National Credit Union Administration (NCUA)

Credit Union Assets, Loans Outstanding and Net Income Increase 

The NCUA released the first quarter 2024 credit union system performance data. According to the latest financial performance data, total assets in federally insured credit unions rose by $60 billion, or 2.6 percent, over the year ending in the first quarter of 2025, to $2.37 trillion. During the same period, total loans outstanding increased $53 billion, or 3.3 percent, to $1.65 trillion. 

Also, the net interest margin for federally insured credit unions was $75.6 billion at an annual rate through the first quarter of 2025, or 3.24 percent of average assets. That compares with $68.4 billion at an annual rate, or 3.00 percent of average assets, in the year to date through the first quarter of 2024. 

A Couple of Washington Updates 

Although the Consumer Financial Protection Bureau (CFPB) and National Credit Union Administration (NCUA) have been somewhat quiet this past week on the regulatory front, there are a couple of other developments that we wanted to share with you.  

First, from a legislative perspective, HR1, the U.S. House of Representative’s budget reconciliation bill, proposes to dramatically reduce CFPB funding for fiscal year 2026. Currently, the Bureau may draw up to 12% of the Federal Reserve’s operating budget. In 2024, the agency spent a little over $755 million. Under HR1, CFPB funding would be capped at $249 million. This represents a 67% reduction in available consumer protection dollars. The budget reconciliation bill passed the House by the slimmest of margins (215-214) and now goes to the Senate for its consideration.  

Then, in not so promising news for Todd Harper and Tanya Otsuka, on the judicial front the United States Supreme Court issued a stay prohibiting the Democratic members of the National Labor Relations Board (NLRB) and Merit Systems Protection Board (MSPB) who were fired by President Trump from continuing to serve while they challenge the legality of their removal. While the court did not make a final decision on the merits of the case, its commentary seemed to indicate it is likely to uphold the President’s authority to unilaterally terminate members of independent regulatory agencies. The court stated, “Because the Constitution vests the executive power in the President, he may remove without cause executive officers that exercise power on his behalf. The stay reflects our judgment that the government is likely to show that both the NLRB and MSPB exercise considerable executive power.” Remember that Mr. Harper and Ms. Otsuka are currently challenging the legality of their removal from the NCUA board.

U.S. DOL Launches Opinion Letter Program Across Five Agencies to Expand Compliance Assistance 

Trusts & Membership Requirements 

NCUA Prohibits One Individual; Terminates Cease & Desist Order In May 2025 

CFPB’s Equal Employment Opportunity (EEO) Program Status Report for Fiscal Year (FY) 2024 

Government Accountability Office Report on AI and Financial Services 

Protect Yourself from Phishing Scams 

June 15, 2025: CFPB – Prohibition on Creditors and CRAs Concerning Medical Information (Regulation V) 

June 23, 2025: NCUA comments due on Simplification of Share Insurance and Succession Planning 

June 23, 2025: NCUA comments due on Changes to the Call Report  

July 1, 2025: CFPB and FRB – Reg CC Threshold Adjustments 

July 14, 2025: Effective Date – FTC Negative Option Rule 

July 18, 2025: CFPB – Small Business Lending Data – ECOA 

Oct. 1, 2025: Quality Control Standards AVMs 

Oct. 1, 2025: CFPB: Overdraft Lending: Very Large Financial Institutions (Over $10 billion) 

Dec. 30, 2025: CFPB: Overdraft Lending: Very Large Financial Institutions (Over $10 billion)

Jan. 1, 2026: NCUA – Succession Planning Effective Date

March 1, 2026: CFPB: Residential Property Assessed Clean Energy Financing (Reg Z) 

April 1, 2026: Compliance Date – CFPB Personal Financial Data Rights for Credit Union’s over $10 billion in assets 

June 19, 2026: NACHA – Fraud Return Reason Code

Dec. 12, 2026: NCUA Simplification of Share Insurance Effective Date 

In Washington, are we required to wait for an order to pay from the courts on a garnishment? 

Yes, according to Washington Court rules, after you submit the garnishee response, you should hold on to any applicable fund until you receive either an order to pay or a document discharging the garnishment. 

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If you have questions about this communication, contact us at 800.546.4465 or via our shared email inbox at compliance@gowest.org.

Have a great weekend!

Your GoWest Compliance Team, 

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Mailing Address:
GoWest Credit Union Association, 18000 International Blvd Ste. 1102, SeaTac, WA 98188, United States
1.800.995.9064

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