NCUA Is Mad As Hell And Not Going To Take It Anymore

January 17, 2014 at 8:11 am Leave a comment

Here are some quick hits to get your day started, including my bet=the=mortgage football picks.

With the tone of a once indulgent teacher who has let her students hand in late homework once too often, NCUA issued a letter to credit unions on Wednesday warning them to get their Call Reports in on time. . .or else!!!

Specifically, NCUA warned credit unions that, starting with the January 24th filing deadline for the fourth quarter 5300 Call Reports, tardy and/or sloppy credit unions face fines ranging from $2,000 to $1 million for knowingly false filings. (A little free legal advice: if you think your credit union might be slapped with the $1 million grand prize you should stop reading this blog and contact a really good lawyer). NCUA is threatening to use its power to fine credit unions out of frustration that more than one thousand credit unions were late getting their Call Reports filed last quarter.
. . . . . . . . . . . . . . .

Speaking of NCUA, it released its agenda for the first meeting of the year and among the topics to be considered are a final rule to permit a limited number of credit unions to be given limited authority to use derivatives and consideration of risk-based capital reform.
. . . . . . . . . . . . . . . . .

The Target data breach was even more sophisticated and extensive than originally thought, according to a report forwarded to financial institutions yesterday. The Wall Street Journal quotes one analyst saying “what’s really unique about this one is it’s the first time we’ve seen the attack method at this scale. It conceals all the data transfers. It makes it really hard to detect it in the first place.” For those of you interested in learning more about the breach, a great source of up-to-date information is once again the Krebs on Security website.
. . . . . . . . . . . . . . . . .

A survey of business sentiment in the New York Metropolitan Area conducted by the Federal Reserve Bank of New York revealed that a positive view of the economy reached its highest level since 2007, but still remained negative “ suggesting that on balance, respondents continued to view the business climate as worse than normal.” The survey, which tracks the service sector, revealed that many businesses are seeing an increase in business that they expect to grow stronger over the next six months. At this point, the businesses are still holding back on new hires.
. . . . . . . . . . . . . . . . .

Finally, here are my long awaited, bet-the-mortgage championship game football picks: these babies are so solid that credit unions should be able to make these bets and classify them as Tier I capital. First, it’s always dangerous to question the wisdom of Las Vegas, but I don’t know what they were thinking making Denver a 5.5 point favorite over New England. Take the points and the money, New England wins outright. In the battle of former Pack-10 coaches who really don’t like each other, give the 3.5 points and take Seattle. On that note, have a great weekend. See you Tuesday.

Entry filed under: Compliance, Economy, General, Regulatory. Tags: , , , .

How Yahoo’s $42 Million Mistake Can Help You Why Not A Credit Union Davos?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 446 other followers

Archives