NCUA Extends Comment Period for Corporate Rule Proposal
Credit unions and trade associations have an additional 30 days to file comments on proposed rules changes on corporate credit unions, as a result of a decision announced today by NCUA Chairman Debbie Matz.
"We believe a 60-day comment period will balance the need for stakeholders to provide thoughtful feedback on the complex issues raised in our newly proposed corporate rule, while ensuring that the final provisions from both corporate rulemakings will take effect over a closely coordinated time frame," Matz said in a statement.
Comments will now be due on Jan. 20. They had originally been slated to be due on Dec. 20.
CUNA President/CEO Bill Cheney and other industry leaders had requested the extension, though NAFCU had said it was fine with the existing deadline.
The rule proposes limiting natural person credit unions to joining one corporate, sets up a system-wide risk mitigation committee and requires each corporate to form a risk management committee .
It would also allow corporates to assess annual membership fees and increase the amount of retained earnings and would mandate that the corporate prepare an annual management report that assesses how well it is in compliance with NCUA regulations and an assessment of its internal auditing and control structure.