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Washington
CUs asked to comment on incidental powers
WASHINGTON (7/3/08)—Credit unions are being asked to comment on a recent National Credit Union Administration (NCUA) plan to update its rule on incidental powers for federal credit unions. The NCUA proposal would add illustrations of permissible activities under the categories of correspondent services, operational programs, and finder activities, and the Credit Union National Association seeks credit union comment by July 15. Specifically CUNA is asking:
* What issues may arise from the provision of the proposal to include foreign credit unions under the correspondent services category? * Are there any unforeseen problems that may arise in including payroll services within the operational programs category? * Are there any specific concerns with the provision of the proposal to clarify that finder activities include an FCU’s negotiation of group discounts? * Are there any specific concerns with the provision of the proposal to clarify that finder activities include the performance of administrative functions for outside vendors? * Is the inclusion of insurance as an illustration under finder activities likely to add clarification? * And, are there any other comments or concerns regarding NCUA’s proposed rule?
Comments are due to the agency by July 28. For more details on the NCUA proposal and the CUNA comment call, use the resource link below.


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