NCUA makes CUNA-supported change to final CCULR rule
NCUA finalized its final Complex Credit Union Leverage Ratio (CCULR) rule at its Thursday meeting, its final of 2021. A complex credit union that opts into the CCULR framework would not be required to calculate a risk-based capital ratio under the risk-based capital rule effective Jan. 1, 2022.
NCUA modified the CCULR final rule to set the CCULR threshold at 9% or greater. CUNA commented that the proposed 10% was too high to make the CCULR a practical option for many credit unions.
“We thank NCUA for responding to our comments and lowering the CCULR level to 9%. We strongly believe this level provides a realistic option for complex credit unions considering whether to pursue to the CCULR,” Nussle said.
The board approved its 2022-23 budget, which is $320.1 million, $5.9 million less than the budget proposed last month. CUNA presented at NCUA’s public briefing and submitted written comments on the budget.
The board also set the Normal Operating Level (NOL) for 2022 at 1.33%. CUNA has called NCUA to restore the NOL to its historical 1.30%
NCUA also finalized two additional CUNA-supported rules, that:
- Permit federal credit unions to purchase mortgage servicing assets from other federally insured credit unions.
- Amend the definition of “Grandfathered Secondary Capital” to include any secondary capital issued to the U.S. government under an application approved before Jan. 1, 2022, irrespective of the date of issuance.