WASHINGTON (6/11/13)--The Credit Union National Association's efforts to express credit union derivative concerns continued during a June 6 conference call between National Credit Union Administration staff and members of CUNA's Examination and Supervision Subcommittee.
NCUA staff answered questions on the derivatives proposal. Details of the call are reported this week in CUNA's Regulatory Advocacy Report
Concerns raised by CUNA subcommittee members included:
Application and examination fees;
The possibility of waivers to gain additional derivatives authority;
The $250 million net worth requirement to qualify for derivatives authority; and
When asked about expertise requirements, NCUA staff said that under the proposal credit unions would have to have an experienced person on staff at the credit union and that contractors or third-parties would not be permissible to meet this requirement.
Overall, NCUA staff said the rule is designed to be workable and that the NCUA board welcomes comments on all aspects of the proposal.
CUNA's Examination and Supervision Subcommittee is developing recommendations on the proposal. omments on the proposal must be filed with the NCUA by July 29.
Other developments detailed in this week's Regulatory Advocacy Report
The Consumer Financial Protection Bureau's issuance of exam procedures for new mortgage rules;
CUNA concerns with NCUA delinquency reporting changes; and
CUNA's new survey on CFPB mortgage regulations, and requests for comment on remittance and Bank Secrecy Act developments.
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