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News Now

Washington
Elimination of fixed-asset cap on NCUA board agenda for July
ALEXANDRIA, Va. (7/25/14)--The National Credit Union Administration will consider a proposed rule on federal credit union ownership of fixed assets, among other proposals, at its monthly board meeting Thursday.

Speaking at the National Association of Federal Credit Unions conference Wednesday, NCUA Chair Debbie Matz said the proposal is intended to streamline the rules that implement Federal Credit Union Act provisions governing the process for those credit unions to occupy land or buildings.

Matz said the intent is to allow federal credit unions to manage their own fixed-asset purchases without having to seek permission or waivers from the NCUA. This would allow them to update facilities, upgrade technologies and make purchases that do not impact safety and soundness.
                 
"NCUA should not micromanage individual business decisions," she said ( News Now July 24).

Board member Rick Metsger has made fixed-asset issues an area of focus since joining the NCUA board in 2013, and said Thursday at the American Association of Credit Union Leagues meeting in Chicago that he was strongly in favor of giving credit unions the ability to make their own decisions on managing fixed assets.

The board will also give the quarterly share insurance fund report, the guaranteed notes performance report, and the agency's 2014 mid-year operating budget.

Also on the agenda is a request for a community charter expansion for Call FCU, a $360 million-asset institution based in Richmond, Va.

Matz said last week that along with the fixed assets proposed rule, board meetings later this year would address two other regulatory relief proposals. One would be to support legislation to increase the member business loan cap from 12.15%, as well as look for other ways to "modernize" member business lending to make it easier for credit unions to serve small businesses. The other proposal would involve updating appraisal provisions.

The NCUA board will not meet in August. The next board meeting is scheduled for Sept. 18.


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