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News Now

Washington
Tweaking corporate rule on NCUAs plate today
WASHINGTON (11/18/10)—The National Credit Union Administration's (NCUA) decision to extend the corporate credit union business plan deadline, which was previously set to be Dec. 31, until March 31, should be formally announced at today’s NCUA open board meeting. The corporate credit union business plans are expected to detail the individual corporate credit union's future plans for operations, focusing on capitalization and the services that they plan to offer to natural person credit unions. CUNA asked the NCUA to extend the deadline for these plans after many attendees of a recent CUNA corporate credit union task force said that the Dec. 31 due date was too soon. The NCUA will further address the corporates as it releases new corporate CU rules. Those rules could address corporate membership fees, internal reporting, risk management, and other issues. NCUA General Counsel Bob Fenner said that these would be among the changes sought by the NCUA when the agency released its original corporate rule in late September. The NCUA's agenda also includes discussion of its overhead transfer rate and operating fee scale, and the customary discussion of the status of the NCUA’s insurance funds will also take place. However, the NCUA’s closed board meeting, which normally follows the open meeting, took place on Wednesday. For the full NCUA meeting schedule, use the resource links.


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