The National Credit Union Association (NCUA) Board met on September 20, 2012, and approved four regulatory relief items as part of the agency’s Regulatory Modernization Initiative. Further demonstrating how important it is for credit unions to provide comments to the NCUA about regulatory burdens, the four items on the agenda this month were raised by credit unions during the NCUA’s Listening Sessions.
The Board adopted:
- A proposed rule to raise the “small” credit union asset threshold from less than $10 million to less than $30 million.
- A proposed rule aimed at increasing the sustainability of certain federal credit unions by modifying the definition of a “rural district” to cover greater potential membership fields.
- An advance notice of proposed rulemaking to seek comments about improving the regulation of low-cost, consumer-friendly federal credit union alternatives to predatory payday loans.
- A proposed rule to enhance risk management by allowing federal credit unions to invest in the variable-rate instruments known as Treasury Inflation Protected Securities (TIPS).
Click here to read the NCUA Board Action Bulletin.
Last Thursday, NCUA Board Member Christiane Gigi Hyland also announced that she will be leaving the Board, effective October 5, 2012.