News Snippets - October 2019

NCUA Board Meeting.  During its September meeting, the National Credit Union Administration (NCUA) Board approved three final rules: 1) simplifying compliance requirements for supervisory committee audits; 2) clarifying federal credit union bylaws; and 3) amending the agency’s rules on payday alterative loans. To reflect changes in industry practices, the final rule on supervisory committee audits would make changes to committee responsibilities in obtaining an annual audit of its credit union. The Supervisory Committee Guide will be decommissioned, but remain on NCUA’s website as an additional resource for credit unions. Additional regulatory relief is provided in the final rule with the removal of a 120-day deadline for a report from a third-party auditor. The final rule on federal credit union bylaws clarifies expulsion, limitation of services, special meetings and succession planning. The rule includes a quorum requirement that includes board members, staff and officials. In addition, hybrid meetings are allowed under the final rule without prior agency approval. The final rule on Payday Alternative Loans (PALs) II is not intended to replace the current PALs loan; instead, it provides different options with terms and conditions to offer PALs to members. The Board was also briefed on the performance of the National Credit Union Share Insurance Fund (NCUSIF or SIF) in the second quarter of 2019.