Oct. 17, 2012 – NAFCU needs members’ responses by close of business today on NCUA’s proposal to redefine the meaning of “small credit union.”
NCUA issued a proposal in September, Interpretive Ruling and Policy Statement 12-2, to raise the asset-size of a credit union defined as small from $10 million to $30 million. The designation qualifies the credit union for relief from risk-based net worth and interest rate risk management rules.
NAFCU is asking its members if they agree with the proposed threshold; if the designation should qualify a credit union for relief in other regulatory areas; and whether NCUA should consider bumping up the asset-size significantly to match that used by the Consumer Financial Protection Bureau in defining “small” entities.
The CFPB, in setting up its Small Business Review Panels under the Small Business Regulatory Enforcement Fairness Act, defines a small credit union as one with assets of up to $150 million.
Comments are due to NCUA by Oct. 26. NAFCU members’ responses received by close of business today will be used in formulating the association’s official comment.