ALEXANDRIA, Va. (6/14/13)--A proposed Illinois Member Business Loan (MBL) rule is the lone item on the National Credit Union Administration's June open board meeting agenda.
The MBL rule was proposed by that state's credit union regulator, and is similar to the NCUA's current MBL rule. NCUA regulations allow the agency to exempt federally insured, state-chartered credit unions from compliance with MBL rules if the NCUA board determines the state has developed an MBL rule that minimizes risk and accomplishes the overall objectives of NCUA's rule.
Washington, Texas, Wisconsin, Connecticut, Oregon and Maryland have their own MBL regulations on state books.
State supervisory authorities must obtain NCUA regional office and NCUA board approval before their new state credit union regulations can become final.
Supervisory activity considerations will be considered during the closed board meeting.
For more on the NCUA agenda, use the resource link.