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NCUA receives 450 comments on ANPR for corporates
ALEXANDRIA, Va. (4/8/09)--The National Credit Union Administration (NCUA) received 450 comments on its advance notice of proposed rulemaking (ANPR) regarding the corporate credit union system and its regulation. NCUA is evaluating corporates’ role in the credit union system--including their membership, structure, size and services. NCUA also is considering whether to amend Part 704, the corporate credit union regulation, to clarify or revise provisions that include capital, permissible investments, management of credit risk and liquidity, and corporate governance. The initial response to NCUA’s request for comments was positive, according to NCUA Chairman Michael Fryzel. “This process will be a careful and deliberate one, especially given the broad scope and complexity of the issues before us. At the same time, I intend to move forward with all appropriate speed and diligence,” he said. “The corporate situation warrants a new set of rules that will facilitate the creation of a safer, stronger, and more financially viable network of corporate credit unions, and NCUA must take a wide-ranging look at all options and then act decisively.” The Credit Union National Association (CUNA) and the Corporate Credit Union Task Force encouraged credit unions to share their views with NCUA on the issues raised by the ANPR. “We are glad that a number of credit union folks took time to consider these matters and put their comments together; the input can only help the process,” said task force Chair Terry West. “CUNA will be reviewing the comments carefully and continue to talk with NCUA to help ensure the interests of natural person credit unions are foremost as NCUA considers changes to the corporate credit union system.” To see the ANPR and comments, use the link.
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