Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NEW: NCUA Approves Final Version Of Fixed Asset Reg Changes
ALEXANDRIA, Va. (UPDATED: 9/12/13, 10:15 A.M. ET)--The National Credit Union Administration just minutes ago approved a final version of fixed-asset regulation changes.

The changes include plain language revisions, new definitions and rewordings that impact the current fixed-assets rule, Section 701.36. That rule allows federal credit unions to purchase, hold and dispose of property necessary or incidental to their operations. These fixed assets include office buildings, branch facilities, furniture, computer hardware and software, and ATMs.

The amendments do not make any substantive changes to regulatory requirements. Rather, they are intended to clarify the rule by improving its organization, structure, and "ease of use."

The Credit Union National Association has spoken in support of these proposed fixed-asset rule changes.

CUNA and other commenters encouraged the NCUA to eliminate the current regulatory limit imposed on the ownership of fixed assets, which is 5% of a federal credit union's shares. Others suggested the NCUA could eliminate the current requirement to fully occupy premises acquired for future expansion.

The NCUA said these changes were beyond the scope of the current rule, but could be taken up at a later date.

A community charter expansion request filed by Peoples Advantage FCU, Chester, Va., and a proposed rule addressing charitable donation authorizations are the other items on today's open board meeting agenda.

The closed portion of the agency's board meeting is set to follow this morning's open session. NCUA supervisory activities are the lone item on that meeting agenda.

Watch Friday News Now for more on today's board meeting.


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 Day ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
1 Day ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
3 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
3 hours ago