NCUA’s upcoming board meeting, previously scheduled for Thursday, June 22, has been rescheduled to Friday, June 23, at 10 a.m. The closed portion of the meeting —during which the board will consider supervisory actions—has been moved to Wednesday, June 21.
NCUA will host a webinar at 2 p.m. today to outline the Community Development Revolving Loan Fund grant application process. As previously reported in The Point, low-income credit unions interested in applying for Community Development Revolving Loan Fund grants can begin submitting applications to NCUA on July 1.
Palisades FCU recently received NCUA’s approval for a community charter expansion. With the approval, the credit union will expand its membership to serve persons who live, work, study, volunteer, or worship in Rockland County, New York and Bergen County, New Jersey.
The CFPB released a study that found low-income individuals are more likely than those in higher-income areas to become “credit visible” due to a negative record. Consumers in higher-income areas are more likely than those in lower-income areas to establish credit history by using a credit card or relying on someone else.
The CFPB last week released a monthly complaint report highlighting complaints submitted by older consumer. The snapshot shows that older consumers frequently report servicing problems with reverse mortgages, difficulties recovering money after financial scams, confusion around deferred interest credit cards and charges for unauthorized add-on products.
New York Credit Union Association President/CEO William J. Mellin commented on the CFPB’s proposed clarifications to the bureau’s Home Mortgage Disclosure Act regulations, which would assist credit unions making Consolidation Extension and Modification Agreements, or CEMAs.
In the wake of the recent “WannaCry” global ransomware attack, NCUA is reminding credit unions to verify they have effective controls in place to prevent similar attacks. NCUA is urging credit union staff and leaders to review the agency’s extensive information on protecting systems, cybersecurity preparedness and ransomware defense strategies at its Cybersecurity Resource Center.