WASHINGTON (10/2/08)-Interested parties have until Dec. 1 to comment on a National Credit Union Administration (NCUA) plan to allow credit unions eligible under the Regulatory Flexibility Program (Reg Flex) additional time to occupy properties bought in an unimproved state. The agency approved its proposal for comment at its Sept. 25 open board meeting and yesterday’s Federal Register
announced the comment deadline. Currently, when a federal credit union acquires unimproved land for future expansion and does not fully occupy the completed premises within one year, it must partially occupy the property within three years or obtain a waiver. The NCUA proposal would extend that three-year period to six years. Also at the meeting, the NCUA approved two final regulations:
* One revises the agency's rule governing the requirements for use of the official insurance sign and official advertising statement to give credit unions the flexibility to use the basic form of the official statement, a shortened form, or just the official sign. * The other to streamlines the agency's system for complying with freedom of information and privacy laws.
Both rules are effective Oct. 31, according to the Federal Register