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Net worth equity ratio rule leads July NCUA meeting
ALEXANDRIA, Va. (7/15/11)--The final version of the National Credit Union Administration's (NCUA) proposed revisions to "net worth" and "equity ratio" definitions will lead the agenda when the agency holds its next open board meeting at 10:00 A.M. ET on July 21. The NCUA in March proposed amending the Federal Credit Union Act's definition of "net worth" for natural-person credit unions under NCUA's Prompt Corrective Action authorities to allow the NCUA's Section 208 Assistance made to troubled credit unions to qualify as regulatory net worth. The NCUA proposal also included a "technical correction" to its regulatory definition of "net worth." This technical correction would generally decrease the amount of a combined credit union's "net worth" in a credit union merger. The agency also proposed equity ratio changes that clarify that the National Credit Union Share Insurance Fund's (NCUSIF) equity ratio must be based solely on the financial statements of the NCUSIF alone, without consolidation with other statements such as those of conserved credit unions. The Credit Union National Association generally supported these changes, but told the NCUA that portions of the agency's proposal addressing so-called "bargain purchase gains" should not be finalized until they can be studied further by accounting professionals. An interim final rule addressing remittance transfers and a proposed rule related to credit union service organizations are also on the agenda. Stabilization fund borrowing, reprogramming the NCUA’s 2011 operating budget, and corporate credit union-related accounting issues will also be discussed during the meeting. The monthly insurance fund report will also be presented. The agency will also discuss combining the roles of deputy executive director and chief operating officer into a single position. Supervisory issues will be covered at a later closed meeting. For the full agenda, use the resource link.
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