I have a ton of interesting tid-bits in my email in-box that caught my eye.
ODP. NCUA has published the Federal Reserve overdraft protection opt-in notice, and urged credit unions to use the form to meet the Federal Reserve's August 15 compliance deadline for existing members. NCUA's notice is a bit confusing for two reasons. First, it overlooks the fact that there was a July 1, 2010 ODP notification deadline for new members. Second, if your credit union does not have an overdraft protection program as defined by Regulation E, there is no deadline, as there's no need to send out the opt-in form.
Golden parachutes. As discussed earlier, NCUA issued a proposal at its last NCUA board meeting to address the permissibility of "golden parachutes" for certain distressed credit unions. NAFCU members: we have produced a Regulatory Alert to provide a detailed overview of the proposal. (NAFCU members only.)
Podcast. Current Issues in Credit Unions Episode 50 is now available.
LUA. As I've noted before, NCUA has indicated that they'll take a more aggressive position regarding administrative actions. It appears that they are holding true to their word. Yesterday, NCUA published its fourth Letter of Understanding and Agreement of 2010. NCUA alleges weak management, declining net worth and earnings, weak recordkeeping and internal controls, and weaknesses in the annual audit. While no civil money penalty was assessed, the credit union has or had a number of difficult action items to perform in a short period of time.
Fee triggers. The HOEPA fee trigger for 2011 will increase to $592. Somewhere, a compliance officer is saying...I remember back when it was only $400.
State of things. NCUA has released Letter to Credit Unions 10-CU-12 to discuss the state of the credit union industry. For those who create presentations for your board, the report contains a ton of useful graphs and statistics.
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