NCUA July Board Meeting – Proposed Fixed Assets Rule; NAFCU Compliance Monitor; Regulatory Compliance Seminar; He's Back...
Written by Bernadette Clair, Senior Regulatory Compliance Counsel
Yesterday, the NCUA Board held its July meeting, approving the following three items:
- A proposed rule to provide federal credit unions with regulatory relief and greater flexibility managing fixed assets by removing the waiver requirement for credit unions to exceed the 5-percent aggregate limit on fixed-asset investments.
- Reprogramming NCUAÃ¢ÂÂs 2014 operating budget with a net reduction in overall expenditures of $1.1 million for the remainder of the year.
- Expanding the community charter of Call Federal Credit Union to serve the entire Richmond, Virginia, Metropolitan Statistical Area.
The Board also indicated that no future assessments for the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) are currently expected. Check out NCUAÃ¢ÂÂs Board Action Bulletin for more details on the full meeting results.
Proposed Fixed Assets Rule. The proposed rule approved by the Board during yesterdayÃ¢ÂÂs meeting is intended to provide federal credit unions greater flexibility in their management of fixed assets. The proposal would remove the current requirement that federal credit unions seek NCUA approval before exceeding the 5 percent aggregate limit on investments in fixed assets.Â Instead,Â FCUs that wish to exceed the five percent aggregate limit would be able to do so, without prior NCUA approval, if they implementÂ a fixed assets management (FAM) program. The FAM program would have to include a written board policy, board oversight and ongoing internal controls. The proposal would also simplify the occupancy requirement applied to premises acquired for future expansion. The proposal has a 60-day comment period and NAFCUÃ¢ÂÂs Regulatory Affairs team will be preparing a Regulatory Alert for NAFCU members.
NAFCU Compliance Monitor. The August 2014 NAFCU Compliance Monitor is now available for download by NAFCU members. This month's feature article is on Delving into the Closing Disclosure:Â Requirements, Timing, Delivery and More. The Ã¢ÂÂDid You Know?Ã¢ÂÂ section also provides a quick glance at the topics on tap for NAFCUÃ¢ÂÂs upcoming Regulatory Compliance Seminar.
Regulatory Compliance Seminar. Speaking of Seminar, donÃ¢ÂÂt miss your chance to meet other compliance professionals from around the country and get the most up-to-date information on regulatory compliance, plus learn whatÃ¢ÂÂs coming up next.Â $100 savings end soon! Enroll by August 22 to secure your spot for our 2014 Regulatory Compliance Seminar this October in BaltimoreÃ¢ÂÂs beautiful Inner Harbor.
HeÃ¢ÂÂs back...The former compliance guy (Anthony Demangone) has teamed with NAFCU President and CEO Dan Berger to write Ã¢ÂÂManaging and Leading Well.Ã¢ÂÂÂ The book provides a blueprint for todayÃ¢ÂÂs credit union leaders to hone their leadership and management skills. Â Anthony and Dan will also be on-hand at our Compliance Seminar in Baltimore this fall.
Have a great weekend everyone!