Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CLARIFICATION: NCUA Adds Loan Participation Rule to Thursday Agenda
ALEXANDRIA, Va. (6/18/13, UPDATED 7:10 p.m. ET)--A final rule on loan participations has been added to the National Credit Union Administration's June open board meeting agenda.

While the details of the final rule will not be available until the board meeting, the Credit Union National Association has raised serious concerns about the proposal as it was issued December 2011 and is hopeful important changes will be included in the final rule.

In its comment letter and subsequent advocacy efforts on the proposal, the CUNA urged the agency to withdraw it, as the net worth limitations on loan originations from one originator and one borrower in particular would be very problematic. CUNA also urged the agency to provide a waiver process.

CUNA also raised concerns about the impact of the proposal, saying it would add to the regulatory burden of affected credit unions in a manner that is wholly disproportionate to the risks associated with loan participations.

A proposed Illinois Member Business Loan rule is the other item on the open board meeting agenda. Supervisory activity considerations will be considered during the closed board meeting.

The open meeting is scheduled to being at 10 a.m. (ET) on Thursday. The closed meeting will follow shortly thereafter.

For more on the NCUA agenda, use the resource link.


RSS





print
News Now LiveWire
Cornerstone CU Union Foundation says it's prepared to assist #CUs & their employees affected by severe storms in Arkansas and Oklahoma.
6 hours ago
In 2014,use of remote deposit capture experienced 13% increase to 51%. But checking a balance continued to B the most common mobile activity
6 hours ago
'Fixing Your Finances' part of @PCUA's #iBelong campaign http://t.co/7j6HO1njog @fox43 @Bellco_CU @Members1stFCU
9 hours ago
Home prices outpacing income growth in 3/4 of U.S. markets @RealtyTrac http://t.co/BQR1w4k822
11 hours ago
Refinance #MarchMadness: Refis drive up mid-March mortgage apps: MBA http://t.co/rTUnlJB516
15 hours ago