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LICU capital rule on NCUA meeting agenda
ALEXANDRIA, Va. (2/15/10)--The National Credit Union Administration (NCUA), at its upcoming board meeting at 10 a.m. ET on Thursday, Feb. 18, will be briefed on an interim final rule addressing secondary capital accounts for low-income credit unions. Section 701.34 of the NCUA's regulations determines the criteria that credit unions must meet to be considered low-income credit unions. The NCUA early last week approved the interim final rule via notational vote. The interim rule, which allows low-income credit unions (LICUs) to redeem all or part of government-funded secondary capital, along with their matching secondary capital at any time after it has been on deposit for two years, follows the U.S. Treasury Department's announcement of an initiative intended to enable LICUs, banks and thrifts to increase lending in low-income areas. The board will also be updated on the status of the National Credit Union Share Insurance Fund during the meeting. A closed meeting of the board--during which the NCUA will discuss supervisory activities and personnel matters--will follow the session.


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