News Snippets - February 2020

NCUA Board Meeting. During its January meeting, the National Credit Union Administration (NCUA) Board unanimously approved four items. The NCUA Board approved a new rule to allow low income credit unions, complex credit unions and newly formed credit unions to issue subordinated debt for the purpose of regulatory capital treatment. The Board also approved an extension of the 18 percent interest rate ceiling on federal credit union loans for another 18 months, through September 10, 2021. The FCU Act specifies a 15 percent interest rate ceiling but allows the NCUA Board to increase the ceiling for a period up to 18 months. The Board approved a proposed rule to create new Subpart D of Part 708a of its regulations to clarify the procedures and requirements related to combination transactions. Combination transactions include transactions where a federally insured credit union proposes to assume assets and liabilities or merge with a non-credit union.

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