Newsroom
June 25, 2016
NAFCU backs NCUA's proposed occupancy rule
NAFCU Senior Regulatory Affairs Counsel Michael Emancipator expressed the association's support for NCUA's proposed occupancy rule – previously known as the fixed-asset rule – which would give federal credit unions more flexibility to take advantage of mixed-use buildings.
Emancipator also made several suggestions to improve the proposal.
"NAFCU urges NCUA to ensure that in the final rule, the definition of what constitutes a controlling interest in a credit union service organization is clear," Emancipator wrote. "While 51 percent is clearly a controlling interest, lesser percentages could be controlling interests as well. NAFCU supports credit unions having as much flexibility as possible."
Emancipator also suggested extending the period of time a federal credit union must occupy a property from six years to 10 and that NCUA allow facility common areas and other shared fixtures and utilities to count toward the rule's 50-percent partial occupancy requirement.
The proposed rule includes NAFCU's suggestion to modify the existing definition of "partially occupy" so any federal credit union, or a combination of the federal credit union and a CUSO in which it owns a controlling interest, use at least 50 percent of the premises within six years of purchasing it.
The proposed rule also would amend the excess capacity provision in NCUA's incidental powers rule; the revision would specify that federal credit unions may lease or sell excess capacity in their facilities as long as the federal credit union has a reasonable expectation that it will eventually fully use the excess capacity.
Emancipator also made several suggestions to improve the proposal.
"NAFCU urges NCUA to ensure that in the final rule, the definition of what constitutes a controlling interest in a credit union service organization is clear," Emancipator wrote. "While 51 percent is clearly a controlling interest, lesser percentages could be controlling interests as well. NAFCU supports credit unions having as much flexibility as possible."
Emancipator also suggested extending the period of time a federal credit union must occupy a property from six years to 10 and that NCUA allow facility common areas and other shared fixtures and utilities to count toward the rule's 50-percent partial occupancy requirement.
The proposed rule includes NAFCU's suggestion to modify the existing definition of "partially occupy" so any federal credit union, or a combination of the federal credit union and a CUSO in which it owns a controlling interest, use at least 50 percent of the premises within six years of purchasing it.
The proposed rule also would amend the excess capacity provision in NCUA's incidental powers rule; the revision would specify that federal credit unions may lease or sell excess capacity in their facilities as long as the federal credit union has a reasonable expectation that it will eventually fully use the excess capacity.
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