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News Now

Washington
Underserved rule off todays NCUA agenda
WASHINGTON (10/15/08)--The National Credit Union Administration (NCUA) Board has removed from today's open Board meeting agenda proposed clarifications to its "underserved areas" rule. The NCUA last summer proposed to clarify the procedure for establishing that an "undeserved area" qualifies as a local community; address the application of economic distress criteria; and clarify requirements for showing an area has "significant unmet needs," including the use of data from NCUA and other agencies to analyze whether an area is "undeserved by other depository institutions." The Credit Union National Association (CUNA) strongly opposes the agency's proposed action, finding the plan inconsistent with the Federal Credit Union Act and, overall, very poor public policy that would limit, rather than enhance, service to underserved areas. An NCUA spokesman said the proposal was taken off today's agenda because it is still under consideration; it has not yet been rescheduled for action. Today's agenda will include:
* A quarterly report on the National Credit Union Share Insurance Fund; * A proposal that would set requirements for the use of the official insurance sign; and * A plan that would affect three categories of incidental powers: correspondent services; operational programs; and finder activities. The NCUA will decide whether to approve additional illustrations of permissible activities within each of these categories.


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