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Monthly Archives: April 2011
Texans Credit Union Placed into Conservatorship
April 15, 2011, Alexandria, Va. — The National Credit Union Administration (NCUA) today placed Texans Credit Union of Richardson, Texas, into conservatorship. Texans Credit Union remains open and operating. While continuing normal member services, NCUA will work to resolve issues affecting the Texans Credit Union’s safety and soundness. Deposits at Texans Credit Union also remain [...]
Vensure Credit Union Placed into Conservatorship
April 15, 2011, Alexandria, Va. — The National Credit Union Administration (NCUA) today placed Vensure Federal Credit Union of Mesa, Arizona, into conservatorship. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Vensure Federal Credit Union up to $250,000. The NCUSIF, like the FDIC’s Deposit Insurance Fund, [...]
NCUA Special Meeting
April 14, 2011, Alexandria, Va. — The National Credit Union Administration (NCUA) Board has scheduled a special closed meeting for Monday, April 18 at 9 a.m. The agenda for the April 18 closed NCUA Board meeting is available online at http://www.ncua.gov/GenInfo/BoardandAction/Calendars/Meetings/2011.aspx. The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the [...]
Financial Literacy Grants
April 13, 2011, Alexandria, Va. — National Credit Union Administration (NCUA) Board Chairman Debbie Matz today encouraged low-income credit unions to apply for a new grant program known as the Financial Education and Financial Literacy Initiative. Offered through the agency’s Office of Small Credit Union Initiatives, NCUA will distribute $200,000 in grants. Credit unions may [...]
Resolution Plan Reporting
Large, systemically significant bank holding companies and nonbank financial companies would be required to submit annual resolution plans and quarterly credit exposure reports under a rule proposed by the Federal Reserve Board and the Federal Deposit Insurance Corporation. The agencies are requesting comment by June 10, 2011, on the proposal, which would implement requirements of [...]
Risk Retention Proposal
Six federal agencies are seeking comment on a proposed rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk. In crafting the proposed rule, the agencies sought to [...]
Mission Sanfrancisco FCU Closes
April 8, 2011, Alexandria, Va. — The National Credit Union Administration (NCUA) today placed Mission San Francisco Federal Credit Union of San Francisco, California, into liquidation. Immediately thereafter, Self-Help Federal Credit Union of Durham, North Carolina, purchased and assumed Mission San Francisco’s assets, liabilities and members. The new Self-Help Federal Credit Union members will experience [...]
Government Shutdown Planning
April 7, 2011, Alexandria, Va. — The National Credit Union Administration (NCUA) today issued a Letter to Credit Unions providing guidance about planning for a potential federal government shutdown. The correspondence from NCUA Board Chairman Debbie Matz urges credit unions to maintain a state of readiness and to work prudently and flexibly to address the [...]
Regulation Q
The Federal Reserve Board on Wednesday requested comment on a proposed rule to repeal the Board’s Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System. The proposed rule would implement Section 627 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, [...]
FFIEC State Committee