Newsroom
Real estate appraisals, BSA exemption among items on NCUA agenda
The NCUA Board next week is set to issue a final rule related to real estate appraisals and an exemption under the Bank Secrecy Act's (BSA) customer identification program (CIP). The board will also receive a briefing on the National Credit Union Share Insurance Fund's (NCUSIF) quarterly report and an update on the Modern Examination and Risk Identification Tool (MERIT).
NAFCU Thursday hosted a complimentary webinar – now available on demand – to update credit unions on the status of the NCUA's virtual examination program featuring representatives from the agency who also provided an overview of the MERIT platform.
Real Estate Appraisals
Real estate appraisals have been a recent focus of relief: During the NCUA's April board meeting, the board approved two rules related to real estate appraisals.
The first rule was a final rule which raised the real estate appraisal threshold from $250,000 to $400,000 and, in addition to providing parity with banks, ensured that credit unions are not unfairly disadvantaged in the marketplace.
The second rule was an interim final rule, allowing credit unions to defer the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions amid the coronavirus pandemic.
NAFCU offered recommendations to further support relief under the interim rule and urged the NCUA to extend the expiration date of the rule from Dec. 31, 2020, to the end of the first quarter of 2021 and provide credit unions 120 days from that point to obtain any required appraisal or written estimate.
BSA, CIP Exemption
Federal banking agencies, including the NCUA and Federal Reserve, last month issued an interagency statement to update their existing guidance on enforcement of required BSA/anti-money laundering (AML) obligations.
While the statement did not create new expectations or standards, it clarified that isolated or technical violations generally do not result in an enforcement action and addressed how the agencies evaluate violations of individual components of the BSA/AML compliance program.
BSA/AML compliance is one of the NCUA’s 2020 supervisory priorities. In addition, BSA/AML reform is one of NAFCU's advocacy priorities for 2020, and the association has previously urged the Senate to advance BSA/AML legislation as the House last year passed NAFCU-supported legislation to reduce the burden of suspicious activity report (SAR) and currency transaction report (CTR) filings. View NAFCU's resources on BSA/AML, including a webinar and previous blog posts (here and here).
The meeting is set to begin at 10 a.m. Eastern and is only available via webcast. Following the open meeting, the board will meet privately to discuss a supervisory matter.
NAFCU will monitor next week's meeting and update credit unions via NAFCU Today. The board will next meet Oct. 15; view the 2020 meeting dates.
Share This
Related Resources
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Add to Calendar 2024-04-30 14:00:00 2024-04-30 14:00:00 State of Consumer Credit: How Behaviors have Shifted and Trends in US Bankcard Benchmarks About the Webinar In an era marked by volatility and evolving credit trends such as historic inflation and the rise of BNPL, credit unions must adapt to mitigate risks effectively. Join the experts at FICO in exploring how to leverage FICO Scores to enhance competitiveness while maintaining stability and compliance. Key Takeaways: Learn about the latest in consumer credit behaviors and score distributions since the pandemic Take a closer look at major US bankcard trends in comparison to the credit union industry, such as average card spend, balance, missed payments and more. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
State of Consumer Credit: How Behaviors have Shifted and Trends in US Bankcard Benchmarks
preferred partner
FICO
Webinar
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 Unifying Two Different Executive Benefits Programs About the Webinar In part one we discussed how to retain key positions during a time of transition. In part two, we will look at how to combine executive benefits programs from two different organizations into a single high-performing program. Evaluating each program includes many different facets, from strategy and expense to performance and servicing. This session will provide important considerations, whether or not you have pending M&A activity. Key Takeaways: Is the plan design both retentive and efficient? Is the benefit expense properly mitigated? Does the legal agreement reflect the board’s intent? View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Unifying Two Different Executive Benefits Programs
preferred partner
Gallagher
Webinar
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 ChatGPT: What AI can do for you! ChatGPT has been created with one main objective – to predict the next word in a sentence, based on what's typically happened in the gigabytes of text data that it's been trained on. Did you ever hear of the saying, “People fear the unknown?” Artificial intelligence scares people, but it is the future, and you need to understand the tools and resources it offers. It’s also about saving time, that’s what technology and in this case, artificial intelligence can do for you. If you want to save time and have a better quality of life, this training is for you. Once you give ChatGPT a question or prompt, it passes through the AI model and the chatbot produces a response based on the information you've given and how that fits into its vast amount of training data. It's during this training that ChatGPT has learned what word, or sequence of words, typically follows the last one in a given context. During this webinar, ChatGPT: What AI can do for you, you’ll discover the background, purpose, usability, and the pros and cons. Don't miss this opportunity! Key Takeaways Learn the background of AI Understand the purpose of AI Identify the pros and cons Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 25, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCRMs Risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
ChatGPT: What AI can do for you!
Credits: NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.