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Fiduciary clarifications on NCUA board agenda
ALEXANDRIA, Va. (1/18/08)--The National Credit Union Administration (NCUA) during its monthly board meeting on Thursday will consider clarifying its rules related to credit union board fiduciary responsibilities. While the agency has no specific proposal, it continues to consider how to better define a credit union board’s fiduciary duties in the face of major decisions, such as mergers or conversions to mutual thrifts. The Advanced Notice of Proposed Rulemaking is related to Parts 708a and 708b of NCUA’s “Rules and Regulations--Mergers, Conversion from Credit Union Charter, and Account Insurance Termination.” The agency will seek comments. Also on the agenda, the board will evaluate credit unions’ federal usury rate ceiling, which the Federal Credit Union Act requires every 18 months. The rate currently is set at 18%.


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