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NCUA Board to address OTR, asset securitization today
The NCUA Board today will take up the agency's overhead transfer rate methodology during its open board meeting and is likely to finalize its safe harbor rulemaking with respect to asset securitization.
The board today will consider a request for comment on OTR methodology, an issue that NAFCU has long urged NCUA to be fully transparent about when setting its rate and operating fees.
Part 709 of the safe harbor rulemaking with respect to asset securitization would provide a safe harbor for assets transferred by a federally-insured credit union as part of a securitization or participation.
In January, NAFCU Regulatory Affairs Counsel Ann Kossachev urged the agency to take up the proposed asset securitization rule and suggested a number of changes to improve it.
In other meeting agenda items today, the NCUA Board will receive a briefing on the Enterprise Solution Modernization Program. It will also take up:
- a final rule on Part 747, Statutory Inflation Adjustment of Civil Money Penalties;
- a final rule on Part 792, Freedom of Information Act; and
- a proposed rule on Part 704, Corporate Credit Unions.
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