Comments Due to NAFCU: NCUA - Loans to Members and Lines of Credit to Members
NAFCU would like to highlight the following:
- The NCUA reevaluated Part 701 after receiving commentary on the 2017 regulatory reform agenda. The proposed rule would ease compliance and reduce regulatory burdens, as well as improve clarity.
- The proposed rule would: 1) identify in one section the various maturity limits applicable to federal credit union (FCU) loans; 2) clarify that the maturity for a new loan under generally accepted accounting principles (GAAP) is calculated from the new date of origination; 3) clearly express the limits for loans to a single borrower or group of associated borrowers; and 4) seek comment on whether longer, more flexible maturity limits for certain loans are warranted (i.e. one-to-four family real estate loans, home improvement, mobile home, and second mortgage loans).
Comments due to NAFCU: September 26, 2018
NAFCU will send comments on behalf of its members to the NCUA by their deadline (October 10, 2018).