WASHINGTON (11/29/10)--The Credit Union National Association (CUNA) has released a final rule analysis on the National Credit Union Administration’s (NCUA) amendments to the Regulatory Flexibility (RegFlex) Program. Under the RegFlex changes, RegFlex credit unions will need to comply with the general limitation of a federal credit union's investment in fixed assets to no more than 5% of its shares and retained earnings. These credit unions will also be subject to certain stress test standards and will be forced to comply with collateral and security provisions that include obtaining the personal liability and guarantee of member business loan borrowers. The NCUA passed the RegFlex changes in an open board meeting held last month. During that meeting, NCUA Chairman Debbie Matz said that the changes were needed to protect the National credit Union Share Insurance Fund. Board member Michael Fryzel also backed the final rule, saying that the original RegFlex rules "may have been too flexible." Board member Gigi Hyland opposed the changes. CUNA has questioned the need for these RegFlex changes, saying that the changes will render the RegFlex program much less helpful to credit unions. CUNA plans to work with the NCUA to revitalize the RegFlex Program if the opportunity presents itself. The final rule comes into effect on November 29. For the CUNA Final Rule Analysis, use the resource link.