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News Now

Washington
Conversion application among NCUA agenda items
ALEXANDRIA, Va. (10/19/09)--The National Credit Union Administration (NCUA) at its upcoming Oct. 22 board meeting will consider a request from US #1364 Federal Credit Union to convert to a community charter. During the early session, the NCUA will also discuss a final rule, which will follow up on previously issued interim final rules on increased National Credit Union Share Insurance Fund coverage to $250,000 through 2013 and increase coverage for revocable trust accounts, NCUA General Counsel Bob Fenner told News Now. The board will also consider an additional request from the Kansas State Supervisory Authority for an exemption from Section 712.3(d)(3) of NCUA’s Rules and Regulations, which dictates that an federal credit union that intends to lend to or invest in a credit union service organization (CUSO) must confirm that the CUSO will grant the NCUA and other regulatory authorities access to its records and internal controls before that federal credit union invests in or lends to the CUSO. Section 712.3(d)(3) also applies to federally insured state-chartered credit unions pursuant to 12 C.F.R. 741.222. It is likely that the Kansas State Supervisory Authority is seeking this exemption on the basis that it will have access to the CUSO's books and records. The NCUA will also consider its monthly Insurance Fund Report at the meeting. As is routine, a closed session of the NCUA board will follow the early open session. The NCUA Board will discuss supervisory activities and personnel matters during this portion of the meeting.


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