ALEXANDRIA, Va. (7/31/14)--Elimination of the 5% fixed-asset cap and a mid-year operating budget report highlight today's monthly National Credit Union Administration board meeting. Also on the agenda is a request for community charter expansion, a quarterly performance report on the National Credit Union Share Insurance Fund and a performance report for the NCUA's Guaranteed Notes.
The elimination of the fixed-asset cap represents a step away from micromanaging credit unions' individual business decisions, said NCUA Chair Debbie Matz last week. Fixed-asset issues have also been an area of focus for board member Rick Metsger since he joined the board in 2013.
The Credit Union National Association wrote to the board this week, praising the decision to re-examine the fixed-asset rules. The letter called the proposal a "useful step in simplifying and modernizing procedures for credit unions."
CUNA also requested the agency continue the trend of reducing its mid-year budget in each of the past several years. In addition, the letter calls on NCUA to work with other regulators to reduce credit unions' regulatory burdens.
The board will also hear a request for expansion of the community charter for Call FCU, a $360 million-asset institution based in Richmond, Va.
The meeting is scheduled to begin at 10 a.m. (ET), and videos of meetings are posted several weeks later. The board will not meet in August, the next meeting is scheduled for Sept. 18.