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.
NCUA Chair J. Mark McWatters wrote that a number of changes should be considered to CFPB rules and policymakings, to provide regulatory relief for credit unions, particularly with respect to exemption authority, HMDA and UDAAP requirements of Dodd-Frank.
Proposed rules on the supervisory review committee, appeals procedures and voluntary mergers are on NCUA’s agenda for Thursday's meeting. The agenda will also feature a quarterly update on the Temporary Corporate Credit Union Stabilization Fund.
Authorizing credit unions to issue capital shares is fully consistent with congressional intent, credit union history, credit unions’ tax status and credit unions’ mutual structure, the World Council of Credit Unions wrote to NCUA Tuesday, in response to its ANPR.
CUNA supports the authority of credit unions to build additional capital in a way that does not dilute the cooperative ownership and governance structure. CUNA’s wrote in response to the agency’s ANPR on alternative capital.
Comments are due May 9 on NCUA’s ANPR, and CUNA urges credit unions to comment. Other comment deadlines this month include the Consumer Financial Protection Bureau’s alternative data and Equal Credit Opportunity Act amendments.
NCUA’s work on merging the NCUSIF and the TCCUSF is ongoing and complex, agency staff said at Thursday’s board meeting. The agenda featured updates on both funds, as well as an approval of an MBL rule from Illinois.
CUNA hopes NCUA works to implement the recommendations released this week in a report from FFIEC agencies, part of a review of the agencies’ rules. The NCUA was not required to participate, but did so voluntarily.
The House passed a CUNA-backed resolution of disapproval Tuesday for the CFPB's arbitration rule. CUNA has a number of concerns with the rule, and sent a letter of support in advance of the House vote.