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New RegFlex plan a good one says CUNA
WASHINGTON (12/4/08)—The Credit Union National Association (CUNA) endorsed a plan under the Regulatory Flexibility Program (RegFlex) that would allow well-run credit unions additional time to occupy properties bought in an unimproved state. Currently, when a federal credit union acquires unimproved land for future expansion and does not fully occupy the completed premises within one year, it must partially occupy the property within three years or obtain a waiver. The National Credit Union Administration (NCUA) proposed a plan in September that would allow the highly ranked Reg-Flex federal credit unions to have up to six years without seeking a waiver. “We believe this change is reasonable and will assist well-run credit unions in managing their fixed-asset portfolios,” said in a Dec. 1 CUNA comment letter. “We also agree that federal credit unions should retain their ability to request a waiver of the partial occupancy requirement under the fixed assets rule,” CUNA added. Use the resource link below to access the CUNA letter.


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