The NCUA board finalized its final voluntary merger rule and heard briefings on member business lending and its Enterprise Solution Modernization program Thursday, in addition to finalizing a CUNA-backed final rule on field-of-membership.
NCUA finalized a field-of-membership rule Thursday allowing credit unions the option to submit an application to serve a well-defined local community exceeding 2.5 million people under a narrative approach, among other changes.
The American Bankers Association filed a cross-appeal in response to NCUA’s appeal of the ruling regarding NCUA’s FOM rule. CUNA strongly supports NCUA’s appeal and believes the court erred in its finding that NCUA overstepped its authority
Federal credit unions would have an additional option for to offer Payday Alternative Loans under a proposal issued at Thursday’s NCUA board meeting. The board also finalized its rule on claims procedures.
Credit unions interesting in coordinating with NCUA in the agency’s streamlined Community Development Financial Institution certification applications process will be able to do so from June 4-22 and Sept. 10-28 this year.