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NCUA Board approves membership rule changes and proposals
The NCUA Board has announced it approved a final rule and two proposed rules yesterday:
- A final rule amending the chartering and field-of-membership rules for credit unions applying for a community charter approval, expansion, or conversion.
- A proposed rule that would phase-in the day-one adverse effects on regulatory capital that may result from the adoption of the current expected credit losses accounting methodology over a three year period.
- A proposed rule that amends the NCUA’s regulation governing the assessment of an annual operating fee on federal credit unions.
The rule amending the chartering and field-of-membership regulations re-adopts a provision to allow an applicant to designate a combined statistical area, or an individual, contiguous portion thereof, as a well-defined local community if the chosen area has a population of 2.5 million or fewer. Credit unions that had their combined statistical areas removed from their fields of membership because of litigation will be contacted by the agency to determine if they would like those reinstated. If they would, then NCUA will do so as soon as the rule is effective (30 days after Federal Register publication).