Written By Michael Coleman, Regulatory Compliance Counsel
NCUA Letter to Credit Unions 12-CU-09. Last week at the July NCUA Board Meeting, the NCUA Board approved the 2012 Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) assessment of 9.5 basis points of insured shares as of June 30, 2012. This week, NCUA released Letter to Credit Unions 12-CU-09 which provides details regarding how the Stabilization Fund assessment was reached and an update on the remaining projected costs of the corporate resolution program. Regarding the current projected costs, the letter states that “deducting the assessments paid through 2012 leaves a projected range of $1.9 billion to $5.2 billion in remaining assessments.” For further details (including some useful charts) see 12-CU-09.
Semi-Annual Report. The CFPB recently issued its inaugural Semi-Annual Report. The report contains an overview of the CFPB’s “activities and accomplishments since its inaugural report in January 2012 and additional information required by the Dodd-Frank Act.” The report is fairly lengthy, but credit unions may find Appendix C of the report useful. Appendix C contains a list of the CFPB’s significant rules, orders and initiatives which the CFPB is required to list pursuant to Dodd-Frank Section 1016(c)(3). The list is about 3 pages long, and is a nice summary of all the actions that the CFPB has taken during the reporting period (proposed rules, final rules, etc.). However, the list does not provide any links to the rules, orders or guidance issued by the CFPB, which could have been an extremely helpful addition. Although these documents can be found elsewhere on the CFPB’s website, the website is not particularly user friendly for financial institutions seeking to comply with regulations (the website still lacks a search function).
NAFCU's August Compliance Monitor. The August 2012 Compliance Monitor is available for download by NAFCU members. This month’s issue features an article on the CFPB’s continuing mission to meet their Dodd-Frank mandates and highlights the CFPB actions federal credit unions should keep on their radar.
The Compliance Monitor is a NAFCU member-only publication. If your credit union is interested in learning more about NAFCU membership, take a peek at our trial membership program.