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News Now

Washington
NCUA open meeting specifics revealed
ALEXANDRIA, Va. (11/15/10)--A new interim National Credit Union Administration (NCUA) final rule regarding corporate credit unions will likely address, among other items, whether privately insured credit unions should help pay for the NCUA’s corporate credit union stabilization efforts. The interim final rule, which will be introduced at this Thursday’s NCUA open board meeting, will also fine tune some definitions and address whether natural person credit unions should be limited to membership in one corporate credit union, according to the Credit Union National Association (CUNA). The interim final rule may also address whether corporate credit unions should be able to assess membership or annual fees on their member credit unions, CUNA added. CUNA President/CEO Bill Cheney on Friday said that CUNA’s Corporate Credit Union Next Steps Working Group will help develop CUNA’s response to the new corporate CU documents. The NCUA will also consider the 2011 operating fee scale and operating fees for federal credit unions during the meeting, and will discuss the range of its National Credit Union Share Insurance Fund premium for the coming year as well. Discussion of the overheard transfer rate, which currently stands at 57.2%, is also on the agenda. The overhead transfer rate represents funds that are transferred from the NCUSIF to NCUA to pay for insurance-related agency costs. Pilot programs, insurance appeals, personnel issues, and supervisory activities are on the agenda for the NCUA’s closed meeting, which will take place on Wednesday. For the NCUA agendas, use the resource links.
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