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Sen. Schumer Criticizes NCUA and Demands Improvements in Oversight

NCUA is finally on the hot seat, and it’s more than well-deserved. Senate Minority Leader Charles Schumer (D-NY) has taken notice of recent negative reports regarding the major lack of oversight at NC...

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NCUA’s Reckless Cybersecurity Standards Put Members at Risk

And the hits keep coming for the credit union industry regulator. Turns out the NCUA Inspector General has had a very busy couple of years. Shortly after the release of its 2018 Material Loss Review, ...

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NCUA Inspector General: NCUA failed to regulate credit unions

NCUA has had a bad few weeks, to put it nicely. Right after it was revealed that the agency failed to catch a 20-year $40 million embezzlement scheme at CBS Employees Federal Credit Union, a new repor...

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$40 Million in Member Funds Down the Drain. NCUA: Sit Up and Take Notice

The first credit union failure of the year has occurred – and while we may have seen it coming, the National Credit Union Administration apparently (again) did not. In late March, NCUA announced the l...

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Everything’s Bigger in Texas…Now Including PenFed

After an 18-month search over 100 cities in all 50 states, PenFed has finally decided where it will establish its $48 million, 300,000 square feet regional financial center: San Antonio! Never mind th...

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While Other Nonprofits Struggle with Reporting Responsibilities…Credit Unions Get Off Scot-Free

The Treasury Department is trying to blunt the impact of an unpopular new tax on churches and other nonprofits. The agency released interim regulations today spelling out exactly how the tax...

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After Failure of Six Large Credit Unions, NCUA’s Share Insurance Fund Drops by Nearly $750 Million

Fueled by the failures of six credit unions this year, the NCUA’s Share Insurance Fund reserves had dropped $744.9 million by the end of the year’s 3rd Quarter, agency officials said Thursday. Despite...

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