NCUA Board Meeting Summary

Regulatory Advocacy Staff
April 22, 2011 | COMMENTS

There was a good development at the NCUA Board meeting today.  The Board removed the two most controversial provisions from the final rule on corporate credit unions’ internal risk management, reporting, and corporate governance requirements.  NCUA did not have legal authority to adopt these provisions.  The two deleted provisions, which CUNA strongly opposed in our comment letter and in discussions with NCUA officials, would have:

• Limited natural person credit unions to membership in only one corporate; and
• Virtually required that all entities using the services of a corporate contribute to the Temporary Corporate Credit Union Stabilization Fund, including entities that are not federally insured or financial institutions.

In addition, the Board approved new services for corporate credit union CUSOs, adopted a final interpretive ruling and policy statement (IRPS) on NCUA Supervisory Review Committee guidelines, and reviewed reports on the National Credit Union Share Insurance Fund and the Stabilization Fund.

Click here for a complete summary of the Board meeting on CUNA's Regulatory Advocacy page.