To: Federally Insured Credit Unions Subject: Operations Dear Board of Directors and Chief Executive Officer: The NCUA recognizes COVID-19 will impact credit unions and their members to varying degrees. I want to assure you that the NCUA is doing all we can to address the situation. The health and safety of all NCUA staff, credit [...]
ALEXANDRIA, Va. (Jan. 8, 2020) – The National Credit Union Administration has issued a new guide to minimum procedures for other supervisory committee audits. The new guide can be found on the agency’s website. The NCUA Board in September 2019 unanimously approved a rule amending Part 715 of agency regulations governing federally insured credit unions’ [...]
Subject: Examination Program To: Federally Insured Credit Unions Dear Board of Directors and Chief Executive Officer: This letter describes the NCUA’s supervisory priorities for 2020, and will help you prepare for your next NCUA examination. It also addresses the NCUA’s efforts to continue to modernize the examination program. All qualifying credit unions will continue [...]
We all know that we are required to file a CTR with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to our financial institution which involves a transaction in currency of more than $10,000 (Wow! That’s a mouthful). This shouldn’t be too difficult to do, right? But [...]
Letter to Credit Unions 19-CU-02, NCUA Subject: NCUA Operations/Activities Status: Active To: Federally Insured Credit Unions Dear Board of Directors and Chief Executive Officer: The NCUA issued to field staff the attached supervisory letter regarding the authority of low-income-designated credit unions (LICUs) to offer secondary capital accounts. The supervisory letter updates the framework the [...]
NCUA Equity Distribution Rule (12 CFR 741) On March 7, 2019, the NCUA Board announced a 2018 $160.1 million Share Insurance Fund equity distribution to all eligible financial institutions. Under final rule Part 741, which created a temporary provision governing Share Insurance Fund equity distributions related to the Corporate System Resolution Program, the NCUA Board [...]
Letter to Credit Unions 19-CU-01, NCUA Subject: Examination Program Status: Active To: Federally Insured Credit Unions Dear Board of Directors and Chief Executive Officer: This letter outlines the NCUA’s primary areas of supervisory focus for 2019, and is intended to assist you in preparing for your next NCUA examination. Regarding the examination cycle and [...]
Letter to Credit Unions 18-CU-05, NCUA DATE: November 2018 TO: Federally Insured Credit Unions SUBJ: Voluntary Credit Union Diversity Self-Assessment 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 annual Voluntary Credit Union Diversity Self-Assessment to the [...]
Letter to Credit Unions 18-CU-04, NCUA DATE: October 2018 TO: Federally Insured Credit Unions SUBJ: Sharing Bank Secrecy Act Resources ENCL: Interagency Statement on Sharing Bank Secrecy Act Resources Dear Board of Directors and Chief Executive Officer: To assist credit unions and banks, a joint statement was developed that addresses instances in which they may [...]
Letter to Credit Unions 18-CU-01, NCUA DATE: August 2018 TO: Federally Insured Credit Unions SUBJ: Examination Modernization Initiatives Dear Board of Directors and Chief Executive Officer: The NCUA has several initiatives in process to improve and modernize how the agency conducts examinations and supervision.1 The goals of these initiatives are to replace outdated, end-of-life examination [...]
