ALEXANDRIA, Va. (12/17/15)--It’s a short agenda for today’s National Credit Union Administration board meeting: a final rule on interest on lawyer trust accounts (IOLTAs) and part of the agency’s regulatory review.
IOLTAs became covered by share insurance after President Barack Obama signed the CUNA-backed Credit Union Share Insurance Fund Parity Act in December 2014. The law required the NCUA to propose a rule incorporating the law’s statutory changes to the Federal Credit Union Act, which the board did at its April meeting.
Also on the agenda is a notice and request for comment for regulatory review in accordance with the Economic Growth and Regulatory Paperwork Reduction Act.
“This is where NCUA reviews all its regulations along with the banking regulators, and submits a report to Congress,” said Lance Noggle, CUNA senior director of advocacy and counsel.
The NCUA also announced that it added one item--a “briefing on a supervisory matter”--to its closed meeting, which will take place immediately after the conclusion of the open meeting.
The meeting is scheduled to begin at 10 a.m. (ET), and video will be streamed live. A link to the broadcast will be placed on the NCUA.gov homepage approximately 15 minutes before the meeting starts.