The NCUA board approved three proposed rules for comment at Thursday’s board meeting, rules concerning appeals, the Supervisory Review Committee and voluntary mergers. The meeting also featured a quarterly update on the Temporary Corporate Credit Union Stabilization Fund.
The appeals proposed rule would make several changes to the appeals process, adopting procedures that govern appeals that would apply to agency regulations that currently have their own embedded appeals provisions.
It also provides for an informal appeals procedure that can be utilized at the option of a credit union to go to a particular program office with the option for reconsideration by the Board, or a credit union can go right to the board.
The Supervisory Review Committee proposal expands the number of supervisory determinations appealable to the committee and provides credit unions with the opportunity for additional review by the director of the Office of Examinations and Insurance.
The rule expands the term “material supervisory determination” to include supervisory determinations that may affect the capital, earnings, operating flexibility, or that may otherwise affect the nature and level of supervisory oversight of a federally insured credit unions.
Certain exceptions are excluded where other appeals procedures exist.
The voluntary mergers proposal would revise procedures that a federal credit union must follow to merge voluntarily with another credit union.
Specifically, it would:
Regarding the TCCUSF, it had net income of $43.8 Million and the total liabilities and net position of the balance sheet at $1.579 billion for the quarter ending March 31. There was no discussion no discussion surrounding a potential merger of the fund into the National Credit Union Share Insurance Fund.
Additional detail on the meeting can be found on CUNA’s Removing Barriers Blog.