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NCUA takes on assessment financial reforms today
WASHINGTON (9/16/10)—Discussion of the National Credit Union Share Insurance Fund (NCUSIF) premium, which will help replenish the equity level of the NCUSIF, will be one of many highlights of today’s National Credit Union Administration (NCUA) board meeting, the first to take place since July. The Credit Union National Association (CUNA) has projected that the NCUA will charge a premium of between six and 10 basis points. The recently enacted Dodd-Frank financial regulatory reform legislation will be another topic of discussion. CUNA has estimated that around 35 of the new regulations would impact credit unions, with specific changes to interchange fees and related issues being the most notable additions. Other areas specifically impacting credit unions include changes to mortgage lending rules as well as other rules that will be issued by the new Consumer Financial Protection Bureau. CUNA has said that a number of changes would likely only alter existing regulations. Final rules addressing secondary capital accounts and short-term, small amount (STS) loans are also on the docket. The NCUA earlier this year proposed allowing federal credit unions to offer STS loans as a better alternative to predatory payday loans that are offered by other financial service providers. Under this proposal, federal credit unions would be permitted to charge an interest rate that is higher than the current usury ceiling in the Federal Credit Union Act, but the rule would impose limitations on the permissible term, amount, and fees for these types of loans. The Credit Union National Association supports the STS plan, but has urged the NCUA to make sure the rule is not so prescriptive as to discourage credit union participation. Potential adoption of the Federal Accounting Standards Advisory Board's financial reporting standards and the general status of the NCUA's insurance funds also will be discussed during the open portion of the meeting. For the full NCUA agenda, use the resource link.
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From today's @USATODAY front page, a shout out to #CreditUnions courtesy of @CUNA http://t.co/881vLPeECN
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