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News Now

Washington
Corp. CU rule refinements on NCUA agenda
ALEXANDRIA, Va. (11/12/10)—Technical corrections to the National Credit Union Administration’s (NCUA) corporate credit union rules will lead the agenda at the November open board meeting, which will take place next Thursday. NCUA General Counsel Bob Fenner in late September said that the NCUA would release additional refinements to its corporate rule, adding that the agency would address corporate membership fees, internal reporting, risk management, and other issues through these corrections. The nature of the NCUA’s planned corrections is not known at this time. The NCUA’s new corporate credit union rule, which was introduced in late September, adjusts corporate capital requirements, prohibits the purchase of private-label mortgage-backed securities or subordinated securities, limits the ability to award so-called "golden parachute" executive compensation packages to corporate credit union executives, and imposes new standards for corporate credit union board membership. The NCUA's 2011/2012 operating budget will also be discussed during the meeting. The agency approved a fiscal 2010 budget of just over $200 million last year, a 13% increase over the prior year’s budget. The majority of that budget increase went to NCUA program and staff additions. The agency’s overhead transfer rate and operating fee scale are also on the agenda, and the NCUA will also discuss the status of its insurance funds during the meeting. A closed NCUA session will take place on Wednesday morning. Pilot programs, insurance appeals, personnel issues, and supervisory activities are on the agenda for that meeting. For the full NCUA meeting schedules, use the resource links.
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