Comments due on NCUA proposed corporate CU reg amendments
The National Credit Union Administration has published at 85 FR 17288 a proposed rule that would amend the NCUA's corporate credit union regulation. The proposed rule would update, clarify, and simplify several provisions of the NCUA's corporate credit union regulation, including:
- permitting a corporate credit union to make a minimal investment in a credit union service organization (CUSO) without the CUSO being classified as a corporate CUSO under the NCUA's rules;
- expanding the categories of senior staff positions at member credit unions eligible to serve on a corporate credit union's board;
- amending the minimum experience and independence requirement for a corporate credit union's enterprise risk management expert; and
- requiring a corporate credit union to deduct certain investments in subordinated debt instruments issued by natural person credit unions.
Comments on the proposal are due by May 26, 2020.