Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CLARIFICATION: NCUA Adds Loan Participation Rule to Thursday Agenda
ALEXANDRIA, Va. (6/18/13, UPDATED 7:10 p.m. ET)--A final rule on loan participations has been added to the National Credit Union Administration's June open board meeting agenda.

While the details of the final rule will not be available until the board meeting, the Credit Union National Association has raised serious concerns about the proposal as it was issued December 2011 and is hopeful important changes will be included in the final rule.

In its comment letter and subsequent advocacy efforts on the proposal, the CUNA urged the agency to withdraw it, as the net worth limitations on loan originations from one originator and one borrower in particular would be very problematic. CUNA also urged the agency to provide a waiver process.

CUNA also raised concerns about the impact of the proposal, saying it would add to the regulatory burden of affected credit unions in a manner that is wholly disproportionate to the risks associated with loan participations.

A proposed Illinois Member Business Loan rule is the other item on the open board meeting agenda. Supervisory activity considerations will be considered during the closed board meeting.

The open meeting is scheduled to being at 10 a.m. (ET) on Thursday. The closed meeting will follow shortly thereafter.

For more on the NCUA agenda, use the resource link.


RSS





print
News Now LiveWire
#Maine #creditunion membership growth continues record pace http://t.co/yFRur4TQ0x
13 hours ago
.@TheNCUA closes N.Dade Community Development FCU,Miami Gardens, Fla. determining CU violated some charter provisions,bylaws & fed. rules.
14 hours ago
Why a #creditunion can be a good fit for #smallbiz http://t.co/l7Df9b8vQZ @fundbox
16 hours ago
Who's most adept at saving these days? The middle class, says @Bankrate http://t.co/zVi7typdVU
17 hours ago
.@OregonCCU donates $20K in Sprint program monies to @CMNHospitals @CU4Kids via @NWCUA http://t.co/0wTAH5NTNI
17 hours ago