adminNCUA 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.
