WASHINGTON—The House has passed three bills, two of which are intended to increase transparency at federal financial regulators – including the NCUA – and another one that provides support for minority depository institutions (MDIs). They now head to the Senate for consideration.
All three bills passed by voice vote, reported NAFCU, which outlined details on what the bills would do:
- The Prudential Regulatory Oversight Act (H.R. 4841) would require annual testimony before Congress from financial regulators, including NCUA
- The Cybersecurity and Financial System Resilience Act (H.R. 4458) would require the NCUA, Federal Reserve, and FDIC to provide Congress with an annual report on the individual agency's efforts to strengthen cybersecurity through its supervision of covered financial institutions
- The Expanding Opportunity for MDIs Act (H.R. 5315) would foster mentorship of MDIs through a Treasury Department program, which would also hold outreach events to promote participation of the program.
CUs and the Fed Discount Window
Separately, the Federal Reserve has released data that shows 257 credit unions visited the Discount Window 322 times and borrowed an aggregate $344,854,639 during the fourth quarter of 2017.
In the third quarter of 2017, 188 credit unions borrowed from the Federal Reserve's Discount Window, reported Keith Leggett, the former senior vice president and senior economist at the ABA.
The average amount borrowed by credit unions from the Discount Window was $1,074,314. However, the median amount borrowed was $10,000, Leggett said.
The maximum amount borrowed was $90 million by Great Lakes Credit Union in Bannockburn, Ill. In addition, United Business and Industry FCU in Plainville, Conn. visited the Discount Window 19 times during the quarter, followed by Aurora Credit Union in Milwaukee at 15, Leggett said.
The vast majority of the credit unions borrowing from the Discount Window used the primary credit program, which is available for the healthiest institutions. Five credit unions borrowed from the seasonal credit program, which assists small depository institutions in managing significant seasonal swings in their loans and deposits, Leggett said.