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NCUA to vote on underserved powers and more
ALEXANDRIA, Va. (10/10/08)—There are four items on the Oct. 16 National Credit Union Administration (NCUA) open board meeting agenda, including a quarterly report on the National Credit Union Share Insurance Fund. The three-member board is also scheduled to vote on a proposed rule that would set requirements for the use of the official insurance sign. Also on the table, a final rule that would affect three categories of incidental powers: correspondent services; operational programs; and finder activities. The NCUA will decide whether to approve additional illustrations of permissible activities within each of these categories. The board is also slated to consider a plan intended to clarify the procedure for establishing that an "undeserved area" qualifies as a local community, address the application of economic distress criteria; and clarify requirements for showing an area has "significant unmet needs," including the use of data from NCUA and other agencies to analyze whether an area is "undeserved by other depository institutions." In a recent comment letter, the Credit Union National Association (CUNA) urged the NCUA not to proceed with its underserved proposal, which CUNA said would establish a much more cumbersome procedure to approve underserved areas. CUNA maintained that the underlying rationale for the proposal is flawed and argued that the rule is not in need of “updating.” If adopted, the proposal would result in fewer and smaller underserved areas being approved, CUNA warned. CUNA urged the NCUA to retain the current process for approving underserved areas.


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