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Charter FOM process on NCUA agenda today
ALEXANDRIA, Va. (12/17/09)--The National Credit Union Administration (NCUA) has revised its board meeting schedule for 2010, rescheduling its July 2010 meeting to 10 a.m. ET on Thursday, July 29. The NCUA will open 2010 with a board meeting scheduled for Jan. 29, with the usual August recess scheduled. According to the schedule, the NCUA will conclude 2010 with a board meeting on Dec. 16. The NCUA’s December board meeting, which will take place in Alexandria, Va. this morning, will include discussion of ways to streamline the community credit union charter process as part of a revision of the NCUA's chartering and field of membership policies. The agency board will also consider a final rule that would create a limited exception to the 20-year maturity limit on second mortgage loans. Under the new final rule, federal credit unions that take part in the U.S. Treasury Department's Making Home Affordable (MHA) Program would be permitted to extend second mortgages beyond 20 years to match the terms of modified first mortgages, which can have up to a 40-year maturity. The board also will be updated on the status of its insurance fund during the meeting. A closed meeting of the board will follow the open session. For the NCUA’s full 2010 board meeting schedule, use the resource link.
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