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ALEXANDRIA, Va. (Dec. 21, 2018) – The National Credit Union Administration will remain open and individual accounts will remain federally insured during the federal government shutdown.

The NCUA is an independent agency of the federal government, and its operating budget comes from fees charged to federal credit unions and transfers from the National Credit Union Share Insurance Fund. Credit union members’ accounts will continue to be insured by the Share Insurance Fund.

The government shutdown could affect credit unions, particularly those with federal employees in their memberships. As such, credit unions should plan to respond to members’ questions and consider other actions, such as:

• Ensuring policies provide flexibility to respond to members’ financial needs.
• Preparing for service interruptions if the shutdown affects access to credit union offices located on federal property.
• Prudently working with affected members, including providing advances to individuals receiving direct deposits from the federal government.
• Developing contingency plans with respect to participation in government programs that may be affected by the federal government shutdown.
• Communicating response plans to members, staff and volunteers in a timely manner.

Consistent with safety and soundness, credit unions may want to consider offering special programs to assist impacted members who need short-term loans, create loans with special terms and rates, or offer payment flexibility.

Credit unions should review NCUA’s Letter to Credit Unions, 11-CU-05, “Planning and Preparedness for a Potential Government Shutdown,” which provides guidance in the event of a government shutdown.

ALEXANDRIA, Va. (Jan. 3, 2019) – Federally insured, low-income credit unions that want to become certified Community Development Financial Institutions can apply to use the National Credit Union Administration’s qualification process for streamlined CDFI certification from Jan. 13 through Feb. 9.

The agency’s Office of Credit Union Resources and Expansion hosts a resource page with details about CDFI certification and the streamlined process. The agency’s application guide (opens new window) has the necessary instructions for the qualification process. The Community Development Financial Institutions Fund’s webpage (opens new window) offers information about the benefits of CDFI certification.

During the federal government shut down, approval of a credit union’s CDFI application by the U.S. Treasury may be delayed.

Developed by the NCUA and the CDFI Fund, the streamlined application process has helped 50 credit unions obtain certification as community development financial institutions.

ALEXANDRIA, Va. (Jan. 7, 2019) – The National Credit Union Administration begins 2019 with a new regional structure, part of an agency-wide reorganization that began in 2017. The agency completed the headquarters reorganization in 2018, while the consolidation from five to three regional offices is effective January 7, 2019.

The three realigned regions are:

Eastern Region
1900 Duke Street
Suite 300
Alexandria, Virginia 22314
Regional Director Jane Walters
[email protected]
703.519.4600

Area includes Connecticut, Delaware, the District of Columbia, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia.

Southern Region
4807 Spicewood Springs Road
Suite 5200
Austin, Texas 78759-8490
Regional Director Keith Morton
[email protected]
512.342.5600

Area includes Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, Oklahoma, Puerto Rico, South Carolina, Tennessee, Texas, and the U.S. Virgin Islands.

Western Region
1230 West Washington Street
Suite 301
Tempe, Arizona 85281
Regional Director Cherie Freed
[email protected]
602.302.6000

Area includes Alaska, Arizona, California, Colorado, Guam, Hawaii, Idaho, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming.

The agency’s Asset Management and Assistance Center, also headed by Mr. Morton, realigned its servicing business model and moved to a financial supervisory structure as part of the reorganization. The Center is located at 4807 Spicewood Springs Road, Suite 5100, Austin, Texas 78759-8490. The Center’s email address is [email protected], and the telephone number is 512.231.7900.

ALEXANDRIA, Va. (Jan. 8, 2019) – The public and other stakeholders will now be able to find the information they need more easily with the launch of redesigned versions of NCUA.gov and MyCreditUnion.gov (opens new window), the National Credit Union Administration announced today.

“The launch of our redesigned websites is part of the NCUA’s on-going efforts to streamline our operations and communication efforts,” NCUA Board Chairman J. Mark McWatters said. “Our stakeholders are diverse and they all need to be able to access information quickly and easily. Both of these websites are now more intuitive and accessible, and they will improve our ability to communicate with the broader credit union community and the public.”

The new NCUA.gov features a mobile-first design that allows users to access and view the agency’s website on a variety of platforms, including smartphones, tablets, laptops and desktops. The agency also made other improvements to the website, including:

• A redesigned homepage with short cuts linking users to frequently accessed information;
• New main menus and submenus to help users navigate the website;
• New features like searchable Letters to Credit Unions, legal opinions, Corporate Credit Union Guidance Letters, Board appeals, press releases, and conservatorships and liquidations;
• An improved search function for the entire website; and
• A redesigned careers page to help people interested in a position with the NCUA.

The NCUA’s redesigned consumer website, MyCreditUnion.gov, also features an improved, mobile-first design, new menu options, and a better search function. The agency also reorganized the website to help consumers more easily find popular content, applications, learning tools, and resources. Other enhancements to MyCreditUnion.gov include:

• A redesigned homepage with short cuts linking users to frequently accessed information;
• A new, interactive “Find an Answer” tool on the homepage that allows consumers to research their own consumer financial protection questions;
• Updated consumer financial protection information, including an expanded glossary of consumer financial protection and personal finance terms; and
• An interactive calendar of financial literacy events and initiatives for consumers and credit unions.

The NCUA will continue to add new features and additional content to these websites. Users can send their comments and suggestions for future improvements to NCUA.gov by email to [email protected] and to [email protected] for future improvements to MyCreditUnion.gov.

Five federal financial institutions regulators and state regulators encourage financial institutions to work with consumers affected by the federal government shutdown.

While the effects of the federal government shutdown on individuals should be temporary, affected borrowers may face a temporary hardship in making payments on debts such as mortgages, student loans, car loans, business loans, or credit cards.  As they have in prior shutdowns, the agencies encourage financial institutions to consider prudent efforts to modify terms on existing loans or extend new credit to help affected borrowers.  

Prudent workout arrangements that are consistent with safe-and-sound lending practices are generally in the long-term best interest of the financial institution, the borrower, and the economy.  Such efforts should not be subject to examiner criticism.

Consumers affected by the government shutdown are encouraged to contact their lenders immediately should they encounter financial strain. 

Board Action Bulletin

ALEXANDRIA, Va. (Jan. 17, 2019) – The National Credit Union Administration Board held its first open meeting of 2019 at the agency’s headquarters today and unanimously approved two items:

• The agency’s 2019 Annual Performance Plan, which outlines the strategies and indicators the NCUA will use to improve performance and set priorities for achieving the agency’s mission and strategic goals described in the 2018-2022 Strategic Plan.
• A request from the Illinois Department of Financial and Professional Regulation to revise its member business lending rule to provide parity with NCUA’s rule.

The Office of the General Counsel briefed the Board on inflation adjustments required by federal law to civil monetary penalties.

The Office of Public and Congressional Affairs briefed the Board on the agency’s website redesign.

Annual Performance Plan Sets 2019 Agency Priority Goals

The Board approved the NCUA’s 2019 Annual Performance Plan (opens new window), which provides specific direction and guidance to implement the overarching goals listed in the 2018-2022 Strategic Plan (opens new window).

The performance plan describes how the agency will reach its strategic goals and monitor progress. The plan identifies three Agency Priority Goals:

• Fully and efficiently execute the requirements of the agency’s examination and supervision program;
• Promulgate efficient, targeted regulation tailored to offer meaningful relief without undermining safety and soundness; and
• Implement secure, reliable, and innovative technology solutions.

The NCUA developed the 2019 performance plan simultaneously with the 2019-2020 operating budget (opens new window). Offices justified how new and recurring projects, as well as additional staffing requests, contribute to achieving the NCUA’s strategic goals and objectives and identified specific performance indicators demonstrating the results of budgetary investments. This performance plan, in combination with the 2019-2020 operating budget, executes the agency’s Strategic Plan.

Illinois Member Business Lending Rule Updates Approved

The NCUA Board approved a request from the Illinois Department of Financial and Professional Regulation to revise its member business lending rule (opens new window) to provide parity with changes in the NCUA’s own rule approved in May 2018.

Those changes removed the member’s occupancy requirement for loans secured by liens on 1-to-4-unit family dwellings. The NCUA Board approved the change to make the member business lending rule conform with changes to the Federal Credit Union Act incorporated into the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018.

Under NCUA’s member business lending rule, states that wish to have their own versions of that rule must receive Board approval.

NCUA.gov Redesign Improves Access, Offers New Features

The NCUA recently completed a redesign of its website, NCUA.gov (opens new window), to give users better accessibility, an improved search tool, and new features to find information more quickly and easily.

The redesign focused on technical improvements to NCUA.gov and changes to the site’s organization, search function, and content. The website is now accessible from smartphones, tablets, and both laptop and desktop computers and has new menus to help users with navigation.

Improving online access is a continuing effort, and users can send comments and suggestions for other possible changes by emailing [email protected].

Final Rule Confirms Required Inflation Adjustments to Civil Monetary Penalties

The Board approved a final rule (opens new window) to amend its regulations and adjust for inflation the maximum amount for civil monetary penalties under its jurisdiction, as required by federal law.

The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 requires agencies to make annual adjustments and publish them in the Federal Register. The Act requires agencies to adjust the maximum amounts of civil monetary penalties annually to account for inflation.

To make the adjustments required by law, the Board approved the final rule by notation vote on Jan. 4, 2019. The final rule will become 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.

ALEXANDRIA, Va. (Jan. 23, 2019) – The video recording of the Dec. 13, 2018, open meeting of the National Credit Union Administration Board is now available on the agency’s website.

The NCUA posts archived videos of past Board meetings on its Board Meetings, Agendas, and Results webpage, and each video remains on the page for one year.

At the December open meeting, the Board unanimously approved three items:

• Lowering the normal operating level of the National Credit Union Share Insurance Fund to 1.38 percent from 1.39 percent.
• Posting the final report of the agency’s Regulatory Reform Task Force in the Federal Register, following a briefing by the Office of the General Counsel.
• A final rule making technical amendments to agency regulations to correct minor drafting errors and rescind certain unnecessary provisions.

The offices of the Chief Economist, General Counsel, and Examination and Insurance briefed the Board about the use of blockchain and other financial technologies by credit unions.

The NCUA posts board meeting videos as part of the agency’s ongoing efforts to provide transparency and to allow those unable to attend Board meetings the opportunity to become better informed. An interval between the meeting and posting is necessary for the videos to comply with Section 508 of the Rehabilitation Act for the hearing and visually impaired.

The Board Meetings, Agendas, and Results page also has Board agendas, which are posted at least one week in advance of each open meeting; copies of Board Action Bulletins, which summarize the meetings; copies of Board memorandums; and other documents.

ALEXANDRIA, Va. (Feb. 2, 2019) – National Credit Union Administration Board Chairman J. Mark McWatters today issued the following comment on President Donald J. Trump’s announced intention to nominate Todd M. Harper to the agency’s Board:

“I extend my sincerest congratulations to Todd Harper on President Trump’s intent to nominate him to the National Credit Union Administration Board,” McWatters said. “With nearly 25 years of public service in the areas of financial services regulation and policy, Todd brings a wealth of experience and knowledge that will serve him well as a member of the NCUA Board and as a regulator. I look forward to having a collaborative and productive working relationship with him, as we work together to maintain the safety and soundness of the federally insured credit union system. I wish him success as he proceeds through the nomination and confirmation process.” 

ALEXANDRIA, Va. (Feb. 8, 2019) – The National Credit Union Administration makes protection of sensitive data a top priority, and the agency uses a defense-in-depth approach to monitoring and shielding its systems and information.

Upon learning of the recent spear phishing campaign targeting Bank Secrecy Act officers at credit unions, the NCUA conducted a comprehensive review of its security logs and alerts. This review is completed, and it did not find any indication that information was compromised.

The most recent information available indicates the campaign extends beyond credit unions to other parts of the financial sector.

The NCUA encourages all credit union staff to be wary of suspicious emails, and credit unions may report suspicious activity to the agency. Additional information about phishing and other information security concerns is available on the agency’s Cybersecurity Resources webpage.

WASHINGTON—Five federal regulatory agencies issued a joint final rule (opens new window) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 requiring regulated institutions to accept certain private flood insurance policies in addition to National Flood Insurance Program policies.

The rule, which takes effect July 1, 2019:

• Implements the Biggert-Waters Act requirement that regulated lending institutions accept private flood insurance policies that satisfy criteria specified in the Act;
• Allows institutions to rely on an insurer’s written assurances in a private flood insurance policy stating the criteria are met;
• Clarifies that institutions may, under certain conditions, accept private flood insurance policies that do not meet the Biggert-Waters Act criteria; and
• Allows institutions to accept certain flood coverage plans provided by mutual aid societies, subject to agency approval.

Regulations implementing the federal flood insurance statutes prohibit regulated lending institutions from making loans secured by improved real property located in special flood hazard areas unless the property has adequate flood insurance coverage.

Media Contacts

Agency	Contact	Phone
Federal Reserve Board	Susan Stawick	202.452.2955
FCA	Toni DeLancey	703.883.4056
FDIC	David Barr	202.898.6992
NCUA	John Fairbanks	703.518.6330
OCC	Bryan Hubbard	202.649.6870