ALEXANDRIA, Va. (7/27/12)—Potential changes to the National Credit Union Administration's (NCUA) definitions of "small credit unions" and "rural fields of membership" are welcome, and reflect policy changes advocated by the Credit Union National Association (CUNA), President/CEO Bill Cheney said on Thursday.
NCUA Chairman Debbie Matz on Thursday said the agency in the coming months plans to broaden its definition of small credit unions to allow more credit unions to receive technical assistance and regulatory relief from the agency. The agency also intends to expand rural field of membership districts.
CUNA recently discussed field of membership issues with the agency, including recommendations to facilitate greater service to rural districts and other communities.
Other regulatory initiatives the NCUA is considering include:
- Allowing credit unions to buy Treasury Inflation Protected Securities;
- Approving the use of video teller machines in order to comply with field of membership rules for serving underserved areas; and
- Increasing the maximum application fee for short-term small-amount loans.
Matz said the NCUA is considering these actions due to credit union comments, and added that the agency would continue to listen to credit unions.
The NCUA chairman announced the potential regulatory changes at the National Association of Federal Credit Unions Annual Conference in Nashville, Tenn. Matz also unveiled plans to establish a new Office of National Examinations and Supervision during the conference. (See related News Now
story: NCUA to shift exam focus to largest CUs)