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CUNA seeks comment on NCUA RegFlex changes
WASHINGTON (4/2/10)--The Credit Union National Association (CUNA) has issued a regulatory comment call on the National Credit Union Administration’s proposed changes to its Regulatory Flexibility (RegFlex) Program. CUNA has suggested that those who do submit comments address the appropriateness of the 5% of fixed assets limit on investments and stress testing requirements. More generally, CUNA has also sought comment on whether or not changes to the RegFlex rules are necessary. The NCUA last month approved a proposed rule that would rescind some exemptions related to fixed assets, member business lending (MBL), stress testing of securities, and the discretionary control of investments. Specifically, the RegFlex proposal would require RegFlex credit unions to comply with the general limitation of a federal credit union’s investment in fixed assets to no more than 5% of its shares and retained earnings. The proposal would also subject RegFlex credit unions to stress test standards for some types of securities and would saddle RegFlex credit unions with the same 100% net worth limitation on discretionary control of investments that applies to federal credit unions. Member business lending by credit unions would also be affected, with the proposed rule subjecting RegFlex participants to collateral and security provisions that require the personal liability and guarantee of the borrower’s principals. Comments are due to CUNA by May 10. Comments solicited to the NCUA should be submitted by May 24. To view the CUNA comment call, use the link.


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