Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

NCUA OIG Agency dealing with financial crisis impact
ALEXANDRIA, Va. (5/25/11)--Recovery from the impact of the recent financial crisis, and related challenges and opportunities, are the focus of the National Credit Union Administration as it works to “ensure the future stability of the nation’s financial system,” the NCUA’s Office of the Inspector General said in its semi-annual report to the agency and Congress. The agency has reviewed its supervision and regulation of failed corporate and natural-person credit unions, and has worked to enact reforms required by the Dodd-Frank Wall Street Reform Act, in the six months ended March 31, the report noted. NCUA actions related to Dodd-Frank implementation included the issuance of new rules related to credit ratings, share insurance protection, and incentive-based compensation, as well as the creation of the NCUA’s Office of Minority and Women Inclusion. The semiannual report also noted that the NCUA had provided several details on additional corrective actions that were taken after the OIG last year said that more aggressive NCUA supervisory actions could have helped the NCUA avoid the failure of nine credit unions and prevented the National Credit Union Share Insurance Fund from taking on substantial losses. For prior coverage of these recommendations, use the resource link. The overall financial status of the credit union industry was also covered in the report, with the OIG finding growth in assets, and an increase in credit unions’ return-on-average assets, during the six-month period ended December 31. The OIG also noted that while total share accounts and money market shares increased during this time period, the amount of loans taken out at credit unions fell. Credit union-related legislative actions, including recent efforts to lift the credit union member business lending cap and ensuring that a planned small issuer exemption from rules that would cap fees charged for debit card transactions is meaningful, are also covered in the OIG report. For the full NCUA OIG report, use the resource link.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
17 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey #StoptheDataBreaches
19 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
20 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
20 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
20 hours ago