Posted by Steve Van Beek
Yesterday was a busy day for NCUA. In the morning, Chairman Fryzel testified before the Senate Banking Committee at a hearing on "Modernizing Bank Supervision and Regulation, Part I." NCUA issued a press release summarizing Chairman Fryzel's testimony. Part II of the hearing will be held on March 24, 2009. The text of Chairman Fryzel's testimony is here.
In the afternoon, NCUA Executive Director, David Marquis, testified before the Senate Banking Committee at a hearing on "Current Issues in Deposit Insurance." At the same hearing, Terry West, CEO of Vystar CU testified on behalf of CUNA and David Wright, CEO of Services Center FCU, testified on behalf of NAFCU.
Over in the House, Sheila Albin, Associate General Counsel at NCUA, testified yesterday before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit (say that five times fast...) The hearing was on two bills - H.R. 627, the Credit Cardholders' Bill of Rights Act of 2009; and H.R. 1456, the Consumer Overdraft Protection Fair Practices Act of 2009. The witness list and background on the hearing can be found here. Sheila Albin's s testimony is here.
- Proposed Rule – Parts 741, 748 and 749 of NCUA’s Rules and Regulations, Credit Union Reporting.
- Proposed Rule – Part 707 of NCUA’s Rules and Regulations, Truth in Savings Act Disclosures.
- Final Rule – Part 742 of NCUA’s Rules and Regulations, Regulatory Flexibility Program.
- Insurance Fund Report.
The proposed rule on Truth in Savings, Part 707, will align NCUA's regulations with already finalized Federal Reserve changes to its Truth in Savings (Regulation DD) on electronic disclosures and disclosure of aggregate overdraft fees on periodic statements. The comment period is 60 days. In NCUA's words:
The final rule on Reg Flex provides additional leeway to Reg Flex FCUs who have acquired unimproved land for future expansion. The final rule will be effective 30 days after it is published in the Federal Register. Here is the summary:
The board agenda and materials can be found here. In addition to the open meeting, NCUA also conducted a closed meeting.
Have a great weekend everyone! Enjoy the great college basketball - Go Blue!
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