NCUA expected to look at fixed asset rule again

According to sources within the NCUA, the board source is expected to amend the fixed asset rule which was passed in July 2015. The amendment will address the non-owner occupied/partial occupancy issues that were not taken care of when the current rule was passed. The League is hearing that the amendment will provide greater flexibility […]

NCUAAccording to sources within the NCUA, the board source is expected to amend the fixed asset rule which was passed in July 2015. The amendment will address the non-owner occupied/partial occupancy issues that were not taken care of when the current rule was passed. The League is hearing that the amendment will provide greater flexibility for federal credit unions regarding their ownership and use of fixed assets; specifically real property.

It appears that a new proposed rule will be voted on and issued for comment in the April board meeting. At this point it’s not clear if it will be a 30- or 60-day comment period.

This past July, the NCUA board approved the final rule amending the regulation on fixed assets by eliminating the five-percent cap on fixed-asset investments for federal credit unions and provided other relief. In addition to eliminating the fixed-asset cap, the final rule simplifies partial occupancy requirements for federal credit union premises acquired for future expansion.

You can read more about July’s rule on the NCUA’s website.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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