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Washington
Matz Changes coming to Novembers corporate CU plan
ALEXANDRIA, Va. (4/8/11)--“Potentially significant changes” are now being drafted for a National Credit Union Administration (NCUA) proposed rule on corporate credit unions that was issued by the agency in November. In her “Chairman’s Report” in the April issue of “The NCUA Report,” Debbie Matz writes that agency staff are now “working diligently” to draft changes based on their review of the 227 letters sent to the agency by interested parties. The rule in question proposed to make further changes to the agency’s regulation on corporate credit unions, subsequent to dramatic amendments the board adopted two months earlier. Matz noted that the corporate rule will be considered at the next NCUA open board meeting, which is scheduled for April 21. The Credit Union National Association (CUNA), in a comment letter in January, noted serious concerns with the proposal. For instance, CUNA doubted that it would be sound public policy to go forward with a provision to limit credit unions to membership in one corporate credit union at a time. CUNA also questioned NCUA’s legal authority to require a “voluntary payment” into the agency’s Corporate Credit Union Stabilization Fund from non-federally insured credit unions (FICU) concurrent to an NCUA assessment on FICUs for the fund. Overall, Matz’s monthly column focused on tips to write an effective comment letter--and the corporate rule changes were cited as an illustration of how the agency truly considers commenters’ remarks. Credit unions interested in the chairman’s tips on effective letter writing should use the link below to access the entire column.
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