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News Now

Washington
Key definitions could change CU comment sought
WASHINGTON (3/24/11)—Proposed revisions to “net worth” and “equity ratio” definitions will soon be up for public comment, and the Credit Union National Association (CUNA) is asking credit unions to provide their own input on these proposals. One National Credit Union Administration (NCUA) proposal would amend the Federal Credit Union Act's definition of “net worth” for natural-person credit unions under NCUA’s Prompt Corrective Action (PCA) authorities to allow the NCUA’s Section 208 Assistance made to troubled credit unions to qualify as regulatory net worth. The NCUA proposal also included a “technical correction” to its regulatory definition of “net worth.” This technical correction would generally decrease the amount of a combined credit union’s “net worth” in a credit union merger. The proposed equity ratio changes would clarify that the National Credit Union Share Insurance Fund’s equity ratio must be based solely on the financial statements of the NCUSIF alone without consolidation with other statements, such as those of conserved credit unions. CUNA in the comment call asks credit unions if the proposed net worth changes are “reasonable,” and whether or not the NCUA remove any proposed requirements or add additional requirements when it creates its final rule. Credit unions may also generally address the NCUA’s equity ratio proposal in their comments. Comments should be submitted to CUNA by May 4. The NCUA proposal should be published in the Federal Register by the end of the month, and the agency will accept comments for 60 days after it has been published. For the comment call, use the resource link.


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