Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Final rule analysis covers NCUA RegFlex changes
WASHINGTON (11/29/10)--The Credit Union National Association (CUNA) has released a final rule analysis on the National Credit Union Administration’s (NCUA) amendments to the Regulatory Flexibility (RegFlex) Program. Under the RegFlex changes, RegFlex credit unions will need to comply with the general limitation of a federal credit union's investment in fixed assets to no more than 5% of its shares and retained earnings. These credit unions will also be subject to certain stress test standards and will be forced to comply with collateral and security provisions that include obtaining the personal liability and guarantee of member business loan borrowers. The NCUA passed the RegFlex changes in an open board meeting held last month. During that meeting, NCUA Chairman Debbie Matz said that the changes were needed to protect the National credit Union Share Insurance Fund. Board member Michael Fryzel also backed the final rule, saying that the original RegFlex rules "may have been too flexible." Board member Gigi Hyland opposed the changes. CUNA has questioned the need for these RegFlex changes, saying that the changes will render the RegFlex program much less helpful to credit unions. CUNA plans to work with the NCUA to revitalize the RegFlex Program if the opportunity presents itself. The final rule comes into effect on November 29. For the CUNA Final Rule Analysis, use the resource link.


RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
24 minutes ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
58 minutes ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
3 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
5 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
6 hours ago