Board Action Bulletin
ALEXANDRIA, VA (June 24, 2026) – The National Credit Union Administration (NCUA) held a Board meeting today during which it was briefed on NCUA’s ongoing regulatory activities, the Share Insurance Fund, and a mid-year budget update.
Regulatory Update
Amanda Parkhill, Acting Director for the Office of Examination and Insurance, provided the Board with a briefing on the agency’s regulatory activities.
The briefing included updates on Phase I of NCUA’s Deregulation Project, which has issued more than 30 deregulation proposals and received hundreds of comments from the public. NCUA continues to review open comments and finalize proposals. The briefing also provided details on the second phase of NCUA’s deregulation activities, which will focus on complex policy and operational initiatives. Those proposals are forthcoming.
Ms. Parkhill also highlighted four final rules that NCUA issued in recent weeks.
The first was on Dependent Care and Board Member Reimbursement. The NCUA Board amended its regulations concerning the reimbursement of reasonable expenses for federal credit union officials, in order to remove potential barriers to volunteer service.
The second is a final rule revising records preservation requirements. This rule clarifies the purpose of the regulation, removes two Appendices, and updates certain definitions. It also implements two changes based on the feedback received from public comments.
NCUA also issued an interim final rule to clarify federal credit unions’ power to levy, receive, or otherwise obtain non-interest charges and fees, including interchange fees, under the Federal Credit Union Act.
NCUA has exclusive authority over federal credit unions’ ability to levy non-interest charges and fees. The Interim Final Rule is intended to preempt any state law affecting the non-interest charges and fees related to payment card services.
NCUA is adopting this Interim Final Rule both to clarify federal credit union authority and to avoid any disparity between federal credit unions and national banks --- especially in light of a recently issued interim final rule on the same subject by the OCC.
As NCUA’s Interim Final Rule makes clear, state rules regulating federal credit union activity related to non-interest charges and fees, including interchange fees, are not applicable to federal credit unions.
And finally, the Board was briefed on a final rule related to prohibition on the use of reputation risk. This rule was needed because of past situations where regulators used reputation risk as a cudgel to push ideological agendas that Congress never authorized.
The rule prohibits NCUA from instructing credit unions to close accounts, deny products or services, or altogether terminate products and services on the basis of a person or entity’s protected class or political views. It grounds NCUA’s supervision and examination programs in data-driven conclusions to eliminate the risk of individual perspectives driving the supervisory process.
Share Insurance Fund Quarterly Briefing
The NCUA Board received a briefing on the Share Insurance Fund’s Quarterly Report from Acting Chief Financial Officer, Melissa Lowden, from the Office of Chief Financial Officer.
During the briefing, Ms. Lowden illustrated updates on the Share Insurance Fund via an interactive dashboard that is available to the public on NCUA.gov. The data presented reinforced that the Share Insurance Fund remained strong at the start of 2026, supported by solid credit union performance.
The briefing highlighted that first quarter data shows continued growth with an increase of just under $400 million dollars from Q4 2025, giving the Share Insurance Fund $24.5 billion in total assets.
The data presented also showed that total reserves increased to $249.3 million and cash and investments are $23.9 billion, an increase of 5.9 percent since Q1 2025.
The number of CAMELS code 3 credit unions decreased from 653 to 636, and credit unions with CAMELS codes 4 and 5 also decreased from 117 to 107 in Q1. CAMELS data remained stable, with over 92 percent of CUs rated in CAMELS code 1 or 2.
There were 3 credit union failures in Q1 2026, which incurred losses of $5.7 million to the Share Insurance Fund.
2026 Mid-Year Budget Update
The NCUA Board received a briefing on the 2026 Mid-Year Budget from Acting Chief Financial Officer, Melissa Lowden, from the Office of Chief Financial Officer.
During the briefing Ms. Lowden highlighted that through May 2026, NCUA’s spending was 17.1 percent lower this year compared to last year. Compared to the last three years, agency spending is down in all cost categories, including employee compensation.
Chairman Hauptman stated, “I’m encouraged by the movement on agency reorganization projects and our capital projects and believe our budget will continue to reflect this positive direction”.
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