Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NCUA considering expanding clarifying permissible services
ALEXANDRIA, Va. (5/23/08)—The National Credit Union Administration Thursday proposed amendments to its incidental powers regulation (Section 721) to clarify and update definitions of permissible activities in correspondent and operational programs, and finder activities. One of the amendments would acknowledge that federal credit unions may provide correspondent services to foreign and federal or state-chartered credit unions. Another amendment would clarify that finder activities include a federal credit union's negotiation of group discounts, and the performance of administrative functions for outside vendors. The NCUA set a 60-day comment period for the new rule. “These amendments will provide useful information to federal credit unions by clarifying and updating the illustrations regarding permissible activities,” the agency said. The proposed amendment also would add language stating that vendors may provide non-financial products or financial products, including insurance. The same proposal would add payroll services to the operational programs category. NCUA has already recognized in a 2006 legal opinion that payroll services are related to other permissible activities, such as electronic financial services and payroll deductions.


RSS





print
News Now LiveWire
Record # of applicants for Crash the GAC means every state & D.C. will B represented by young #CU professional at #CUNAGAC #crashthegac15
12 hours ago
.@WOCCU and @CUNA are co-hosting 2015 America’s CU Conference July 12-15 in Denver. Registration is open here: http://t.co/FanFeaO0bC
13 hours ago
Recording of @CUNA Jan. 26 #rbc2 webinar is now available online here: http://t.co/jgxkd65Fj0 Just sign in and listen.
13 hours ago
.@SEC_News 2/19 proxy voting roundtable: contested director elections, increasing retail shareholder participation http://t.co/8k0p6ZvNL8
13 hours ago
.@TheNCUA posted resources 2 help consumers protect themselves,take action if they believe they were ID theft victims:http://t.co/HVaikbuT9H
15 hours ago