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Washington
Land acquisition flexibility effective April 27
WASHINGTON (4/14/09)—The Credit Union National Association (CUNA) reminds credit unions that they have increased flexibility as of April 27 with regard to acquiring unimproved land for future expansion. Under a rule adopted by the National Credit Union Administration last month, RegFlex-qualifying federal credit unions will have up to six years to occupy unimproved land acquired for expansion, without a waiver. Previously, a RegFlex credit union minimally had to partially occupy the premises within three years or it was required to obtain a waiver from NCUA. In a recently released final rule analysis, CUNA underscores that the rule applies only to unimproved land. The NCUA has said it made the rule change to recognize that "real estate transactions are complex, time consuming, and can involve a host of wide-ranging issues . . . [t]his is especially true in the unimproved land context considering the addition of construction-related issues." A federally insured credit union automatically qualifies for RegFlex classification under 12 C.F.R. part 742 if it has had a composite CAMEL rating of 1 or 2 for its last two examinations and has been "well capitalized" under NCUA rules for the previous six quarters. Use the resource link below to read CUNA’s rule analysis.


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