The NCUA’s plan to close the Temporary Corporate Credit Union Stabilization Fund, along with a proposed rule and the agency’s strategic plan, were published in the Federal Register Wednesday. The NCUA approved issuing the proposals, and closing the fund, at last week’s board meeting.
CUNA strongly supported NCUA’s decision to close the stabilization fund and begin issuing refunds starting next year, the only national trade association for credit unions to do so.
The final notice published Wednesday provides a discussion on comments received and explains the board’s decision to close it. It also explains the board’s decision to raise the normal operating level to 1.39%, which CUNA has concerns with.
NCUA also published its proposed rule on advertising, which would provide parity for credit unions by applying an FDIC advertising exemption applicable to banks to credit unions as well. It would also permit a new permissible advertising statement for TV and radio advertisements, and eliminate the requirement to include the official advertising statement on published statements of condition.
A detailed summary of the proposal can be found on CUNA’s Removing Barriers Blog. Comments on the proposal are due by Dec. 4.
The agency’s draft strategic plan covers 2018 to 2022, and seeks to maximize agency success in credit union oversight while balancing prudential regulation with improved consumer access.
The plan demonstrates a recalibration of the agency’s approach to examinations, reflecting stabilized economic indicators. Comments are requested on proposed goals and objectives set forth in the plan, and are due to NCUA by Dec. 4.
Additional details can be found on CUNA’s Removing Barriers Blog.