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News Now

Washington
Corp CU town-hall meetings to continue in Jan. Feb.
ALEXANDRIA, Va. (11/20/09)—The reform plan for corporate credit union regulation has been unveiled and the National Credit Union Administration (NCUA) intends to continue its town-hall style approach to garnering comment from stakeholders. NCUA documents said that during the 90-day comment period on the proposed rule to adjust the current corporate regulatory scheme there will be two more Town Hall meetings and another webinar on the issues involved. While drafting the plan that was proposed by the agency at last Thursday’s open board meeting, the NCUA hosted a series of Town Hall meetings to elicit comment. The agency received around 500 comments during that period. The proposed rule, which would amend Part 704 of the NCUA's rules, would adjust 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. Among other things, it also would prevent corporate credit unions from investing in collateralized debt obligations and net interest margin securities, and would make A- the lowest rating at which corporate credit unions with expanded investment authority may purchase nationally recognized statistical rating organization-rated investments. News Now will carry further details on the NCUA’s meetings and webinar as they become available. The proposed rule can be accessed via the resource link below.
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