Feb. 15, 2013 – The two-member NCUA Board is poised to vote on final rules next Thursday to define what is a “rural district” for field-of-membership purposes and authority for federal credit unions to invest in Treasury Inflation Protected Securities.
The board will also hear a report on the National Credit Union Share Insurance Fund.
As drafted, the proposal would allow credit unions to obtain a rural district charter if the population is up to 200,000 persons (the current definition) or no more than 3 percent of the population, whichever is higher. NAFCU has been in contact with the agency to encourage a broadening of the proposed definition.
Commenting on the TIPS proposed rule, NAFCU supported allowing investments in TIPS, noting it hoped that will be a first step toward providing qualified credit unions increased flexibility and added investment powers.
The Feb. 21 meeting is set for 10 a.m. Eastern.