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 NCUA board voted Thursday to extend the current 18% maximum loan interest rate for most loans made by federal credit unions. The 18% cap would have expired March 10, but is now in place through Sept. 10, 2018.