Removing Barriers Blog

CUNA Attends NCUA December Board Meeting
Posted December 14, 2017 by CUNA Advocacy

Earlier today, CUNA staff attended the NCUA's final board meeting for 2017 at agency headquarters in Alexandria, Virginia. 

As anticipated, the Board unanimously approved to finalize the proposed rule, without modification, on emergency mergers—amending the definition of “in danger of insolvency” and creating a fourth category of existing net worth categories—giving the agency earlier authority to preserve asset values for an undercapitalized, failing credit union. The rule does not impact the three criteria that exist to determine whether an emergency merger will be approved. 

The Board also unanimously approved steps to facilitate a previously announced internal reorganization by moving agency functions from the Office of Consumer Financial Protection and Access into the new Office of Credit Union Resources and Expansion (CURE). Some of the responsibilities that will be relocated include minority depository institutions, grants, chartering, and field of membership issues. The rule will have a January 6, 2018, effective date. 

The next Board meeting is scheduled for January 25, 2018.