Potential changes may come in NCUA appeals process

NCUA sources tell the LSCU that its Board will consider a proposed rule in April that grants credit unions new rights in an appeal. In the current process, credit unions are very restricted in their ability to bring in outside expertise such as accounting or specialized business and legal talent. Under the new proposed regulation, […]

NCUA sources tell the LSCU that its Board will consider a proposed rule in April that grants credit unions new rights in an appeal. In the current process, credit unions are very restricted in their ability to bring in outside expertise such as accounting or specialized business and legal talent.

Under the new proposed regulation, credit unions will have an expanded range of options to bring to the table. Specifically, they will be able to include outside help during the actual appeal discussions.

Apparently, acting Chairman Mark McWatters felt that the current regime was too NCUA-centric and put NCUA in the position of evaluating its own work product.  He mentioned this during his GAC speech, and NCUA staff has been directed to focus on drafting a rule sooner rather than later.

The current timetable is unknown but the LSCU will continue to keep you updated as things progress.

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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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