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News Now

Washington
Corp CUs budget are NCUA headliners today
WASHINGTON (11/19/09)--The National Credit Union Administration (NCUA) will unveil its proposed rules on corporate credit unions later today, and while many details of the rules remain unknown, the agency has said that the rules will include new capital standards and will address concentration of risks in mortgage-related securities and other asset-backed securities. The rules are also expected to address executive compensation for corporate credit union leadership. Regardless of the details of the plan, it is expected to generate significant comment from credit union industry insiders. The NCUA's 2010/2011 operating budget will also be discussed during the open portion of the meeting. The agency approved a tentative fiscal 2010 budget of $189.97 million last year. The NCUA earlier this year also approved plans for an office of consumer protection, and while that office has yet to be staffed, many will be watching to see what place, if any, that office takes in the NCUA's budgetary plans. Part of the regulatory revamp debate that is ongoing in Washington surrounds the creation of a proposed Consumer Financial Protection Agency, and the NCUA’s consumer protection duties would be folded into this agency if House and Senate legislation is not amended prior to its potential passage into law. Other items up for discussion during the meeting include:
*The NCUA’s overhead transfer rate and operating fee scale; *The National Credit Union Share Insurance Fund premium and 1% deposit; and *The NCUA’s monthly insurance fund report.
A closed NCUA board meeting will follow the open session.


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