Written by JiJi Bahhur, Director of Regulatory Compliance
NCUA January Board Meeting Results. Yesterday, the NCUA Board held its January Board meeting. The agenda for the open meeting included the following action items:
- NCUA’s Strategic Plan for 2014 through 2017, and Annual Plan for 2014 and 2015.
- Federal Credit Union Loan Interest Rate Ceiling.
- Final Rule, Parts 703, 715 and 741, Financial Derivative Transactions to Mitigate Interest Rate Risk.
- Proposed Rule, Part 702, Prompt Corrective Action and Risk-Based Capital Measures.
By a unanimous vote, all actions presented at the open meeting were approved. Since it’s Friday, I won’t go into the nitty and the gritty of every action item above, but you can get those details here in this message from NAFCU’s President and CEO, Dan Berger. Also, you can find the details here in NCUA’s Board Action Bulletin. And keep a lookout for future blog posts on the final derivatives rule and the proposed risk-based capital rule.
18 Percent Interest Rate Cap to Continue. During yesterday's NCUA Board meeting, the NCUA Board voted to extend the current interest rate cap of 18 percent for most federal credit union loans through September 10, 2015. Had this action not been approved, the cap would have reverted to 15 percent on March 11, 2014.
Webcast: Advertising and Regulation Z: Are You Covered? As your credit union creates fresh ideas to advertise loan products, make sure you know the latest Reg Z rules regarding social media, print, web and other marketing vehicles. Register by Feb. 12 to save $100 and learn important information to stay in compliance.
TGIF! Last weekend, I came to the realization that my children really don't like to share. Unlike the kiddos, I love to share and below I have shared two pictures that get me giggling each time I see them. The first is a photo of Ava - she's taking Kyse's car for a spin. The second photo was snapped right after Kyse hijacked the car back from Ava.