NCUA's Hood supports NAFCU-sought reforms in letter to Senate chairman
In a letter sent to Senate Banking Committee Chairman Mike Crapo, R-Idaho, this week, NCUA Chairman Rodney Hood spoke out in support of greater relief for the credit union industry amid the coronavirus pandemic, including many NAFCU-sought initiatives. The letter was sent in response to an inquiry from Chairman Crapo to financial regulators asking for updates on pandemic relief efforts.
“NAFCU appreciates NCUA Chairman Hood’s proposals to provide credit unions greater relief to better serve their members,” said NAFCU President and CEO Dan Berger. “Our advocacy team has been active in Washington to make sure credit unions’ voices are heard, and we will continue to support legislative solutions to aid the industry as it faces the challenges posed by coronavirus pandemic head on.”
Hood offered several recommendations that would improve liquidity, provide capital relief, enhance community lending opportunities, and increase access for remote financial services delivery for credit unions.
On liquidity, the NCUA suggested:
- make changes to the Central Liquidity Facility permanent; and,
- grant temporary authority for the NCUA Board to waive the limit for federally chartered credit unions lending to other credit unions.
On prompt corrective action framework, the NCUA suggested:
- temporary reduction in minimum capital standards for federally insured credit unions;
- temporary waiver of net-worth restoration plan requirement; and,
- temporary increase from $5 million to $100 million for the asset threshold below which the NCUA Board can delegate decisions related to critically undercapitalized credit unions.
On lending, the NCUA suggested:
- temporarily raise the Member Business Lending Cap;
- permanently increase the federal credit union loan maturity limit from 15 years to 30 year; and,
- permanently expand credit union reach for underserved areas.
Due to many credit union branch closings, Hood also requested that should multiple common bond credit unions want to offer services to select employee groups or associations that the credit union service be in reasonable proximity to a credit union service facility.
NAFCU recently urged the NCUA to provide credit unions with many of the above mentioned reforms to provide additional capital relief. Additionally, NAFCU also met with NCUA Board Members Todd Harper and J. Mark McWatters to thank them for their support in reforming the member business lending cap.
Add to Calendar 2020-10-22 14:00:00 2020-10-22 14:00:00 Navigating Mergers and Acquisitions During these uncertain times, credit union mergers are a hard reality to face. We strive to strengthen credit unions with as much support as possible to maintain steady growth and success. While NAFCU does not encourage credit unions to merge, we realize mergers are a part of our industry’s reality. Please join us for a discussion on must-know concepts regarding mergers and other similar transactions, including bank and credit union branch acquisitions. This “101” presentation will focus on key concepts that will let you focus on the opportunities that will work for you, and the strategies that will bring you success. Again, NAFCU does not encourage mergers, but if you are considering one, we want you to be armed with helpful information. Key Takeaways Understand how to identify early whether merger or purchase/sale opportunities will bring material benefits Discuss strategic questions to ask your credit union whether merger is right for you (or how to stay independent) Review how to navigate major un-written rules in the application process Gain knowledge about member votes and communications Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until October 22, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers (CEOs) Executive Vice Presidents (EVPs) Chief Financial Officers (CFOs) Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand how to identify early whether merger or purchase/sale opportunities will bring material benefits. Discuss strategic questions to ask your credit union whether merger is right for you (or how to stay independent). Review how to navigate major un-written rules in the application process. Gain knowledge about member votes and communications. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Finance – Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. 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
Credits: NCCO, NCRM, CPE
Add to Calendar 2020-10-22 14:00:00 2020-10-22 14:00:00 [INTERVIEW] CU Blueprint for Secure Cloud-First Strategies About the Interview “Moving to the Cloud” can seem like an ambiguous, one-time, heavy-lift project, often leading to misunderstanding and analysis paralysis within credit unions. For your CU to stay competitive, you want to deliver a seamless digital experience that's more than flashy applications. It needs to be built on flexible, secure infrastructure that allows innovation. Join us for this panel discussion and learn practical, proven processes to establish and evolve secure, cloud-first strategies. Hear best practices in communication, talent, and technology, and walk away with a blueprint for your secure credit union transformation. Watch the Interview On-Demand Web NAFCU email@example.com America/New_York public
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