Definition of 'small entity' tops NCUA's Feb. 19 agenda
ALEXANDRIA, Va. (2/10/15)--A possibility for regulatory relief highlights the agenda for the National Credit Union Administration's Feb. 19 board meeting. According to the agenda, the board will consider a proposed rule that could amend the Regulatory Flexibility Act definition of small entity for consideration of regulatory relief.
Under the act, government agencies are required to assess the impact proposed rules would have on anything defined as a "small entity."
The NCUA issued a final rule to amend the small entity definition to credit unions with less than $50 million in assets, up from $30 million in assets. The rule also amended one of the NCUA's interpretive ruling and policy statements.
"Within two years of the effective date [Feb. 19, 2013] of the increase to $50 million, the NCUA board will review and consider adjusting the asset threshold it uses to define small entities for purposes of analyzing whether a regulation will have a significant economic impact on a substantial number of small entities," the statement reads.
CUNA welcomes any review of the definition for the purpose of regulatory relief, since it believes the $50 million threshold is far too low.
Also on the agenda is a quarterly update on the National Credit Union Share Insurance Fund and a request from $132 million-asset Taunton (Mass.) FCU to expand to a community charter.
This is the first meeting that will be streamed live through the NCUA's website. Those interested in viewing the livestream must register beforehand, and will have a link emailed to them prior to the meeting.
According to the NCUA, future board meetings will be streamed in a similar way, but viewers must register for each month's meeting, after which a new link will be emailed to them.