NCUA is amending its regulations to require federally insured credit unions (FICUs) to maintain written policies that address the management of loan workout arrangements and nonaccrual policies for loans, consistent with industry practice or Federal Financial Institutions Examination Council (FFIEC) requirements. The final rule includes guidelines, set forth as an interpretive ruling and policy statement (IRPS) and incorporated as an appendix to the rule, that will assist FICUs in complying with the rule, including the regulatory reporting of troubled debt restructured loans (TDR loans or TDRs) in FICU Call Reports.
RALEIGH, N.C., April 12 /PRNewswire-USNewswire/ -- The newest addition to North Carolina's National College Savings Program should appeal to parents, grandparents and others looking for the security of a deposit account and the advantages of the NC 529 Plan. The Federally-Insured Deposit Account, launched April 12, is offered by the State Employees' Credit Union. The new option provides protection of principal and earnings, a competitive interest rate, and is insured by the National Credit Union Administration. Contributions made by N.C. taxpayers to the Federally-Insured Deposit Account, or any of the other 13 investment options available in the NC 529 Plan, may be eligible for an annual state income tax deduction. Earnings on investment options in an NC 529 account are also free from ...
NCUA proposes to amend its regulations to require federally insured credit unions (FICUs) to maintain written policies that address the management of loan workout arrangements and nonaccrual policies for loans, consistent with industry practice or Financial Institutions Examination Council (FFIEC) requirements. The proposed rulemaking includes guidelines set forth as an interpretive ruling and policy statement (IRPS) and incorporated as an appendix to the rule that will assist FICUs in complying with the rule, including the regulatory reporting of troubled debt restructured loans (TDR loans or TDRs) in FICU Call Reports. The NCUA Board (Board) believes this proposed rulemaking and IRPS is timely considering the growth of these types of loans during the recent economic stresses experienc...
According to the National Credit Union Administration, approximately 68% of federally insured credit unions offer mortgage loans of some kind. Almost all sizable CUs are in the game; those that are not tend to be smaller institutions that cannot afford the expertise or infrastructure required. On the other hand, credit unions make only 2% of all mortgage loans in the US. The vast majority of CU members have their mortgages elsewhere. There is essentially no down side to offering residential mortgage products, as long as you offer them steadily, predictably, and within the mainstream of the industry. When credit unions get into mortgages, they tend to do weird things like seven-year balloons amortized over 30 years with no escrow, and things of that nature. The most useful advice for mai...
The NCUA Board (Board) is requesting public comment on a proposed regulation requiring federally insured credit unions (FICUs) with assets of $10 million or more to have a contingency funding plan that clearly sets out strategies for addressing liquidity shortfalls in emergency situations. The NPRM also requires FICUs with assets of $100 million or more to have access to a backup federal liquidity source for emergency situations. Finally, the NPRM requires FICUs with less than $10 million in assets to maintain a basic written policy that provides a board-approved framework for managing liquidity and a list of contingent liquidity sources that can be employed under adverse circumstances. The NPRM follows an earlier Advance Notice of Proposed Rulemaking (ANPR) requesting public comment on...
A former Colorado Springs banker has agreed to a lifetime ban from the banking industry and a $4,000 fine from federal regulators based on allegations that he used money from Stockmens Bank in the Springs to pay financial obligations owed by another company he owned. Chad W. Friese, who had been chief financial officer of the downtown bank and now works for an insurance agency in North Dakota, agreed to the ban and fine from the Federal Deposit Insurance Corp. in July, but the actions were not made public by the FDIC until Friday. Friese agreed to the ban and fine without admitting or denying the FDIC's allegations. Under the agreement, he cannot work at, or serve as an officer or director of, any financial institution insured by the FDIC or National Credit Union Administration without ...
Logo: http://www.texastrustcu.org Texas Trust Credit Union is a full-service financial institution serving more than 58,000 members through nine branches. Consumers can bank in person in Mansfield, Grand Prairie, Arlington, Cedar Hill, and Athens, Texas. Or, they can conduct transactions online, or through one of 43,000 surcharge-free ATMs throughout the U.S., as part of the Allpoint ATM Network. The $726 million credit union is the 21st largest in Texas, offering free checking, savings, mortgages, credit cards, CDs, Money Market accounts, IRAs, and investment and insurance services. Texas Trust also offers an array of business services, including SBA and conventional loans, electronic payment cards, checking and money market accounts, merchant card processing, insurance and the Employe...
Title 12: Banks and Banking. CHAPTER VII: NATIONAL CREDIT UNION ADMINISTRATION. SUBCHAPTER A: REGULAT...: ACCURACY OF ADVERTISING AND NOTICE OF INSURED STATUS. 740.5 - Requirements for the official adv...
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