NCUA pulls final rule from board agenda

Jan. 22, 2009 – NAFCU learned Wednesday that the NCUA Board has pulled from today’s open meeting agenda its final rule on advertising signs required to be displayed at shared-network teller stations.

The action responds to the Obama administration’s order Tuesday halting the implementation of all pending rules until they can be reviewed by incoming staff.

The action reduces today’s open meeting agenda to two items: a report on the National Credit Union Share Insurance Fund; and a proposed notice for publication on a revision to an agreement used in Central Liquidity Facility lending.

The proposed rule on the use of NCUA signs would affect shared-network teller stations taking federally and non-federally insured deposits. Released in October, the proposal would still require the display of two signs: the NCUA sign, and a second sign. However, the second sign would be simplified to just state that some members of the shared branch are not federally insured and that members should contact their credit unions for details.

As drafted, the proposal would also bar stations operated by non-federally insured credit unions within a shared network from displaying the official NCUA sign.

Today’s open meeting is at 10 a.m. A closed meeting follows.