National Credit Union Administration June 2020 – Federal Register Recent Federal Regulation Documents

Sunshine Act Meetings
Document Number: 2020-14102
Type: Notice
Date: 2020-06-30
Agency: National Credit Union Administration, Agencies and Commissions
Submission for OMB Review; Comment Request
Document Number: 2020-13904
Type: Notice
Date: 2020-06-29
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA) will be submitting the following information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995 on or after the date of publication of this notice.
Agency Information Collection Activities: Proposed Collection; Comment Request; Chartering and Field of Membership
Document Number: 2020-13761
Type: Notice
Date: 2020-06-26
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA), as part of a continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the following extension of a currently approved collection, as required by the Paperwork Reduction Act of 1995.
Submission for OMB Review; Comment Request
Document Number: 2020-13400
Type: Notice
Date: 2020-06-23
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA), as part of a continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the following extension of a currently approved collection, as required by the Paperwork Reduction Act of 1995.
Sunshine Act: Notice of Agency Meeting
Document Number: 2020-13534
Type: Notice
Date: 2020-06-22
Agency: National Credit Union Administration, Agencies and Commissions
Agency Information Collection Activities: Proposed Collection; Comment Request
Document Number: 2020-12569
Type: Notice
Date: 2020-06-10
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA), as part of a continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the following extension of a currently approved collection, as required by the Paperwork Reduction Act of 1995. The Office of Management and Budget (OMB) had granted emergency approval for revisions to the information collections requirements affected by NCUA's temporary final rule, ``Regulatory Relief in Response to COVID-19,'' published April 21, 2020, at 85 FR 22010, in accordance with 5 CFR 1320.13. This OMB approval is set to expire October 31, 2020.
Agency Information Collection Activities: Proposed Collection; Comment Request; Designation of Low Income Status
Document Number: 2020-12568
Type: Notice
Date: 2020-06-10
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA), as part of a continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the following extension of a currently approved collection, as required by the Paperwork Reduction Act of 1995.
Joint Ownership Share Accounts
Document Number: 2020-11385
Type: Proposed Rule
Date: 2020-06-05
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) proposes to amend its share insurance regulation governing the requirements for a share account to be separately insured as a joint account by the National Credit Union Share Insurance Fund (NCUSIF). Specifically, the proposed rule would provide an alternative method to satisfy the membership card or account signature card requirement necessary for insurance coverage (signature card requirement). Under the proposal, even if an insured credit union cannot produce membership cards or account signature cards signed by the joint accountholders, the signature card requirement could be satisfied by information contained in the account records of the insured credit union establishing co-ownership of the share account. For example, the signature card requirement could be satisfied by the credit union having issued a mechanism for accessing the account, such as a debit card, to each co-owner or evidence of usage of the joint share account by each co-owner.
Interagency Guidance on Credit Risk Review Systems
Document Number: 2020-10292
Type: Notice
Date: 2020-06-01
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
The OCC, the Board, the FDIC, and the NCUA (collectively, the agencies) are issuing final guidance for credit risk review (final guidance). This guidance is relevant to all institutions supervised by the agencies and replaces Attachment 1 of the 2006 Interagency Policy Statement on the Allowance for Loan and Lease Losses. The final guidance discusses sound management of credit risk, a system of independent, ongoing credit review, and appropriate communication regarding the performance of the institution's loan portfolio to its management and board of directors.
Interagency Policy Statement on Allowances for Credit Losses
Document Number: 2020-10291
Type: Rule
Date: 2020-06-01
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) are issuing an interagency policy statement on allowances for credit losses (ACLs). The agencies are issuing this interagency policy statement in response to changes to U.S. generally accepted accounting principles (GAAP) as promulgated by the Financial Accounting Standards Board (FASB) in Accounting Standards Update (ASU) 2016-13, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments issued since June 2016. These updates are codified in Accounting Standards Codification (ASC) Topic 326, Financial InstrumentsCredit Losses (FASB ASC Topic 326). This interagency policy statement describes the measurement of expected credit losses under the current expected credit losses (CECL) methodology and the accounting for impairment on available-for-sale debt securities in accordance with FASB ASC Topic 326; the design, documentation, and validation of expected credit loss estimation processes, including the internal controls over these processes; the maintenance of appropriate ACLs; the responsibilities of boards of directors and management; and examiner reviews of ACLs.