ALEXANDRIA, Va. (3/20/09)--RegFlex-qualifying federal credit unions will have up to six years to occupy unimproved land acquired for expansion without a waiver under a final rule approved by the National Credit Union Administration (NCUA) board Thursday. Previously, a RegFlex FCU had to partially occupy the premises within three years or it was required to obtain a waiver from NCUA. NCUA recognizes 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 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. FCUs may apply for a RegFlex designation if they either received a composite CAMEL rating of 3 or better in their previous examination or have been “well capitalized” for the previous six quarters.