Now would be a good time for NBC to introduce Law & Order: The Corporate Credit Union Stabilization Fund.
THE 'tude
You may have seen the recent headlines about how CUNA and NAFCU have taken opposing sides on whether and how NCUA should close the Temporary Corporate Credit Union Stabilization Fund and start issuing rebates to credit unions?
The partnership between credit unions and the Federal Home Loan Bank (FHLB) System began in 1989 when Congress allowed credit unions to be members of the FHLB System.
Unfortunately, in considering this proposal, one distrustful thought keeps recurring: "Too clever by half!"
This year in Washington was purported to be all about change.
NCUA is determining its next step on alternative capital after receiving more than 800 comments on its Advanced Notice on Proposed Rulemaking (ANPR), an important step in modernizing capital regulations to provide credit unions robust and diverse ways to manage their capital.
Earlier this year, the Office of the Superintendent of Financial Institutions (the OSFI is the Canadian equivalent of the U.S. Office of the Comptroller of Currency) issued a restriction that non-banks must remove the terms “bank,” “banker” and “banking” from any references provided by that financial institution.
We support NCUA’s proposed rule especially the areas of improved transparency, greater opportunity for member to member communications and the expanded time for notice and deliberation.
In a recent letter, former NCUA chairman Michael Fryzel wrote a very odd editorial criticizing NAFCU's board, regulatory committee, and share insurance committee for simply disagreeing with the NCUA's proposal regarding the closure of the stabilization fund.
NCUA has clearly bought into the Trump Administration’s goal of a more efficient federal government and less regulation of strong financial institutions.