Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA OKs new corporate CU office authorities
ALEXANDRIA, Va. (9/23/11)—The National Credit Union Administration (NCUA) expanded the authority of its Office of Corporate Credit Unions (OCCU) director by adding seven new items to the list of actions that its director may approve or disapprove. The new authority is tied to the agency’s corporate credit union rule changes that were made in September 2010. Specifically, the changes relate to prompt corrective action notices and a corporates treatment of capital. Under the new rule, approved unanimously by the board during Thursday’s open board meeting, the OCCU director will be allowed to approve or disapprove a given corporate credit union’s retained earnings accumulation plan and whether a corporate credit union may release non-perpetual capital accounts (NCAs) to facilitate the payout of shares in a liquidation. The OCCU director will also have the ability to approve or disapprove a corporate’s establishment of individual minimum capital requirements and any actions it wishes to take regarding capital restoration plans. According to the NCUA, the director will also have authority over:
* Whether a corporate credit union may redeem NCAs before they reach maturity or before the end of the notice period; * Whether a corporate credit union may release perpetual contributed capital (PCC) instruments to facilitate the payout of shares in a liquidation; and * Whether a corporate credit union may call PCC instruments.
The NCUA said these changes would “enhance the effectiveness” of its corporate credit union rule, increase the timeliness of OCCU responses, and reduce the regulatory burden for credit unions. For more on the NCUA meeting, use the resource link.


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
12 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
14 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
15 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
17 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
17 hours ago