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The NCUA Board on Thursday voted to maintain federal credit unions' current usury cap ceiling at 18 percent – as urged by NAFCU – and heard a quarterly report on the National Credit Union Share Insurance Fund that showed the fund remained in good standing through the end of 2016.
Treasury Secretary Steven Mnuchin yesterday announced plans for a March 2 executive, closed session of the Financial Stability Oversight Council but gave no indication whether the session will address review of the Dodd-Frank Act as directed in a Feb. 3 presidential executive order.
The NCUA on Thursday updated its online "Questions and Answers" resource about costs related to the Temporary Corporate Credit Union Stabilization Fund, confirming that no future assessment charges to credit unions are likely.
Over 70% of those that support federal regulation of fintech companies are in favor of applying to fintech the same regulatory standards that currently govern traditional financial institutions. See full results and more in the latest Economic & CU Monitor enewsletter (member-only).
In 2016, no regulation has caused more compliance-related anxiety or aggravation than the Military Lending Act (MLA) rule. The Department of Defense (DoD), after promising to release guidance for months, finally released its interpretive guidance on the MLA rule less than six weeks before the implementation deadline of Oct. 3, 2016.
Your members' money exclusively funds the operations of NCUA, and because every single dollar counts, NAFCU holds the NCUA to the highest standards when it comes to managing the Credit Union Share Insurance Fund (NCUSIF), refunds from the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and the agency's operating budget. Stay updated on these issues and our advocacy efforts on your behalf.
On February 19, 2016, the NCUA Board unanimously approved a final member business lending rule that amends Part 723 of NCUA's Rules and Regulations regarding the ability of federally-insured credit unions to make Member Business Loans (MBLs). Download NAFCU's Final Regulation summary and full rule text.