NCUA board proposes rules in annual meeting

The National Credit Union Administration Board held its fourth open meeting of 2017 at the agency’s headquarters last week and unanimously approved three items:

• A proposed rule to provide greater transparency to members of federal credit unions when those credit unions are seeking voluntary mergers.
• A proposed rule to enhance due process and provide consistency with other federal financial institutions regulators in the supervisory appeals process.
• A proposed rule to provide uniform, comprehensive procedures to govern the agency’s regulatory appeals process.

The Board also received a briefing from the Chief Financial Officer on the performance of the Temporary Corporate Credit Union Stabilization Fund, which remains in a positive net position. Created by Congress in 2009, the Stabilization Fund has reduced the impact on credit unions of the costs of resolving the corporate credit union crisis. The Fund is scheduled to expire in 2021; however, the agency is studying the possibility of closing it sooner. Read the full article here.