NCUA Board to act on fixed assets
Sept. 12, 2013 – The NCUA Board is expected to approve a set of technical revisions to the agency’s rule on federal credit unions’ ownership of fixed assets in its open meeting today, the first to be attended by NCUA Board Member Rick Metsger.
The meeting, slated for 10 a.m. Eastern, will also address a request from Peoples Advantage FCU to expand its community charter; and a proposed rule for authorizing charitable donation accounts (parts 703 and 721).
NCUA proposed a set of fixed-asset rule changes this March. As issued, that proposal would incorporate the use of plain language in the rule text and add a new introductory section defining the rule’s scope. The proposal would reorganize current definitions and add new ones. It would clarify processes for obtaining waivers.
In its official comment, NAFCU urged the agency to provide credit unions “ample flexibility” in deciding whether their investment in fixed assets is in the best interests of their members.
NAFCU comment letter