National Credit Union Administration (NCUA) Chairman JoAnn Johnson was on hand today at the U.S. Department of Treasury as the U.S. Treasury Secretary Henry M. Paulson administered the oath of office to swear in Robert K. Steel as Under Secretary for Domestic Finance.

The National Credit Union Administration (NCUA) has activated its disaster relief policy to assist credit unions and their members affected by severe storms and flooding beginning in New York October 12, 2006.

National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the Credit Union Service Corporation’s (CUSC) Shared Branching Forum in Charleston, South Carolina.

National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the American Institute of Certified Public Accountants (AICPA) National Credit Union Conference in Orlando, Florida.

President Bush signed the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act) into law October 13, 2006. The Reg Relief Act makes a number of changes to the Federal Credit Union Act (FCUA), including expanded authority for FCUs in certain areas and clarification of NCUA’s enforcement authority. This letter summarizes the changes affecting credit unions and NCUA. Some of the changes, marked with an asterisk (*), require changes to NCUA regulations as well. NCUA issued an interim final rule addressing the increase in the general loan term limit and the authority to cash checks and transmit funds for nonmembers within the field of membership on October 19. NCUA intends to draft other necessary revisions promptly.

NCUA is issuing a final rule to describe in greater detail the requirements for reporting and filing a Suspicious Activity Report (SAR) and to address prompt notification of the board of directors of SAR filings, the confidentiality of reports, and liability protection.

The National Credit Union Administration (NCUA) has activated its disaster relief policy to assist credit unions and their members affected by the earthquake in Hawaii.

NCUA is amending its rules to implement amendments to the Federal Credit Union Act (FCU Act) made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act). The interim final rule revises the maturity limit in the general lending rule and permits federal credit unions to provide certain, limited financial services to nonmembers within their fields of membership.

Results for the 10/19/2006 NCUA Board Meeting are available

Draft items for the 10/19/2006 NCUA Board Meeting are available