The Act clearly says the only thing the NCUA
can do with excess stabilization funds is merge it with the NCUSIF.
If funds collected from the underlying collateral are insufficient to satisfy periodic interest and any due principal payments, the indenture trustee will notify NCUA
of the amount of the shortfall prior to the related payment date.
However, the NCUA
has said it has repaid any money owed to the Treasury.
by the American Bankers Association and several North Carolina banks, a federal appellate court ruled the NCUA
did not have the authority to allow credit unions to expand their membership in 1982.
Specifically, the NCUA
agreed that if it were to obtain a claim against a third party, the federal agency would "reduce the judgement or award" in an amount sufficient to hold JPMorgan harmless from any claim from a third party claim against JP Morgan or Long Beach Securities Corp.
In 1982, the NCUA
allowed credit unions to add other companies' employees to minimize financial risk if the original company experiences significant layoffs.
As Chairman of the NCUA
, I remain committed to providing regulatory relief for the credit union community, in compliance with the Federal Credit Union Act, and to streamlining the operations of NCUA
as a prudential regulator.
Green Armor Solutions will enable Mid-Atlantic's members to strengthen authentication for online banking and to meet new FFIEC and NCUA
security guidelines without sacrificing user friendliness, and without having to endure a complicated and costly enrollment process.
is asking a federal judge to reject the American Bankers Association challenge to the agency's recent field of membership rules, contending that the new regulations do not violate federal law.
At a recent CUNA Technology Council conference, NCUA
quoted Board Member GiGi Hyland, as stating, "Credit unions are all about serving their members, IT is the cornerstone from which credit unions build their delivery of services, security of member data, and compliance efforts.
Banking groups are blasting the NCUA
for considering expanding options for credit unions to build capital beyond retained earnings, charging that such an expansion would violate federal law.
The FDIC and NCUA
have set up toll-free consumer hotlines to assist consumers.