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News Now

Washington
Comment on NCUA Corp. CU charter guidance sought
WASHINGTON (10/12/10)--The Credit Union National Association (CUNA) has asked credit unions to comment on the National Credit Union Administration’s (NCUA) proposed guidance on the requirements and process for chartering federal corporate credit unions. The NCUA currently does not provide guidance in this area. Under the NCUA corporate credit union guidance, a group of at least seven representatives from natural person credit unions would need to provide detailed business planning information and several types of supplemental information. To approve the corporate, the NCUA and its Office of Corporate Credit Unions (OCCU) will judge whether the proposed corporate credit union would uphold the provisions of the Federal Credit Union Act, promote safety and soundness within the credit union industry, and provide quality services to members. The NCUA and its OCCU will also assess the economic and long-term viability of the proposed corporate. The NCUA has estimated that creating a corporate charter that complies with its guidance would take 330 hours, total. In the comment call, CUNA asks if there is a need for corporate credit union chartering guidance, and, if so, whether or not the proposed collection of information is necessary for the NCUA to properly perform its functions as the regulator of corporate credit unions. Comments should be sent to CUNA by Oct. 26. The NCUA will accept comments on the proposal until Nov. 1.


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