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NCUA Defines Small Credit Union as $50 Million or Less
The NCUA, on January 10, issued a final rule that amends the definition of “small entity” from the current threshold of less than $10 million in assets to less than $50 million in assets. What this new definition means these credit unions will now receive special consideration for regulatory relief (known as RegFlex).
Some examples of relief include excluding more credit unions from the risk-based net worth requirements under NCUA’s Prompt Corrective Action rule; credit unions with less than $50 million in assets will now be exempt from the requirement to adopt and implement interest rate risk policies; and finally, NCUA will need to use this new threshold when issuing proposed and final rules in the future to address the impact on small credit union operations. For a copy of the final rule, click here.
FREE WEBINAR from NCUA
Strategic Issues for Serving Low-Income Members
Are you looking for ways to collaborate, to save money?
Check out the CUNA Collaboration Ideas & Resources web page at www.cuna.org/collaborate/.
Here you’ll be able to join a collaboration list serve, read about featured collaboration projects from around the country, and also access collaboration white papers and articles featuring topics such as CUSO collaboration, barriers to cooperation, franchising, and back office collaboration. Take a look today!
As a member credit union you have access to over 200 policy/procedure templates. Just log on to www.pcua.org and click on “Compliance” and log in to PolicyPro.
Once inside you will find all the policy templates in the “Manual Builder” area. The “Master” contains all the model policies and is read-only. The “Working” manual is there for your credit union’s use and policies can be added or deleted as you see fit.
Also, if you need help finding a particular model policy, there is an “Alphabetical policy listing” link on the left-hand side of the
If you have any question about CU PolicyPro, just contact the Association’s compliance department at 800-932-0661, Option #3.
Q: Does NCUA offer any special assistance to small credit unions and if so, where can I get information?
A: Yes, you can find all kinds of resources at the agency’s Office of Small Credit Union Initiatives (OSCUI) such a free consulting services; loans and grants to low income designated credit unions; free training and partnership and outreach programs. For more information log on to NCUA at www.ncua.gov, click on “Credit Union Resources and Information” and select the OSCUI for details.
Dues-supported Compliance Resources from your Association:
Receive up to $5,000 from the PA Credit Union Foundation
The Pennsylvania Credit Union Foundation invites all credit unions with assets of less than $30 million to apply for small credit union grants in technology, Debit Card Development, Marketing, Internet Banking and regular Strategic Planning.
Grantees are eligible to receive up to $5,000 or 62.5% of the total project investment, whichever is less.
Strategic Planning Lite grants are available for $500 and Scholarships are available for tuition costs only.
For more specific information, please go to the Foundation link located on the Pennsylvania Credit Union Association’s home page and select “Grants Criteria.”
Any additional inquiries about Foundation grants should be forwarded to Executive. Director, Joseph Wambach, at firstname.lastname@example.org.
CEO Leadership Workshop
March 20, Pittsburgh
The CEO Leadership Workshop features speaker Jason Boles, CEO of Fans Created, an innovative results-oriented speaking, training, and consulting services firm specializing in creating internal and external fans for organizations nationwide.
You'll also hear from NCUA Supervisory Examiners—Diane Wiltshire (Mars location) and Susan Robbins (Harrisburg location)—and Rhonda Rumbaugh, VP, Marketing & Professional Development for the Association.
For more information, contact the Association's Education Department at email@example.com.
Did you miss this webinar?
For many small credit unions, aligning with the right partner can set you on the right path of success.
Your Association has strategically aligned with a select group of credit union focused organizations to consider as you search the marketplace for 3rd party vendors to partner with.
We highlighted these organizations throughout the year through our business partner showcase webinars series–available now through webinar archives.
Pennsylvania Credit Union Association