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Washington
Derivatives discussion on NCUA agenda
ALEXANDRIA, Va. (6/13/11)--The National Credit Union Administration has previously indicated that it would consider allowing credit unions to use derivatives to help manage interest rate risks, and an advanced notice of proposed rulemaking seeking comments on this concept is set to be considered at this month’s NCUA open board meeting. This month’s meeting will take place at 10:00 a.m. ET on June 17. The meeting was originally scheduled for Thursday, June 16. The final version of an NCUA proposal that would permit federal credit unions to use "statistically valid" random samples of member income data to prove their low-income status to the agency is also scheduled to be released during the June meeting. This alternative approach would allow credit unions that do not qualify as low-income according to the NCUA’s geocoding software to draw member income data from their own loan files or surveys. This data could then be used to prove a given credit union’s low-income status. CUNA supported this proposal, but encouraged the NCUA to provide credit unions with a more detailed explanation of what should be covered in the narrative and supporting material sections of a credit union’s low-income status application. Current NCUA regulations require a credit union to show actual income data from a minimum of 50% of its membership, plus one additional credit union member as an alternative basis for qualifying as low-income. So-called "golden parachutes" and indemnification payments will return to the NCUA agenda for the second consecutive month, with the agency covering technical corrections to those rules. The NCUA's monthly report on the status of its insurance funds will also be delivered during the meeting. A closed NCUA session will follow the open meeting. A waiver request, personnel issues and supervisory matters will be discussed during the closed meeting. For the full NCUA meeting agenda, use the resource link.
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