Comments on NCUA fixed-assets proposal due tomorrow
ALEXANDRIA, Va. (4/28/15)--Comments on the National Credit Union Administration's fixed assets proposal are due Wednesday. The proposal is a re-issued version of one released by the agency last year and would see the cap on fixed assets removed.
The proposed rule would eliminate the cap, currently at 5% of a credit union's total assets, and all fixed-asset waiver provisions. It also would establish a six-year partial occupancy time period for federal credit union premises.
According to the NCUA, risks that come with credit union ownership of fixed assets will be addressed going forward through the supervisory process.
CUNA's fixed assets proposal page contains more information about the proposal, as well as link to submit a comment to the NCUA through PowerComment.
CUNA has been a staunch advocate of removing the 5% cap, and in its comment letter on the 2014 proposal, CUNA pushed for many of the changes that were included in the revised proposal.