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News Now

Washington
Corp CU comment deadline extended
ALEXANDRIA, Va. (12/1/10)--The due date for comments on the National Credit Union Administration’s (NCUA) recently proposed amendments to its corporate credit union rules has been extended until Jan. 28. Credit Union National Association (CUNA) President/CEO Bill Cheney said that CUNA appreciates the NCUA's "responsiveness to the needs of the credit union movement for more time to fully evaluate this important proposal." The NCUA originally provided credit unions and other concerned parties with a 30 day comment window. CUNA last week urged the NCUA to extend the comment period, saying that many aspects of the proposal "are in need of careful review by credit unions and the agency." The NCUA's corporate changes, which were proposed during the agency's November open meeting, would limit credit union membership in corporates to one corporate at a time and change some internal control and reporting requirements via technical amendments. The NCUA at that time also proposed implementing "voluntary" Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessments to privately insured credit unions and non-credit unions, such as credit union leagues, which are members of a corporate. NCUA Chairman Debbie Matz said that the extended comment period “will balance the need for stakeholders to provide thoughtful feedback on the complex issues raised in our newly proposed corporate rule, while ensuring that the final provisions from both corporate rulemakings will take effect over a closely coordinated time frame. The end result will be a corporate system that is better positioned to manage risks and safely serve member credit unions,” Matz added. The NCUA has recently said that it welcomes comments on the proposals, and has specifically solicited input on any alternative approaches that may also be able to address the agency's concerns. For the full NCUA release, and the NCUA’s recent corporate credit union proposal, use the resource links.
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