May 11, 2018 On the Horizon Looming over the horizon is the long-awaited Customer Due Diligence (CDD) Final Rule that takes effect May 11, 2018. Issued by the Treasury Department on May 5, 2016 the then Treasury Secretary Jacob Lew said, “the actions we are finalizing today mark a significant step forward to increase [...]

Letter to Credit Unions 17-CU-09, NCUA DATE: December 2017 TO: Federally Insured Credit Unions SUBJ: Supervisory Priorities for 2018 Dear Board of Directors and Chief Executive Officer: This letter is intended to assist you in preparing for your next NCUA examination. In 2017, the NCUA began implementing an extended exam cycle, which is expected to be [...]

Letter to Credit Unions 17-CU-08, NCUA DATE: December 2017 TO: Federally Insured Credit Unions SUBJ: Interagency Supervisory Guidance for Institutions Affected by a Major Disaster ENCL:​(1) ​Supervisory Letter - Interagency Supervisory Guidance for Institutions Affected by a Major Disaster​​​​​   Dear Board of Directors and Chief Executive Officer: A significant number of credit unions have [...]

Letter to Credit Unions 17-CU-07, NCUA DATE: November 2017 TO: Federally Insured Credit Unions SUBJ: 2017 Voluntary Credit Union Diversity Self-Assessment ENCL:​(1) ​​Voluntary Credit Union Self-Assessment Checklist   Dear Board of Directors and Chief Executive Officer: Federally insured credit unions, especially those with 100 or more employees, are encouraged to conduct and submit the Voluntary [...]

Letter to Credit Unions 17-CU-06, NCUA DATE: October 2017 TO: Federally Insured Credit Unions SUBJ: Real Estate Appraisal Waiver for Credit Unions Affected by Severe Storms and Flooding in Florida, Georgia, Puerto Rico, Texas, and U.S. Virgin Islands Dear Board of Directors and Chief Executive Officer: On October 17, 2017, the NCUA, along with other [...]

Letter to Credit Unions 17-CU-05, NCUA DATE: September 2017 TO: Federally Insured Credit Unions SUBJ: Joint Statement – Frequently Asked Questions on the New Accounting Standard on Financial Instruments – Credit Losses ENCL:​(1)​Frequently Asked Questions on the New Accounting Standard on Financial Instruments – Credit Losses   Dear Board of Directors and Chief Executive Officer: [...]

Letter to Credit Unions 17-CU-05, NCUA DATE: September 2017 TO: Federally Insured Credit Unions SUBJ: Joint Statement – Frequently Asked Questions on the New Accounting Standard on Financial Instruments – Credit Losses ENCL:​​ Frequently Asked Questions on the New Accounting Standard on Financial Instruments – Credit Losses   Dear Board of Directors and Chief Executive [...]

Letter to Credit Unions 17-CU-04, NCUA DATE: August 2017 TO: Federally Insured Credit Unions SUBJ: FFIEC Uniform HMDA Resubmission Guidelines ENCL:​(1) ​​FFIEC HMDA Examiner Transaction Testing Guidelines​   Dear Board of Directors and Chief Executive Officer: Starting January 1, 2018, the NCUA will implement new examiner transaction testing guidelines for Home Mortgage Disclosure Act (HMDA) [...]

Letter to Credit Unions 17-CU-03, NCUA DATE: April 2017 TO: Federally Insured Credit Unions SUBJ: Prepaid Rule Implementation Delay ENCL: CFPB Final Rule   Dear Board of Directors and Chief Executive Officer:  Last October, the Consumer Financial Protection Bureau issued the final prepaid rule amending Regulations E and Z to create comprehensive consumer protections for prepaid [...]

Letter to Credit Unions 17-CU-02, NCUA DATE: March 2017 TO: Federally Insured Credit Unions SUBJ: Risk-Focused Examinations and Compliance Risk ENCL: (1) ​​Supervisory Letter Evaluating Compliance Risk – Updated Compliance Risk Indicators NCUA developed the enclosed Supervisory Letter to provide examiners with guidance about the updated list of compliance risk indicators that are part of [...]