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Washington
Corp. CU chartering rule is effective March 28
WASHINGTON (2/28/11)--The first updates to corporate credit union chartering rules approved by the National Credit Union Administration (NCUA) in 30 years go into effect March 28. The rule changes were adopted as an Interpretive Ruling and Policy Statement by the agency at its Feb. 17 open board meeting and set to go into effect 30 days after publication in the Federal Register, which has now occurred. The regulator's interpretation not only describes the requirements for charter applicants, it also includes the NCUA's standards for reviewing the feasibility of a new corporate charter. While the final IRPS largely reflects the proposed guidance issued by the NCUA last September, there were a few changes made based on comments submitted by the Credit Union National Association and others. Use the resource links below to view the NCUA IRPS and CUNA's complete comment on the proposed statement.
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