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June 14, 2017

OTR and asset securitization on June 23 NCUA Board agenda

The NCUA Board will take up the agency's overhead transfer rate methodology during its open board meetingnext week, which has been rescheduled from Thursday, June 22, to Friday, June 23, at 10 a.m. Eastern.

The change in schedule will accommodate NCUA Acting Chairman J. Mark McWatters' testimony next week before the Senate Banking Committee, "Fostering Economic Growth: Regulator Perspective."

During its June 23 open meeting, the NCUA Board 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.

The NCUA Board is also likely to finalize its Part 709 Safe Harbor rulemaking with respect to asset securitization. The rule 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 wroteto NCUA to urge the agency to take up the proposed asset securitization rule and suggested a number of changes to improve it.

In other meeting agenda items, 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
  • a proposed rule on Part 704, Corporate Credit Unions

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