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Comments on NCUA corporate CU plan due March 9
WASHINGTON (12/10/09)--The National Credit Union Administration (NCUA) has given a deadline of March 9, 2010 for all comments on its proposed changes to corporate credit union rules to be submitted. The Credit Union National Association (CUNA) has re-formed its Corporate Credit Union Task Force, which will be led by VyStar CU President/CEO Terry West, to analyze the NCUA proposal and develop its own comment on the proposal. Comments that are directed to CUNA must be submitted by Jan. 20. The proposed rules for corporate credit unions, which were presented at the NCUA’s board meeting last month, would amend Part 704 of the NCUA's rules, adjusting the current corporate capital requirements by replacing the current 4% minimum total capital ratio with a 4% minimum leverage ratio, a 4% tier one risk-based capital ratio, and an 8% total risk-based capital ratio for adequately capitalized corporate credit unions. Corporate credit unions would be required to demonstrate capital ratios of 5%, 6% and 10%, respectively, to be considered well capitalized. The proposal would also prevent corporate credit unions from investing in collateralized debt obligations and net interest margin securities, and would limit so-called “golden parachutes” for troubled corporates and require corporate credit unions to disclose their executive compensation packages. The NCUA rules would also seek to ensure that corporate boards are mainly comprised of natural person credit union employees, and would require any of these board members to hold the position of CEO, CFO, or COO at their member entity. For CUNA's summary of the proposed rule, along with a copy of the proposed rule, as published in the Federal Register, use the resource link.
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