know that he is well-suited to assume the Chief Economist position,” Matz said. “As the senior economist at NCUA for the last four years, Ralph has demonstrated superb skills and a strong commitment to accurate, comprehensive economic analysis. I congratulate Ralph and am confident NCUA and the credit union system will benefit from his briefings and recommendations.”

Monaco joined NCUA as a senior economist in 2011. He succeeds John Worth, who left the agency in August.

Prior to joining NCUA, Monaco was Director of the Office of Macroeconomic Analysis in the Office of Economic Policy at the U.S. Treasury Department. He also has served at the President’s Council of Economic Advisers and the U.S. Agriculture Department. He has worked as a researcher at the University of Maryland and was an adjunct member of the graduate faculty at the university’s economics department.

Monaco holds a doctorate in economics from the University of Maryland and a bachelor’s degree, with highest honors, from the College of William and Mary.

NCUA’s Office of the Chief Economist supports NCUA’s safety and soundness goals by developing and distributing economic intelligence, including NCUA’s Economic Update video series (opens new window)and the NCUA Quarterly U.S. Map Review. The office also enhances NCUA’s understanding of emerging microeconomic and macroeconomic risks by producing meaningful and robust modeling and risk identification tools and participating in agency and interagency policy development.

Recoveries in Securities Cases Reach More than $1.9 Billion

ALEXANDRIA, Va. (Sept. 16, 2015) – The National Credit Union Administration today announced acceptance of an offer of judgment for $129.6 million from the Royal Bank of Scotland to resolve claims arising from losses related to purchases of residential mortgage-backed securities by Members United and Southwest corporate credit unions. 

“NCUA has a statutory obligation to secure recoveries for credit unions and ensure that consumers remain protected,” NCUA Board Chairman Debbie Matz said. “We can assure stakeholders that we will continue to aggressively pursue recoveries against Wall Street firms that contributed to the corporate crisis. Each recovery as well as our ongoing lawsuits further NCUA’s goal of minimizing the losses of the corporate crisis and future costs to credit unions.”

NCUA has now obtained more than $1.9 billion in legal recoveries. NCUA uses the net proceeds to reduce Temporary Corporate Credit Union Stabilization Fund assessments charged to federally insured credit unions to pay for the losses caused by the failure of five corporate credit unions.

NCUA still has litigation pending in federal courts in Kansas and California against Royal Bank of Scotland for sales of faulty residential mortgage-backed securities to U.S. Central and Wescorp. The agency also has lawsuits pending against Goldman Sachs, Wachovia, UBS, Barclays, Credit Suisse and Morgan Stanley based on the sale of faulty securities, causing the collapse of five corporate credit unions. NCUA was the first federal regulatory agency for depository institutions to recover losses from investments in these securities on behalf of failed financial institutions.

Board Action Bulletin

The NCUA Board approved the conservatorship of Bethex Federal Credit Union, Bronx, New York.

The NCUA Board approved acceptance of the appointment as conservator of Montauk Credit Union, located in New York, New York.

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

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. NCUA also live streams, archives and posts

videos of open Board meetings online.

Board Action Bulletin

Matz Will Propose Streamlining Community Charter Approvals

ALEXANDRIA, Va. (Sept. 17, 2015) – The National Credit Union Administration Board convened its eighth open meeting of 2015 at the agency’s headquarters today and unanimously approved four items:

• A final rule and policy statement raising the asset ceiling of a “small entity” to $100 million, providing special consideration for regulatory relief in future rulemakings to 76 percent of all federally insured credit unions.
• A request from Charlotte Metro Federal Credit Union, of Charlotte, North Carolina, to expand its community charter.
• A final rule giving corporate credit unions greater flexibility to provide bridge loans to credit unions awaiting funds from the Central Liquidity Facility, thereby expediting access to needed liquidity.
• A final rule adjusting civil monetary penalties for inflation, as required by federal law.

The Chief Financial Officer briefed the Board on the performance of the Temporary Corporate Credit Union Stabilization Fund, based on the best available preliminary and unaudited information. The Corporate Stabilization Fund remained in a positive net position.

Updated Definition of “Small” Means Relief for Hundreds More Credit Unions
More than three-quarters of all federally insured credit unions will be classified as small entities under the final rule (Part 791) and interpretive ruling and policy statement (IRPS 15-1) approved by the NCUA Board.

The Board’s action raises the asset ceiling for a “small” credit union from $50 million to $100 million under the Regulatory Flexibility Act. The change makes an additional 733 federally insured credit unions eligible for special consideration of regulatory relief in future rulemakings and assistance from NCUA’s Office of Small Credit Union Initiatives, including training and consulting. In all, 4,690 federally insured credit unions will be classified as small.

“The asset ceiling for small credit unions is now 10 times higher than when I became Chairman in 2009 and 100 times higher than when I first joined the Board in 2002,” NCUA Board Chairman Debbie Matz said. “When I returned to the Board, CEOs of small credit unions told me the definition hadn’t kept pace with credit union trends, so updating this definition became part of my Regulatory Modernization Initiative.”

Matz said the Board considered even higher thresholds, as some advocated, but determined they would be difficult to justify with economic data.

“In today’s credit union system, an asset threshold above $100 million is the logical floor for complex credit unions, and our data analysis shows a threshold under $100 million meets the modern definition of a small credit union,” Matz said. “If we had chosen the same small entity threshold of $550 million as the banking industry is required by law to do, we would have created five times the asset exposure to the National Credit Union Share Insurance Fund.”

In approving the $100 million asset ceiling, the NCUA Board analyzed a wide range of metrics, including growth rates for assets, deposits, loans and membership; the ratio of operating costs to assets; and merger and liquidation rates.

The final rule, available online
here (opens new window), will become effective 60 days after publication in the
Federal Register.  Pursuant to the agency’s rolling three-year regulatory review, the NCUA Board will reconsider the small credit union threshold in 2018.

Corporate Stabilization Fund Remains in Positive Net Position
For the quarter ending June 30, 2015, the Corporate Stabilization Fund’s net position increased by $183.8 million to a positive $475 million.

The increase included a $107.3 million recovery related to the sale of several securities originally held by failed corporate credit unions. It also included a $65.6 million reduction in provisioning for insurance losses as a result of continuing improvements in projected cash flows relating to the legacy assets that secure the NCUA Guaranteed Notes.

“The Corporate Stabilization Fund has now recorded a positive net position for five straight quarters, and that’s a testament to sound management,” Matz said. “We’re on the right course, one that has significantly minimized the sizable costs of the corporate resolution. If the projections over the last several quarters hold, credit unions should not have to pay further assessments during the Corporate Stabilization Fund’s remaining six years.”

Congress created the Corporate Stabilization Fund in May 2009 to ease the immediate impact on the credit union system of the cost of resolving the corporate credit union crisis. By law, the fund is scheduled to expire in June 2021.

While the Corporate Stabilization Fund continues to have a positive net position, no funds are available to provide federally insured credit unions with an immediate rebate. NCUA must first repay outstanding borrowings from the U.S. Treasury.

Outstanding borrowings by the Corporate Stabilization Fund from the U.S. Treasury remained at $2.6 billion at the end of the second quarter. In August after the quarter closed, however, NCUA used available cash to pay $300 million towards that borrowing. The payment reduced the balance of outstanding borrowings to $2.3 billion.

Future changes in the economy or the performance of the legacy assets are likely to change the value of the assets NCUA and the Corporate Stabilization Fund can eventually access at the end of the NCUA Guaranteed Notes Program.

Charlotte Metro Expansion Approved as Matz Calls for Streamlining Community Charter Application Process
Nearly 2.4 million people living in seven counties in North Carolina and three in South Carolina will have a new choice for affordable financial services after the NCUA Board approved a request from Charlotte Metro Federal Credit Union to expand its community charter.

In supporting the application, Matz said she will seek a policy change to streamline the process for approving community charters. Matz said her proposed change could trim two months from the process for applications for communities with more than 1 million residents.

“Our intention has been to focus on each credit union’s ability and commitment to reach out to its entire community, particularly low-income residents and underserved areas,” Matz said. “Federal credit unions are accounting for diverse demographics and offering targeted products and services to meet the needs of these residents, so I believe it’s time to remove the NCUA Board from the approval process.”

NCUA Board approval is required for community charters to serve a population of more than 1 million. Matz proposed delegating that authority to NCUA’s Office of Consumer Protection. The delegation will require a Board vote at an upcoming open meeting.

Originally chartered in 1962, Charlotte Metro initially served Charlotte city employees. The credit union grew through a series of expansions and a merger and became a community charter in 2001. In 2008, the credit union converted to a federal charter. According to its most recent Call Report, Charlotte Metro serves 45,094 members and has assets of $342.1 million.

The full-service credit union will now be able to serve people who live, work, worship, volunteer or attend school in Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Rowan and Union counties in North Carolina and Chester, Lancaster and York counties in South Carolina.

Final Rule Gives Corporates More Flexibility Making CLF-Related Bridge Loans
Corporate credit unions will have greater flexibility to serve consumer credit unions under a final rule (Part 704) approved by the Board.

“This is truly a win-win,” Matz said. “It’s a win for corporate credit unions providing a valuable service to their members and a win for consumer credit unions that can get liquidity immediately, instead of waiting up to 10 days.”

Matz noted that suggestions from credit unions prompted the new rule. Every comment received by the agency supported the proposed rule without any changes. The proposed rule was adopted without amendment.

The rule will exclude Central Liquidity Facility-related bridge loans from the aggregate unsecured lending cap to one borrower that applies to corporate credit unions. Central Liquidity Facility loans are funded by borrowings from the Federal Financing Bank. An advance from the Federal Financing Bank can take up to 10 business days, creating a lag between when the Central Liquidity Facility loan is approved and when it is funded.

Under the new rule, corporate credit unions could make bridge loans for up to 10 business days to provide interim funding to Central Liquidity Facility borrowers, allowing them to receive funds expeditiously. A bridge loan would be repaid to a corporate credit union when the Central Liquidity Facility funds the member credit union’s advance.

In recognition of the low risk and to ensure a corporate credit union is not unduly prevented from lending to very large consumer credit unions, the rule excludes those loans from the calculation of “net assets” and “net risk weighted assets” for determining minimum capital requirements.

The final rule, available online
here (opens new window), will become effective 30 days after publication in the
Federal Register.

Federal Law Requires Adjusting Maximum Civil Monetary Penalties for Inflation
The NCUA Board approved a final rule (Part 747) amending its regulations to adjust the maximum amount of civil monetary penalties within its jurisdiction for inflation.

“I view civil monetary penalties as a last resort, and NCUA has never charged the maximum penalty,” Matz said. “Since we announced the policy of assessing civil monetary penalties for late Call Report filers, the number of late filers has dropped from nearly 1,100 to 25. So, the penalties are working as intended, as a deterrent. It’s also important to know the proceeds from these penalties go to the U.S. Treasury, not NCUA.”

Under federal law, every federal agency periodically must adjust civil monetary penalties to account for the rate of inflation. Because the process is mandatory and the law gives agencies no discretion in calculating the adjustments, the Administrative Procedure Act allows NCUA to issue a final rule without public comment.

The final rule, available online
here (opens new window), will become effective upon publication in the
Federal Register.

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. 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. (Sept. 18, 2015) – The National Credit Union Administration today placed Bethex Federal Credit Union in Bronx, New York, into conservatorship.

Normal member services at the credit union’s office at 20 East 179th Street in Bronx will continue uninterrupted. NCUA placed Bethex into conservatorship to enable the credit union to continue regular operations with experienced management in place and correct previous operational weaknesses. While continuing normal member services, NCUA will work to resolve issues affecting Bethex Federal Credit Union’s safety and soundness.

Member deposits at Bethex Federal Credit Union remain federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

Members who have questions about the conservatorship may review the Bethex Federal Credit Union Frequently Asked Questions document attached to this release and available online.

Chartered in 1970, Bethex Federal Credit Union serves multiple occupational and associational groups and communities primarily located in Bronx. Bethex Federal Credit union has 5,584 members and $12,951,096 in assets, according to the credit union’s most recent Call Report.

Depósitos de socios asegurados hasta $250,000, servicios ininterrumpidos para socios

ALEXANDRIA, Va. (18 de septiembre de 2015) – Hoy, la Administración Nacional de Cooperativas de Ahorro y Crédito colocó a la Cooperativa de Ahorro y Crédito Federal Bethex en Bronx, Nueva York, en sindicatura.

Los servicios habituales para socios en la oficina de la cooperativa de ahorro y crédito en 20 East 179th Street en Bronx seguirán sin interrupciones. La NCUA colocó a Bethex en sindicatura para permitir que la cooperativa de ahorro y crédito continúe sus operaciones regulares bajo una administración con experiencia y pueda corregir las debilidades operativas anteriores. Mientras continúa brindando los servicios habituales a los socios, la NCUA trabajará para resolver los problemas que afectan la seguridad y solidez de la Cooperativa de Ahorro y Crédito Federal Bethex.

Los depósitos de los socios en la Cooperativa Federal de Ahorro y Crédito Bethex permanecen con seguro federal del Fondo Nacional de Seguro de Depósitos de Cooperativas de Ahorro y Crédito. Administrado por la NCUA, el Fondo de seguro de depósitos asegura cuentas individuales de hasta $250,000 y el interés de un socio en todas las cuentas conjuntas combinadas por hasta $250,000. El Fondo de seguro de depósitos además protege cuentas de jubilación IRA y KEOGH de hasta $250,000. El Fondo de seguro de depósitos cuenta con el respaldo de la plena confianza y el crédito del gobierno de los Estados Unidos.

Los socios que tengan dudas sobre la sindicatura pueden consultar el documento con preguntas frecuentes de la Cooperativa de Ahorro y Crédito Federal Bethex que se adjunta en este comunicado y está disponible en línea aquí.

Autorizada en 1970, la Cooperativa de Ahorro y Crédito Federal Bethex brinda servicios a múltiples comunidades y grupos ocupacionales y de asociaciones ubicados principalmente en Bronx. La Cooperativa de Ahorro y Crédito Federal Bethex posee 5,584 socios y activos por $12,951,096, según el informe financiero más reciente de la cooperativa de ahorro y crédito.

Member Deposits Remain Protected to $250,000; Member Services Uninterrupted

ALEXANDRIA, Va. (Sept. 18, 2015) – The New York State Department of Financial Services today took possession of Montauk Credit Union, located in New York, New York, and appointed the National Credit Union Administration as conservator.

Deposits at Montauk Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts at Montauk Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

The New York State Department of Financial Services placed Montauk Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.

Montauk Credit Union is a federally insured, state-chartered credit union with 2,893 members and assets of $178.5 million, according to the credit union’s most recent Call Report. Chartered in 1922, Montauk Credit Union serves eligible members subject to the provisions of its bylaws, which could include any person, upon recommendation of any member in good standing and approval of the Board of Directors.

Members who have questions about the conservatorship may review the Montauk Credit Union Frequently Asked Questions document attached to this release and available online here (opens new window).

Federal Financial Institutions Examination Council Announces Availability of
2014 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,062 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA).  Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2014 lending activity, and include applications, originations, purchases and sales of loans, denials, and other actions related to applications.

The data released today also include disclosure statements for each financial institution, aggregate data for each metropolitan statistical area (MSA), nationwide summary statistics on lending patterns, and Loan/Application Registers (LARs) for each financial institution (LARs are modified to protect borrower privacy). The FFIEC prepares and distributes this information on behalf of its member agencies.

The HMDA data show the disposition of loan applications and include information on:

• loan amount
• loan type (such as conventional, Federal Housing Administration (FHA) or Veterans Administration (VA))
• purpose (home purchase, home improvement, or refinancing)
• property type (1-4 family, multifamily, or manufactured housing) 
• property location (MSA, state, county, and census tract)
• applicant characteristics (race, ethnicity, sex, and income)
• pricing-related data

The data also show whether a loan is subject to the Home Ownership and Equity Protection Act (HOEPA) and whether a loan is secured by a first or subordinate lien or is unsecured.
(more)

Understanding the Data

Caution should be used when comparing HMDA data across multiple years for specific geographies due to the changes in MSA and tract boundaries and updates to the population and housing characteristics of census tracts. For example, some MSAs may have the same name and code number in both 2013 and 2014, even though the underlying geography is different.

The HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. They do not include many potential determinants of loan application and pricing decisions, such as the applicant’s credit history, the debt-to-income ratio, the loan-to-value ratio, and others. Therefore, when examiners conduct fair lending examinations, including ones involving loan pricing, they analyze additional information before reaching a determination about institutions’ compliance with fair lending laws.

Observations from the 2014 Data

For 2014, the number of reporting institutions declined approximately 2 percent to 7,062 from 2013, continuing a downward trend since 2006 when about 8,900 lenders reported HMDA data. 

The 2014 data include information on 9.9 million home loan applications—of which, nearly 6.0 million resulted in loan originations—and about 1.8 million loan purchases, for a total of nearly 11.7 million actions.

The data also include information on about 501,000 requests for preapprovals related to a home purchase loan. The total number of originated loans of all types and purposes declined by about 2.7 million, or 31 percent, from 2013. Refinance originations declined by 55 percent, whereas home purchase lending increased by about 4.0 percent.¹ 

From 2013 to 2014, the share of home purchase loans for 1-4 family properties made to black borrowers rose from 4.4 percent to nearly 4.9 percent, the share made to Hispanic white borrowers rose from 6.9 percent to 7.5 percent, and those made to Asian borrowers declined slightly from 6.0 percent to 5.7 percent. While the number of refinance loans for 1-4 family properties declined for each of these groups, the share of refinance loans made to black borrowers increased from 4.4 percent to 5.2 percent, the share made to Hispanic white borrowers rose from 5.0 percent to 6.0 percent, and those made to Asian borrowers fell from 4.9 percent to 4.5 percent.

In terms of borrower income, the share of 1-4 family home purchase loans made to low- and moderate-income borrowers (those with income of less than 80 percent of area median income) declined slightly from about 26 percent in 2013 to roughly 25 percent in 2014. Conversely, the share of refinance loans to low- and moderate-income borrowers increased slightly from 20 percent to 21 percent.

Following the recent financial crisis, homebuyers relied heavily on government-backed mortgages, particularly those insured by the FHA or guaranteed by the VA, to finance their purchases, but this reliance has declined somewhat in recent years. In 2014, the FHA-insured share of first-lien home purchase loans for 1-4 family, site-built owner-occupied properties was 21 percent—down from 24 percent in 2013, and down from its peak of 42 percent in 2009.

The VA-guaranteed share of such loans for 2014 was approximately 10 percent, increasing from 9 percent in 2013.  Including Rural Housing Service loans, the overall government-backed share of such loans was 37 percent in 2014, edging down from 38 percent in 2013, and down from 54 percent in 2009.

FHA-insured and VA-guaranteed loans tend to play a less prominent role in the refinance market compared to the home purchase market. In 2014, conventional loans accounted for 81 percent of all first-lien refinance mortgages for 1-4 family, site-built owner-occupied properties, down from about 84 percent in 2013, while FHA-insured loans accounted for about 9 percent—similar to 2013. The VA-guaranteed share of refinance loans increased from 6 percent to 10 percent since 2013.

The majority of higher-priced first-lien loans in 2014 were FHA-insured. About 45 percent of FHA-insured first-lien home purchase loans had APRs above the reporting threshold, similar to the percentage in the latter half of 2013. The FHA raised its annual mortgage insurance premium (MIP) slightly in April 2013, and extended the period over which MIP is required to be paid by borrowers in June 2013. These changes, particularly the latter, led to higher APRs for FHA loans. About three-quarters of FHA-insured purchase loans that met the higher-priced definition in 2014 had APRs that were less than 0.5 percentage points above the higher-priced threshold.

As noted above, the HMDA data indicate which loans are covered by HOEPA. Under HOEPA, certain types of mortgage loans that have interest rates or total points and fees above specified levels provide special consumer protections such as additional disclosures and various restrictions on loan terms. 

In January 2014, new rules went into effect that expanded the types of mortgage loans covered from refinance and home equity loans to also include home-purchase loans and home equity lines of credit, and added new protections such as mandatory homeownership counseling. In 2014, 1,263 loan originations covered by HOEPA were reported: 634 refinance loans, 227 home improvement loans and 401 home purchase loans. In 2013, 1,873 HOEPA loans were reported: 1,309 refinance loans and 564 home improvement loans.

In 2014, black and Hispanic white applicants experienced higher denial rates for conventional home purchase loans than non-Hispanic white applicants. The denial rate for Asian applicants is more comparable to the denial rate for non-Hispanic white applicants. These relationships are similar to those found in earlier years.

Additional HMDA Information

Financial institutions are required to make their disclosure statements available at their home offices. For other MSAs in which financial institutions have offices, an institution must either make the disclosure statement available at one branch within each MSA or provide a copy upon receiving a written request. Questions about a HMDA report for a specific institution should be directed to the institution’s supervisory agency at the number listed below.

• Federal Deposit Insurance Corporation — 877-275-3342; hearing impaired — 800-925-4618
• Board of Governors of the Federal Reserve System, HMDA Assistance Line — 202-452-2016 
• National Credit Union Administration, Office of Consumer Protection — 703-518-1140
• Office of the Comptroller of the Currency, Compliance Policy Division — 202-649-5470
• Consumer Financial Protection Bureau — 202-435-7000
• Department of Housing and Urban Development, Office of Housing — 202-708-0685

# # #

For historical and more detailed data derived from the annual HMDA records, see forthcoming, “The 2014 Home Mortgage Disclosure Act Data” Federal Reserve Bulletin, http://www.federalreserve.gov/pubs/bulletin/2015/pdf/2014_HMDA.pdf (opens new window).

ALEXANDRIA, Va. (Sept. 23, 2015) – The National Credit Union Administration has scheduled a closed Board meeting for Thursday, Sept. 24, 2015, beginning at 6 p.m. to consider a supervisory matter.

The agenda for the Sept. 24 closed Board meeting is available online here.