ALEXANDRIA, Va. (7/17/15)--Final rules on fixed assets and stress testing schedules top the agenda for the July National Credit Union Administration board meeting.
The NCUA reissued the fixed assets proposal in March, after first proposing a rule in July 2014.
The current proposed rule would remove the 5% limit cap on fixed assets, eliminate all provisions relating to waivers from the 5% limit and establish a six-year time period for partial occupancy for federal credit union premises.
Larry Fazio, director of the NCUA’s Office of Examination and Insurance, said the agency will address risks associated with fixed-asset ownership through the supervisory process, ensuring that credit unions can afford the level of fixed assets they require.
In its comment letter on the proposal, CUNA said while the rule appears to provide much needed regulatory relief, there is no way to be sure unless the NCUA issues supervisory guidance. Instead, CUNA is concerned that the proposal shifts the requirement to the supervisory process from regulation without any actual change.
Other items on the agenda include:
The meeting is scheduled to begin at 10 a.m. (ET) July 23. Video of the meeting will be livestreamed and will be stream available on the NCUA.gov homepage roughly 15 minutes before the meeting starts. No registration is needed.