In Case You Missed It, NCUA Edition!
Written by Eliott C. Ponte, Regulatory Compliance Counsel
Yes, another In Case You Missed It (ICYMI) blog is here. This time, the focus is on the NCUA. Below are six different topics that we wanted to flag for our blog readers. Enjoy.
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NCUA Hosting Cybersecurity Risk Webinar
The NCUA is hosting a cybersecurity risk webinar on Thursday, May 12, 2016, at 2:00 P.M. EST. The webinar will include information on how small credit unions can prepare for, or recover from, a cybersecurity event. The webinar will also include information on minimizing cybersecurity vulnerabilities in products and services, balancing the impact associated with fraud risk and prevention, and using the FFIEC's cybersecurity assessment tool. To register for this webinar, click on this link. Participants may submit questions in advance at WebinarQuestions@ncua.gov. The NCUA has requested that any questions submitted contain the phrase Cybersecurity: What Can You Do? in the subject line.
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NCUA's New Video Module for Merging CUs
Last month, NCUA's office of Small Credit Union Initiatives released a three-part YouTube video series that discusses current trends in credit union mergers, when a credit union board should consider a merger, and how to negotiate a merger agreement that best serves the credit union's interests. Blog readers who are interested in watching these videos may do so by clicking on this link.
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NCUA April Edition of The NCUA Report
The April edition of The NCUA Report was released on April 19, 2016. The April edition includes articles on protecting servicemembers and their families, a farewell from Chairman Debbie Matz, Regulatory Modernization Initiative Results 2011-2016, the Bank Note rule, and Lessons of Financial Literacy Month.
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NCUA to Host Minority Depository Institutions Listening Session
On Wednesday, May 25, 2016, the NCUA will host a listening session to solicit input on ways it can enhance its Minority Depository Institutions Preservation Program. The Minority Depository Institutions Preservation Program devotes additional efforts toward preserving and promoting eligible minority credit unions as prescribed by Section 367 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The listening session will be held at NCUA's Central Office, 1775 Duke Street, Alexandria, Virginia, beginning at 2:00 P.M. EST. If you cannot attend the live session, you may participate over livestream. Registration to participate in the livestream is required. Participants may submit questions in advance at WebinarQuestions@ncua.gov. The NCUA has requested that any questions submitted contain the phrase Sustaining Minority Depository Institutions Listening Session in the subject line.
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NCUA Offering $2 Million in Grants
NCUA's Office of Small Credit Union Initiatives will accept grant applications from June 1st through June 30th. To apply, a credit union must have a Low-Income Credit Union designation or an equivalent in the case of a Qualifying State-chartered Credit Union. The guidelines for the 2016 grants can be found here. The NCUA is offering four separate initiatives:
Capacity and Growth. NCUA plans to award individual grants of up to $15,000 per credit union to implement new lending strategies, deposit products, or other growth strategies to expand and increase financial access to underserved communities. For a full list of eligible projects, look at page 3 of the 2016 OSCUI Grant Guideline.
Cyber Security. Up to $7,000 will be available to assist credit unions in building the infrastructure needed to continually monitor and enhance the security of its data systems and to protect member information. Page 6 of the 2016 OSCUI Grant Guideline contains a full list of projects eligible for funding.
Staff Training. NCUA will give up to $3,000 for training credit union employees and volunteers in areas related to credit union governance, management, and operations.
Student Internship. Grants of up to $4,000 will be available to each credit union to hire students enrolled in high school or college. The $4,000 grant is only available to pay the intern, and these funds may not be used to cover any other costs.
On Wednesday, May 11, 2016, at 2:00 P.M. EST, the NCUA will be offering a webinar on the grant process. The webinar will cover the grant application process and the four eligible grant initiatives as well as urgent-needs grants and loans that are available year-round. To register for this webinar, click on this link. Participants may submit questions in advance at WebinarQuestions@ncua.gov. The NCUA has requested that any questions submitted contain the phrase NCUA 2016 Grant Webinar in the subject line.
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Free Consulting from the NCUA
Credit unions that have either (1) total assets of less than $100 million, (2) a new charter, (3) a designation as a Minority Depository Institution, or (4) a designation as a low-income credit union can nominate themselves to receive free consulting services from the NCUA's Office of Small Credit Union Initiatives. NCUA's consulting services are provided by experienced economic development specialists who offer assistance to credit unions in the areas of budgeting, consumer compliance, field of membership expansion, marketing, merger guidance, and strategic planning. Selected credit unions receive assistance for a six-month period. Credit unions must nominate themselves by May 31, 2016. For additional information, please visit the consulting page for the Office of Small Credit Union Initiatives or email the Office of Small Credit Union Initiatives at OSCUIConsulting@ncua.gov.