Credit unions are urged to take a few minutes and drop the NCUA a comment on the proposed MBL regulation overhaul. The League has talked to senior members at the NCUA that say the banks continue to send comments in large quantities. Many are form comment letters, but they are enough to get the NCUA’s attention. Credit unions need to send in comments to let the NCUA know that this issue is important.
Credit unions have an easy way to send a comment that will take less than five minutes. CUNA’s Power Comment has the issue already loaded up with background, questions to consider, and supporting documents. You can add a quick comment and hit send. There are also other comments to look at to get an idea of what to write. You do have to register for Power Comment, however if you already have a login for CUNA you may use that login.
The proposed rule would completely overhaul NCUA’s MBL regulation. Almost all requirements not in the Federal Credit Union Act would be removed. The proposal would create a category of “commercial” loans for safety and soundness purposes and utilizes the category of MBLs for compliance with the Act’s limitations on member business lending. NCUA is receiving comments until Aug. 31.
CUNA is holding a free webinar on the NCUA’s MBL proposal on Aug. 20. You are asked to register for the webinar which will run from 1-2 p.m. EST.
If you have any questions about commenting to the NCUA, contact LSCU VP of Compliance Training and Information Bill Berg at 866.231.0545 ext. 1028.