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News Now

Washington
Final corporate CU rule leads April agency discussion
ALEXANDRIA, Va. (4/15/11)--The National Credit Union Administration’s (NCUA) final corporate credit union rule will be a key item for the board’s consideration when it convenes for its next monthly board meeting on April 21. NCUA Chairman Debbie Matz earlier this month said that agency staffers were "working diligently" on "potentially significant changes" to its corporate proposal. The agency has reviewed 227 comment letters on the proposal. The NCUA’s corporate proposal, which was published for comments in November, would alter some internal control and reporting requirements and proposed limiting credit union membership in corporates generally to one corporate at a time. It would also set up a process under which all entities that use a corporate credit union would pay into the Corporate Stabilization Fund or face negative consequences. “The Credit Union National Association’s (CUNA) biggest concerns regarding the proposal include whether credit unions would be limited to membership in only one corporate credit union. Other issues involve the provision that would essentially require all entities using corporate credit unions to pay into the Corporate Stabilization Fund,” CUNA Deputy General Counsel Mary Dunn said. CUNA has also asked if there is sufficient legal authority to support these changes. Corporate credit union service organization activities and guidelines for the agency’s supervisory review committee will also be discussed. 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. Insurance appeals and supervisory matters will be discussed during the closed meeting. For the full NCUA meeting agenda, use the resource link.
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