NAFCU voices support, offers recommendations for NCUA's proposed derivatives rule
NAFCU Senior Regulatory Affairs Counsel Kaley Schafer last week voiced support for the NCUA's notice of proposed rulemaking on derivatives – issued during the NCUA Board's October meeting. The proposal would adopt a more principles-based approach to provide credit unions with more flexibility to manage their interest rate risk through the use and purchase of derivatives and make changes to a final rule first issued in 2014.
“The proposal provides broader authority for permissible investments, maintains strong prudential controls, and removes more burdensome requirements such as the prescriptive product list and loss limits,” wrote Schafer. “NAFCU supports the application threshold exemption and encourages the NCUA to explore the possibility of lowering the thresholds for credit unions under $500 million in assets that meet certain requirements.”
Schafer asked the agency to refrain from specifying acceptable collateral standards, as this could create duplicative and unnecessary due diligence efforts on credit unions. In addition, she encouraged the NCUA to provide credit unions with all possible training opportunities and resources regarding implementation and management of derivative programs.
NAFCU previously broke down how the proposed rule, specifically the application exemption, will impact credit unions and provide for an easier process for federal credit unions that engage in these types of investments in a Regulatory Alert sent to members in October.
For more on the proposed rule, including an in-depth analysis, view the Regulatory Alert.
Add to Calendar 2021-10-21 14:00:00 2021-10-21 14:00:00 FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet If you have ever wanted to know what’s new in the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook, this is the session for you. In this webinar we will deconstruct the Architecture, Infrastructure & Operations (AIO) booklet by comparing the AIO booklet to the Operations booklet which it replaces. We dig into what’s new to AIO, including how the principles, design and content could impact your credit union during future IT exams. If you are a CISO, ISO, responsible for IT governance, or just want to stay on top of changes to IT regulatory guidelines, this session is for you. Key Takeaways Discover the key differences between the AIO booklet and the Operations booklet it replaces. Identify new principles in the AIO booklet as they relate to IT safety and soundness. Compare and contrast principles and concepts that overlap with the IT Security booklet. Review ideas on how to implement the AIO into your credit union’s Information Security Program. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until October 21, 2022.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMS) Chief Executive Officers Chief Financial Officers Chief Information Officers Chief Technology Officers Compliance, risk, and audit titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar NCCOs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet
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