Oct. 22, 2012 – NAFCU needs input from its members in the first two weeks of November as it prepares its official comment letters regarding NCUA proposals on the definition of rural district, investment powers and alternatives to payday loans.
NCUA is taking comments on all three proposals one of them an advance notice of proposed rulemaking – until Nov. 26. Deadlines for members’ input to NAFCU are as follows:
- Rural district: Send input to NAFCU by Nov. 5 regarding the definition of a rural district for chartering purposes. Instead of capping permitted populations at 200,000, the proposal would set the cap at the higher of 200,000 or 3 percent of the population where most of the district is located. (See Regulatory Alert 12-EA-30.)
- Treasury Inflation Protected Securities: Send input by Nov. 5 on this proposed change to NCUA’s investment rules for federal credit unions. It adds TIPS to the list of permissible investments. (See Regulatory Alert 12-EA-31.)
- Payday alternative loans: The deadline for input to NAFCU on this ANPR is Nov. 9. NCUA is looking at its current rule for short-term, small-amount loans and is welcome suggestions. It is asking specifically for input on the $20 application fee cap and 28 percent interest-rate cap. (The reg limits the rate to the current cap on FCU loan rates plus 1,000 basis points. (See Regulatory Alert 12-EA-32.)