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A final rule making some NAFCU-supported technical corrections to NCUA's corporate credit union regulation and retaining, for now, current references to credit ratings was approved by the NCUA Board during its open meeting Thursday.

The technical revisions eliminated definitions for "daily average net risk-weighted assets," revised the definition of "net assets" to exclude Central Liquidity Facility stock subscriptions and clarified provisions on investment action plans and weighted average life tests.

The board had proposed to cut all references to credit ratings from its corporate rule in conformance with provisions of the Dodd-Frank Act. Carrie Hunt, NAFCU's general counsel and vice president of regulatory affairs, told NCUA that removing those references would result in added regulatory burden for corporates and natural person credit unions.

In Thursday's meeting, NCUA staff said the agency retained the credit ratings references because it had yet to finalize the Dodd-Frank Act provision, which directs federal financial regulatory agencies to remove references for credit rating agencies from all regulations.

The rule takes effect 30 days after publication in the Federal Register.

In other action Thursday, the board approved the following:

• 2011-2014 Strategic Plan: The plan was shortened by two years to align with the presidential election cycle. High-priority performance goals include monitoring and controlling risk in natural person credit unions, stabilizing the corporate system and ensuring that bridge corporate member credit unions transition away from those entities without disrupting member services.
• Annual performance budget: This was revised to conform with the strategic plan.
• New category of delegations of authority: This action sets delegations of authority to ensure the continued operation of the agency's essential functions during a national emergency.

The board also granted a request from Henrico FCU (Henrico, Va.) for a community charter expansion allowing it to serve residents who live, work or worship in the Richmond, Va., area.