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NCUA announced National Supervision Policy Manual changes Monday that affect procedures for low-income-designated credit unions seeking or receiving secondary capital authority from the agency.

The agency says the changes are aimed at expediting regional office approval of secondary capital requests and allowing low-income credit unions that have such capital to return portions of loans that no longer count toward net worth.

According to NCUA Chairman Debbie Matz, the manual revisions add "more flexibility and transparency."

NCUA still has a working group studying secondary capital issues. Led by William Myers, director of the agency's Office of Small Credit Union Initiatives, the working group will consider ideas for raising the value of secondary capital for low-income credit unions, the agency says. NAFCU welcomed the agency's plan to form the group last December.

The agency says representatives from credit unions and secondary capital investors are being consulted as the working group identifies investment models that are likely to be successful in the marketplace. The working group will publish a secondary capital web page later this month, NCUA said. It said interested parties may email comments to the group at SCWG@ncua.gov.