Today’s NCUA meeting contains several issues of high importance to credit unions, CUNA President/CEO Jim Nussle said. Those items include a final field-of-membership rule, a board briefing on supplemental capital and later in the afternoon, the agency’s first budget briefing since 2008.
“The board is expected to approve an important modernization of the definition of credit union membership. It will provide more Americans access to affordable, consumer-friendly financial services from credit unions. This rule, proposed in November 2015, includes a number of changes CUNA, leagues and credit unions requested on behalf of credit unions,” Nussle said.
“Agency staff also will present a board briefing on supplemental capital and ways NCUA rules could incorporate supplemental capital as an option for credit unions as they grapple with NCUA’s risk-based capital rule. The CUNA/league system supports such a move, as it would help offset risk-based capital requirements and ease their burden on credit unions--the only financial institutions without access to supplemental capital--allowing them to better meet the needs of their members,” he added.
“Also today, the NCUA will hold its first budget briefing since suspending the practice in 2008, thereby moving toward much-needed transparency in this process. Credit unions must have an informed voice in matters that involve spending their money--which is their members’ money--on agency goals and priorities. CUNA’s Vice President of Economics and Statistics Mike Schenk will deliver remarks on our tireless work to return transparency to the NCUA budgeting decisions and the agency’s decision to more fully include credit unions in the process is a significant win for credit unions,” Nussle said.
Members of CUNA’s examination and supervision subcommittee will be present at the budget briefing, and several will testify.
The meeting will start an hour earlier than usual, at 9 a.m. (ET), with a link to the live video stream up on NCUA.gov going up at 8:45 a.m. (ET).
Other items on the agenda include: