March 15, 2013 – The NCUA Board on Thursday approved a proposed rule that would amend the agency’s fixed assets regulation to help federal credit unions better understand and comply with its requirements.
The amendments would revise the regulatory text to emphasize the use of plain language, and add a new introductory section that defines the scope of the regulation. Existing definitions would be reorganized, several new definitions would be added, and the processes for obtaining waivers would be clarified.
Notably, the proposal does not address the current limits on investments in fixed assets. NAFCU continues to urge the agency to provide a justification for these limits as the association believes they are unnecessary.
The proposed rule will have a 60-day comment period upon its publication in the Federal Register. NAFCU will be issuing a Regulatory Alert for members.
The NCUA Board on Thursday also approved a community charter conversion request from the Cincinnati, Ohio-based Cinfed CU.
The open meeting, which was held at the agency's headquarters in Alexandria, Va., was followed by a closed session that examined a purchase-and-assumption request, a merger request, and specific requests relating to Section 205(d) of the Federal Credit Union Act, which addresses prohibitions that can be imposed on persons affiliated with a credit union.