June 13, 2011 – A final rule allowing credit unions to use statistically valid member survey data to qualify for NCUA’s low-income designation is slated for action Friday by the NCUA Board.
The rule is meant to aid those credit unions that would not qualify for a low-income designation using the agency’s geo-coding software. This may happen, for example, if a credit union serving a predominately low-income membership field is located physically in an area where higher incomes are prevalent.
NAFCU supported the proposed rule and the flexibility it provides.
The board is also scheduled to act on an interim final rule making a technical correction to the agency’s final rule on golden parachutes and indemnification payments; and an advance notice of proposed rulemaking on investments in derivatives. A report on the National Credit Union Share Insurance Fund is also slated.
The meeting is at 10 a.m. A closed meeting follows.