NCUA announces July 2014 issue of The NCUA Report
Available at: http://www.ncuareport.org/ncuareport/july_2014.
This latest issue includes columns from NCUA Board Chairman Debbie Matz, Board
Member Michael E. Fryzel and Board Member Rick Metsger. It also includes
articles from several NCUA offices on the agency’s initiatives and information
on supervisory, regulatory and compliance issues that are important to all
federally insured credit unions.
Trades urge longer
comment period on Bureau complaints proposal
Five financial services groups have asked the CFPB to extend
the 30-day comment period attached to its proposal to allow consumers to permit
public access to narratives in complaints filed with the Bureau. A letter signed
by the Financial Services Roundtable, American Bankers Association, Consumer
Bankers Association, the Clearing House, and the U.S. Chamber of Commerce asked
the CFPB to extend its comment period to 90 days because the proposal
"raises many serious legal and practical issues." The Bureau's notice
of its proposed policy statement was published in today's Federal Register. It
currently carries a comment due date of August 22, 2014.
characteristics of mutual savings associations
The OCC has announced that it has issued OCC Bulletin
2014-35, "Mutual Federal Savings Associations: Characteristics and
Supervisory Considerations." The bulletin describes the unique
characteristics of mutual federal savings associations and the considerations
the OCC factors into its risk-based supervision process. This also may be of
interest to CU’s.