New NAFCU Network insights post highlights Large CU Summit key topics
In the latest insight post on NAFCU’s ONES + CFPB Supervision Network, Vice President of Regulatory Affairs Ann Kossachev shares a recap of NAFCU’s Spring Large Credit Union Virtual Summit where credit unions with over $5 billion in assets had the opportunity to attend private meetings with the NCUA’s Office of National Examinations and Supervision (ONES) and the CFPB’s Office of Supervision, Enforcement & Fair Lending.
The event was tailored specifically for the needs of two separate groups: credit unions who will soon be under ONES + CFPB supervision, and credit unions already under their supervision. During the event, credit unions discussed several key topics with the NCUA including the transition to ONES supervision, asset thresholds, capital planning and stress testing.
Of note, the NCUA during its February Board meeting unanimously approved a notice of proposed rulemaking to adjust the threshold used for determining whether a credit union will be supervised by the ONES from $10 billion in assets to $15 billion. To lessen any disruption, those credit unions subject to ONES supervision would be “grandfathered” and would remain subject to such supervision even if they are below the proposed $15 billion threshold. NAFCU member credit unions were sent a Regulatory Alert examining the proposed rule and were given the chance to provide feedback.
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