Written by Steve Van Beek
Below are a couple of items for your Wednesday.
NCUA Report - January 2012. The latest version of the NCUA Report is available. The following two articles definitely caught my eye:
- A Frequently Asked Questions section on the FFIEC Online Authentication Guidance
- A discussion on What is a Minority Credit Union?
The FFIEC discussion indicates that credit unions should keep an eye out for upcoming FAQs from the Agencies as well as updated examination guidance:
"NCUA and other FFIEC agencies are now developing a set of frequently asked questions and will issue the document when completed. In addition, NCUA will issue a Letter to Credit Unions with updated examination questionnaires covering NCUA’s expectations by customer authentication, layered security, or other controls in early 2012."
In the discussion on Minority Credit Unions (MCU), NCUA indicates their collection of information via the call report is an interim process until an Interpretive Ruling and Policy Statement (IRPS) is issued and approved:
"NCUA must develop and approve an Interpretative Policy and Ruling Statement before it can implement the MCU Preservation Program. However, using the Call Report enables NCUA to identify potential MCUs so NCUA can assess the characteristics and/or unique structure to consider program and policy development. NCUA plans to disclose a list of all MCUs on its OMWI webpage. This list will enable organizations to initially identify minority owned institutions that they may wish to partner with or establish business relationships. For example, banks can now obtain Community Reinvestment Act credit for investing in minority-owned institutions."
The full NCUA Report is here.
NAFCU Members. Our Regulatory Affairs team has issued Regulatory Alerts on both the Loan Participation Proposal and the Regulatory Flexibility Proposal. As always, we are eager for your input to help us draft our comments to NCUA.