Newsroom

NCUA's spring update to its rulemaking agenda shows final action pending on field of membership and a proposed rule, also pending, that would incorporate supplemental capital provisions into the agency's risk-based capital rule tentatively slated for December.

The agenda gives projected timelines for action, but these are tentative and not fixed. "While NCUA's semiannual regulatory agenda gives a number of timelines for regulatory action, it is an internal document that is non-binding, and timelines are revised often," notes Alexander Monterrubio, NAFCU's director of regulatory affairs.

NCUA proposed the NAFCU-supported FOM rule in November; the rule would make substantive changes affecting the common-bond requirements associated with community, multiple-group, and trade, industry or profession charter types. It will represent the first major revamp of these charter types in more than 10 years.

NAFCU President and CEO Dan Berger and Executive Vice President of Government Affairs and General Counsel Carrie Hunt discussed the FOM issue in late April with NCUA Chairman Rick Metsger (just days before he was appointed chairman). NAFCU has welcomed NCUA's proposed rule and urged additional changes in its official comment letter. NCUA received more than 11,000 comment letters on the FOM proposal.

NCUA's rulemaking agenda, released Thursday, also shows:

• a proposal to make NCUA's low-income designation process clearer and more manageable;
• a proposal to improve and modernize Part 703, NCUA's investment rule;
• a final rule on asset securitization;
• a final rule to extend the safe harbor for transferred financial assets.