{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC","title":"Letters of Understanding and Agreement (LUAs)","html":"","width":"100%","height":180,"duration":414,"description":" Hello, this is Samantha Shares. This episode covers N C U A’s Enforcement Manual on Letters of Understanding and agreement – also known as L U A’s. The following is an audio version of that advisory and the press release.    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. And now the Enforcement manual on L U A’s.   What is a Letter of Understanding and Agreement?An L U A is a bilateral document signed by the credit union's board of directors and the regional director (RD). The credit union agrees to take, or not take, a certain specified action(s). RDs often issue L U As when credit unions have not adequately responded to less severe measures, such as Documents of Resolution. N C U A also requires L U As for newly chartered credit unions and for the granting of permanent special assistance. Delegation of Authority SUP 16 authorizes RDs to enter into L U As with elected and appointed officials of FCUs and FISCUs. RDs discuss and negotiate publication with credit unions to prevent unfair surprises to credit unions and their officials. TheRDs will address the issue of publication in every L U A between N C U A and a credit union by including one of the following three provisions:2 1.        This L U A will not be published.2.        This L U A will be published.3.         The RD is reserving for a reasonable time his/her right to publish this L U A.3• |  |   |  2 Minor modifications and variations of the listed provisions that clearly communicate the same ideas are...","thumbnail_url":"https://img.transistorcdn.com/DblKo84_Ha6-XOQnfj5k1wmxCkQHeB53BeeKc2eI7dM/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQ4MTk5LzE3MDM4/NTQxOTktYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}