January 23, 2014

NAFCU seeks balance in exam-site rule

Jan. 24, 2014 – NCUA's proposal affecting examiner contacts with credit unions should be revised to avoid forcing small credit unions to pour precious resources into facilities they can't afford and don't need, NAFCU said Thursday.

NCUA's proposal is aimed at federal credit unions operating out of a private residence or similar facility. It would require all federal credit unions to maintain at least an email address or phone number exclusively for the credit union's business purposes. After two years, it would prohibit operating a federal credit union out of a private residence.

NAFCU supports requiring an email address or phone number used "primarily" for the credit union's business purposes, PJ Hoffman, NAFCU's regulatory affairs counsel, said in an official comment letter. He added that credit unions shouldn't be required to purchase dedicated office space when the less expensive alternative – meeting in a public place – serves the goal of examiner safety.