National Credit Union Administration

News & Analysis as of

District Court Allows NCUA’s RMBS Suit to Proceed Against RBS

On March 16, 2015, Judge George Wu of the United States District Court for the Central District of California denied RBS Securities Inc.’s motion to dismiss the National Credit Union Administration’s second amended complaint....more

CFPB seeks information from industry on student loan modification options and issues guidance on private student loans with ...

As a follow up to a January 2014 meeting with private student loan lenders and servicers convened by Director Cordray and Education Secretary Arne Duncan, the CFPB sent letters last week to certain “market participants”...more

Regulators Release Guidance on Private Student Loans With Graduated Repayment Terms at Origination

On January 29, the federal financial regulatory agencies (the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union...more

NCUA Sues U.S. Bank and Bank of America for Allegedly Failing to Comply with RMBS Trustee Duties

On December 16, National Credit Union Administration filed a lawsuit in the United States District Court for the Southern District of New York against U.S. Bank N.A. and Bank of America N.A., in their capacity as trustees for...more

NCUA Sues Wells Fargo for Allegedly Failing to Comply with RMBS Trustee Duties

On December 22, National Credit Union Administration sued Wells Fargo, as an RMBS trustee, in the United States District Court for the Southern District of New York. NCUA filed the suit in its capacity as liquidating agent...more

NCUA Files Latest Suit Over Purchased RMBS

On December 23, the NCUA announced its latest suit against a major bank. Filed in the SDNY, the 122-page complaint alleges that the bank violated state and federal laws by failing to fulfill its duties as trustee to 27 RMBS...more

Banking and Financial Services E- Note - December 2014

In This Issue: - Congress Move to Roll Back Bank 'Push-Out' Regulation Meets Anger - NCUA Calls for Retailers to Cover Data Breach Costs - Regulators Propose 8 Biggest Banks Increase Capital...more

NCUA Sues National Bank

On November 10, the NCUA announced the filing of a complaint against a large national bank for its alleged failure to fulfill its duties as a trustee for 121 residential mortgage-backed securities trusts. The NCUA claimed...more

Orrick's Financial Industry Week in Review

FSB Consults on Total Loss-Absorbing Capacity for G-SIBs - On November 10, the Financial Stability Board (FSB) published a consultation paper on proposals on the adequacy of total loss-absorbing capacity (TLAC) of...more

NCUA Sues Deutsche Bank National Trust Co. For Allegedly Failing to Comply With RMBS Trustee Duties

The National Credit Union Administration, acting as liquidating agent for five failed credit unions, sued Deutsche Bank National Trust Company (DBNTC) for allegedly breaching its duties as trustee under the governing trust...more

Agencies Propose Flood Insurance Rule

On October 30, five federal agencies – the FCA, FDIC, NCUA, OCC and the Fed – issued a proposed rule regarding flood insurance. The proposed rule will amend regulations relating to loans secured by property located in special...more

Agencies Request Comment on Proposed Flood Insurance Rule

Five federal regulatory agencies on October 24 announced the approval of a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property located in special flood hazard areas. The proposed...more

NCUA To Join Fair Lending Webinar Hosted By The Federal Reserve Board

On October 15, the NCUA released a statement noting that Jamie Goodson, Director of Consumer Compliance Policy and Outreach in the National Credit Union Administration’s Office of Consumer Protection, will participate in the...more

What’s Unfair is Unfair: Repeal of Reg AA May Have Little Practical Effect

The Federal Reserve Board (Board) issued a notice of proposed rulemaking on August 22, 2014 (Notice) for the repeal of Regulation AA, which is the Board’s credit practices rule prohibiting certain unfair or deceptive acts and...more

Interagency Guidance Regarding Unfair Or Deceptive Credit Practices

On August 22, the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) issued interagency guidance regarding unfair or deceptive credit practices (UDAPs). The guidance clarifies that “the repeal of the credit...more

Federal Appeals Court Affirms Extender Statutes Trump Securities Act Statute Of Limitations

On August 19, the U.S. Court of Appeals for the Tenth Circuit reissued its original opinion affirming a district court’s holding that FIRREA’s NCUA extender statute circumvents the three-year repose period found in Section 13...more

CFPB and federal banking agencies issue guidance on unfair or deceptive credit practices in light of Reg AA repeal

Concurrently with a proposal from the Fed to repeal Regulation AA (12 CFR part 227), the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) have issued interagency guidance regarding unfair or deceptive credit...more

Federal, State Prudential Regulators Issue HELOC Guidance

On July 1, the OCC, the Federal Reserve Board, the FDIC, the NCUA, and the Conference of State Bank Supervisors issued interagency guidance on home equity lines of credit (HELOCs) nearing their end-of-draw periods....more

Orrick's Financial Industry Week in Review

New York's Highest Court Will Review First Department Decision on RMBS Putback Statute of Limitations - On June 27, the Court of Appeals for the State of New York agreed to review the First Department's December 2013...more

CFPB: Industry should “start now” to comply with workplace diversity and inclusion standards

On June 26, 2014, I participated in a panel presentation at the MBA Strategic Markets and Diversity Summit, in Washington, D.C. Stuart Ishimaru, Director of the Consumer Financial Protection Bureau’s Office of Minority and...more

Supreme Court Directs Tenth Circuit To Reconsider RMBS Ruling

On June 16, the U.S. Supreme Court vacated a Tenth Circuit holding that RMBS claims filed by the NCUA were timely and instructed the circuit court to reconsider that holding in light of the Supreme Court’s recent decision in...more

UBS Motion to Dismiss RMBS Suit Granted in Part

On June 10, Judge Denise Cote of the U.S. District Court for the Southern District of New York granted in part and denied in part UBS’s motion to dismiss a lawsuit filed against it by the National Credit Union Administration,...more

Prudential Regulators Issue Statement On Increased Maximum Flood Insurance Coverage

On May 30, the OCC, the FDIC, the Federal Reserve Board, the NCUA, and the Farm Credit Administration issued an interagency statement regarding the increased maximum amount of flood insurance available for “Other Residential...more

Agencies Issue Statement on Increased Maximum Flood Insurance Coverage for Other Residential Buildings

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the National Credit Union Administration, and the Federal Deposit Insurance Corporation...more

Visa, Pew Develop Voluntary Prepaid Card Standards

On June 3, Visa announced that it teamed with Pew Charitable Trusts to develop voluntary prepaid card standards and a designation for cards that meet those standards. To qualify for the designation...more

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