Company Overview of National Credit Union Administration
1775 Duke St.
Alexandria, VA 22314-6113
Key Executives for National Credit Union Administration
Chief Information Officer
Compensation as of Fiscal Year 2016.
National Credit Union Administration Key Developments
Royal Bank of Scotland Pays $1.1 Billion Fine to US Regulator for Role in 2008 Banking Crisis
Sep 27 16
Royal Bank of Scotland is to pay $1.1 billion to a US regulator to resolve allegations it missold mortgage bonds to credit unions in the run up to the 2008 banking crisis. The settlement with the National Credit Union Administration board is one of three major issues facing the bailed-out bank relating to the way it sold so-called residential-mortgage-backed securities (RMBS) before its £45 billion taxpayer bailout. The sum is included in the £3.8 billion of provisions the bank has already made to tackle upcoming litigation.
Community Bankers Sue NCUA over Business Lending Rules
Sep 14 16
The Independent Community Bankers of America filed suit in federal court Sept. 7, 2016 challenging the NCUA's new MBL rules, contending that the regulations allow credit unions to exceed limitations on business loans that were established by Congress. In the suit, the ICBA argued that at the same time, the agency is loosening regulatory oversight, creating risks for consumers and the financial system. In the suit, filed in U.S. District Court for the Eastern District of Virginia, the ICBA asked that the rules be voided. The new rules allow credit unions to exceed limitations placed on them by Congress and give the institutions a huge advantage over community banks, since credit unions are tax exempt. In adopting the new rules, the NCUA said it was moving away from prescriptive limits on credit unions such as collateral and security requirements, equity requirements and loan limits and to a principles-based regulation. The ICBA made it clear it is gearing up for another fight when the NCUA finalizes its field of membership rules.
National Credit Union Administration Announces Board Changes
May 2 16
National Credit Union Administration Vice Chairman Rick Metsger to be the ninth chairman of the credit union regulator's board. Metsger succeeds Debbie Matz, who stepped down as chairmanon April 30. Credit unions are watching the now two-member board closely since Matz, who was chairman for more than six years and had been serving as a holdover since her term expired in April 2015, unexpectedly announced she was resigning. Meanwhile, earlier this year President Obama nominated Board Member J. Mark McWatters for a seat on the board of the Export-Import Bank. If the senate approves McWatters to that position before Obama nominates (and the senate approves) another NCUA board member, the CU regulator's governing body could drop to just one member - Metsger. Metsger joined the NCUA board in August 2013. The board unanimously elected him as vice chairman in September 2014.
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