NCUA issues rule on subordinated debt rulemaking, approves mid-session budget revisions
The NCUA Board Thursday unanimously approved a proposed rule related to subordinated debt, amending the definition of “grandfathered secondary capital” to include secondary capital issued to the U.S. Government or one of its subdivisions under an application approved before Jan. 1, 2022.
The proposal aims to benefit low-income credit unions (LICUs) participating in the Treasury Department's Emergency Capital Investment Program (ECIP) or other programs, provided that the funds are not received by Dec. 31, 2021. NAFCU is supportive of the NCUA providing clarity on the treatment of ECIP funds for LICUs with pending secondary capital applications.
In addition, the Board also unanimously approved the mid-session budget revisions to reprogram budgeted funds for additional cybersecurity and ethics counsel positions, as well as funds for employee relocations, and more. In August, NAFCU called on the NCUA to schedule its customary mid-session budget review and increase financial transparency.
The Board was also briefed on the National Credit Union Share Insurance Fund (NCUSIF) quarterly report. The SIF quarter ending June 30 reported the equity ratio is 1.23 percent and is projected to be 1.28 percent as of Dec. 31. Currently, a restoration plan is not statutorily required at this time given the actual or projected equity ratio is above 1.2 percent. NAFCU has continuously urged the NCUA against a premium assessment and has instead called for additional investment authorities. The association supports a strong NCUSIF and a NOL, which provides adequate protection to taxpayers and minimizes the potential for premium charges to credit unions.
The association will continue to work closely with the NCUA to ensure credit unions have the resources, guidance, and flexibility needed to effectively serve their members as recovery from the coronavirus pandemic ends and into the future.
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 email@example.com America/New_York public
FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet
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