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LUAs - What You Need to Know
Manage episode 457103648 series 3303439
Το περιεχόμενο παρέχεται από το Mark Treichel and Mark Treichel's Credit Union Exam Solutions. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Mark Treichel and Mark Treichel's Credit Union Exam Solutions ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
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LUAs What You Need to Know
Key Points:
- LUAs are formal agreements between NCUA and credit unions to address severe problems
- Usually issued to troubled credit unions, though occasionally for compliance reasons
- Formal LUAs are typically published by NCUA
- LUAs describe major issues and required corrective actions with timelines
- Language in published LUAs can be very strict and one-sided
- Credit unions should seek outside advice when faced with a published LUA
- All board members are bound by an LUA, even those who vote against it
- LUAs should focus on root causes, not every minor issue
- LUAs for established credit unions generally don't have termination dates
- In the current economic climate, NCUA may be issuing more LUAs
Advice for Credit Unions:
- Understand all requirements and timelines in an LUA before signing
- Negotiate terms with NCUA if possible before finalizing
- Request reasonable time to review draft LUA with board
- Consider consulting attorneys or credit union advisors
- Be aware of reputational risks from published LUAs
- Recognize that all board members are bound by a signed LUA
Guest Experts:
- Steve Farrar: Former NCUA examiner and central office staff
- Todd Miller: Former NCUA examiner and director of special actions
Host: Mark Treichel, Credit Union Exam Solutions
This episode provides an in-depth look at Letters of Understanding and Agreement (LUAs) from former NCUA insiders, offering valuable insights for credit union leaders dealing with these formal actions.
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