The NCUA board will vote on a final rule giving credit unions more flexibility for the use of credit union-owned fixed assets at its Dec. 15 meeting. The meeting will be the agency’s final board meeting of 2016.
CUNA strongly supports the NCUA’s second proposed field-of-membership (FOM) rule, as it contains important changes CUNA recommended to the agency over the past 18 months. The proposal was issued in October as additional FOM modernizations.
CUNA reaffirmed its support for the NCUA recent rulemaking related to its field of membership rule in response to a lawsuit filed Wednesday by the American Bankers Association against the agency’s final field-of-membership rule.
The NCUA’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.
In addition to its vote on the agency’s 2017-18 budget, the NCUA board received two briefings at Thursday’s meeting: one on the 2017 overhead transfer rate and one on the share insurance fund equity ratio and 2017 premium range.
CUNA President/CEO Jim Nussle said credit unions continue to have concerns about the NCUA's rising budget, and said CUNA will continue to recommend common-sense cost-cutting measures in a way that preserves system safety and soundness.
CUNA hopes to see an NCUA budget that reflects considerations brought up in last month’s board briefing Thursday. CUNA, its league partners and member credit unions addressed a number of concerns last month.
CUNA's compliance staff receives a number of questions about TRID rule, leading to publication of a recent CompBlog post addressing means of delivery and timing requirements for the Loan Estimate and Closing Disclosure forms.