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NCUA agenda covers asset threshold final rule, mid-session budget, more
The NCUA Board next week will receive a briefing on the agency’s 2022 mid-session budget, as well as a final rule regarding asset threshold for determining the appropriate supervisory office. The meeting, scheduled to begin at 10 a.m. Eastern, will be available via livestream on the agency’s website.
Also on the agenda, the board will discuss a proposed rule on cyber incident notification requirements; which, according to the agency’s spring rulemaking agenda, will include a review of the federal banking agencies’ November 2021 rulemaking, "Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers," and may issue similar requirements for the credit union system.
Regarding asset threshold determination, NAFCU has monitored the rulemaking’s progress since the Board’s unanimous approval in February. Of note, the association previously offered recommendations to the NCUA and general support for the agency’s adjustment to the threshold used for determining whether a credit union will be supervised by the Office of National Examinations and Supervision (ONES) from $10 billion in assets to $15 billion.
Regarding the mid-session budget, NAFCU has previously expressed to the NCUA to tailor its budget approach in light of the pandemic. Of note, NAFCU Vice President of Regulatory Affairs Ann Petros participated in the agency’s public budget hearing and sent a letter outlining shared credit union concerns and specific recommendations to enhance the agency’s budget efficiency.
View the full agenda. NAFCU will monitor next week's meeting and update credit unions on the latest from the NCUA.