At their next meeting on October 27th, members of the NCUA board will vote on a final field of membership rule. As proposed, it would provide greater choice for consumers and provide flexibility for credit unions to better serve their communities. The rule was first proposed at NCUA’s November 2015 meeting. It now contains a number of changes CUNA requested in a June 2015 letter to the NCUA. A lawsuit brought by the Independent Community Bankers of America, objecting to the proposed rule, has been opposed by CUNA’s board of directors.The agenda also includes a board briefing on supplemental capital. According to the NCUA’s rulemaking agenda, the proposal would modernize agency regulations to incorporate supplemental capital provisions in the risk-based capital context. CUNA supports allowing credit unions to raise supplemental capital for risk-based capital purposes. This would help offset risk-based capital requirements and ease the burden on credit unions, allowing them to better meet the needs of their members.
Also on the agenda:
- Final rule on statutory inflation of civil money penalties;
- Final rule on the name change for the NCUA’s Office of Consumer Protection;
- Proposed rule on chartering and fields of membership;
- Proposed interagency rule on loans in areas having special flood hazards.
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