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Effective dates set on new NCUA rules
WASHINGTON (6/25/09)—The effective dates of two recently adopted National Credit Union Administration (NCUA) rules have been published in the June 24 Federal Register: one addresses operating fees, the other second lien modifications. Effective Jan. 1, 2010, the NCUA has amended its rule on the assessment of operating fees by permitting federal credit unions to subtract investments made under the Credit Union System Investment Program (CU SIP) and the Credit Union Homeowners Affordability Relief Program (CU HARP) from their total assets. The Credit Union National Association had argued that the change would remove a disincentive to credit union participations in the CU SIP or CU HARP programs. The programs are designed to add liquidity to the corporate credit unions system. CU HARP makes advances for a maximum term of one year, renewable for one year. CU SIP is designed to complement CU HARP by enabling the NCUA’s Central Liquidity Facility to lend to credit unions to invest in NCUSIF guaranteed notes, the proceeds of which will be used to retire external system debt. Another rule adopted at the last NCUA open board meeting, one amending lending rules to create a limited exception to the 20-year maturity limit on second mortgage loans, became effective upon publication on June 24. Written comment will be accepted through Aug. 24. The rule change is intended to enable federal credit unions participating in the U.S. Department of the Treasury's Making Home Affordable Program to modify a second mortgage loan, beyond 20 years, to match the term of a modified first mortgage loan. Use the resource link below to access the NCUA rules.
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