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News Now

Washington
NCUA to consider corporate CU rule today
ALEXANDRIA, Va. (4/21/11)--The National Credit Union Administration's (NCUA) is scheduled to consider a final corporate credit union rule at its meeting this morning. The agency’s chairman already noted earlier this month that staffers were "working diligently" on "potentially significant changes" to its corporate proposal. The agency has reviewed 227 comment letters on the proposal, which was published for comments in November. That plan would alter some internal control and reporting requirements. It also proposed to limit credit union membership in corporates generally to one corporate at a time. It would also set up a process under which all entities that use a corporate credit union would make a “voluntary” payment into the Corporate Stabilization Fund or face negative consequences. Credit Union National Association's (CUNA) Deputy General Counsel Mary Dunn has noted significant concerns regarding the proposal, including the provision to limit credit union membership to a single corporate credit union. Another issue involves the provision that would essentially require all entities using corporate credit unions to pay into the Corporate Stabilization Fund, a plan for which CUNA does not believe the NCUA has legal authority. The NCUA's monthly report on the status of its insurance funds will also be delivered during the meeting. Watch News Now LiveWire for live updates from the meeting, which starts at 10 a.m. (ET).


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