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Enforcement actions range from formal to informal, and minor to drastic.  Today we discuss what NCUA's philosophy is in this regard.

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• Insider knowledge of NCUA procedures and expectations

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The Federal Credit Union Act allows NCUA to remove officials.  We explain how.

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• Insider knowledge of NCUA procedures and expectations

• Strategies to address potential issues before they become problems

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https://ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/enterprise-risk-management-erm

Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

Hire us and gain:

• Peace of mind during your exam process

• Insider knowledge of NCUA procedures and expectations

• Strategies to address potential issues before they become problems

• Continuous access to our extensive subject matter expertise

With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.

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The National Credit Union Administration (NCUA) today liquidated Unilever Federal Credit Union of Englewood Cliffs, New Jersey. The NCUA made the decision to liquidate Unilever Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

Member deposits are federally insured by the National Credit Union Share Insurance Fund to at least $250,000. NCUA’s Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week. Members may direct questions and other inquiries concerning their accounts to NCUA’s Asset Management and Assistance Center:

Unilever Federal Credit Union
c/o National Credit Union Administration
10910 Domain Dr., Suite 200
Austin, Texas 78758
1.877.715.0777 or 512.231.7940
[email protected]

Members with additional questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at 800.755.1030. The Center answers calls Monday–Friday between 8 a.m. and 5 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov
(Opens new window) website at any time for more information about their insurance coverage.

Unilever Federal Credit Union served 1,448 members and had assets of $46,669,599, according to the credit union’s most recent Call Report. Chartered in 1948, Unilever Federal Credit Union primarily served employees of UNUS, Unilever United States, Inc, and its directly or indirectly wholly owned subsidiaries who work in or are paid from Englewood Cliffs, New Jersey.

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Hello, this is Samantha Shares. This episode covers NCUA’s reopening the public comment period on two recently finalized rules that haven’t fully taken effect yet.

This podcast is educational and is not legal advice.  We are sponsored by Credit Union Exam Solutions Incorporated, whose team has over two hundred and Forty years of National Credit Union  Administration experience.  We assist our clients with N C U A so they save time and money.  If you are worried about a recent, upcoming or in process N C U A examination, reach out to learn how they can assist at Mark Treichel DOT COM.  Also check out our other podcast called With Flying Colors where we provide tips on how to achieve success with N C U A.

Today, we’re diving into an important update from the National Credit Union Administration. This update comes straight from the April twenty-third Federal Register. If you’re a board member, executive, or compliance officer, you’ll want to pay close attention.

On April twenty-third, the NCUA announced something a little unusual—they are reopening the public comment period on two recently finalized rules that haven’t fully taken effect yet. Here’s why this matters.

Earlier this year, the White House issued what’s called a “Regulatory Freeze Pending Review.” In plain English, that means federal agencies were asked to hit pause and review any major new rules that hadn’t already kicked in. NCUA, just like other agencies, is now inviting the public—yes, that means you—to weigh in again on two big rules.

The first is called Simplification of Share Insurance. This rule was finalized back in September twenty twenty-four and is scheduled to fully take effect December first, twenty twenty-six. The goal is to make NCUA’s share insurance rules simpler and clearer for both credit unions and your members. With this new comment window, you have another chance to raise questions, flag concerns, or support the parts of the rule you think are working.

The second rule is about Succession Planning. This one was finalized in December twenty twenty-four and is set to take effect January first, twenty twenty-six. It’s designed to make sure credit unions have solid plans in place for leadership succession—a big deal, especially for smaller credit unions and those with retiring executives. This new comment period is your opportunity to share whether you think the rule strikes the right balance, or if it creates any challenges for your operations.

So how can you submit your comments? You have until June twenty-third, twenty twenty-five. You can go online to regulations dot gov and look up the docket numbers for each rule, or send your comments to the NCUA Secretary in Alexandria, Virginia. If you’re old school, you can even hand deliver them.

You might be thinking, didn’t we already comment on these rules? Yes, many did—but this is a second bite at the apple, thanks to the new administration’s regulatory review. If your credit union has operational concerns, needs more clarity, or has suggestions for how the rules are implemented, now is your chance to be heard.

Here are your quick takeaways. NCUA is actively seeking comments on the share insurance simplification and succession planning rules, both of which are set to take effect in twenty twenty-six. The deadline for comments is June twenty-third, twenty twenty-five. Your feedback could help shape how these rules roll out, or even whether they proceed as planned.

That’s it for today’s update. We’ll keep you posted on any new developments and what they mean for your credit union. If you have questions or want to share how your credit union is preparing for these changes, send us a note—we might feature your insights in a future episode.

Thanks for tuning in  Stay informed, stay compliant, and stay ahead.

If your Credit union could use assistance with your exam, reach out to Mark Treichel on LinkedIn, or at mark Treichel dot com.  This is Samantha Shares and we Thank you for listening.

Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

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• Peace of mind during your exam process

• Insider knowledge of NCUA procedures and expectations

• Strategies to address potential issues before they become problems

• Continuous access to our extensive subject matter expertise

With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.

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 NCUA Releases Staff Message on the Current NCUA Board

Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

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Understanding Conflicts of Interest in Asset Management: Show Notes

In this episode, Samantha Shares explores the critical topic of conflicts of interest in asset management based on the OCC Comptroller's Handbook. While originally created for banks, these principle-based guidelines provide an excellent framework for credit unions managing conflicts in their asset management activities. The episode covers what constitutes a conflict of interest, common scenarios where conflicts arise, the four main risk categories (compliance, operational, reputation, and strategic), and key components of effective risk management. Samantha details specific conflict situations including self-deposits, proprietary investment products, brokerage allocation, and soft dollar arrangements, while outlining four essential principles for handling conflicts: proper authorization, full disclosure, fairness and reasonableness, and maintaining the client's best interest. The episode emphasizes that managing conflicts effectively isn't just about regulatory compliance—it's fundamental to maintaining client trust and protecting your institution's reputation.

Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

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• Peace of mind during your exam process

• Insider knowledge of NCUA procedures and expectations

• Strategies to address potential issues before they become problems

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Show Notes: Model Risk Management (OCC Comptroller's Handbook) 

In this episode, Samantha Shares discusses the OCC's "Model Risk Management" handbook (Version 1.0, August 2021). This comprehensive handbook provides guidance on how financial institutions should manage risks associated with their use of models. 

Key topics covered: 

• Definition of models and model risk
• Types of risk associated with model use
• Governance framework requirements
• Three lines of defense in model risk management
• Model development, testing and implementation
• Validation process and requirements
• Third-party model risk management
• Documentation and inventory requirements

This handbook is essential knowledge for anyone dealing with model risk management in financial institutions, particularly those subject to OCC supervision.
 

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• Peace of mind during your exam process

• Insider knowledge of NCUA procedures and expectations

• Strategies to address potential issues before they become problems

• Continuous access to our extensive subject matter expertise

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Reach out to learn how we assist our clients.

Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

Hire us and gain:

• Peace of mind during your exam process

• Insider knowledge of NCUA procedures and expectations

• Strategies to address potential issues before they become problems

• Continuous access to our extensive subject matter expertise

With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.

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NCUA wants you to build a good contingency funding plan.  We discuss their guidance on this important topic.

Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

Hire us and gain:

• Peace of mind during your exam process

• Insider knowledge of NCUA procedures and expectations

• Strategies to address potential issues before they become problems

• Continuous access to our extensive subject matter expertise

With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.