NCUA Board to discuss subordinated debt, CUGMA implementation, SIF quarterly report
The NCUA Board meets today to receive a briefing on the Share Insurance Fund (SIF) Quarterly Report, in addition to updates on two proposed rules: subordinated debt and member expulsion in the federal credit union bylaws, of which the latter implements the changes made by the Credit Union Governance Modernization Act (CUGMA). The meeting, scheduled to begin at 10 a.m. Eastern, will be available via livestream on the agency’s website.
Regarding the proposed rule on subordinated debt, NAFCU previously joined Inclusiv, a national association for community development financial institutions and low-income credit unions, in a letter to the NCUA on the agency’s proposal to amend the definition of ‘grandfathered secondary capital’ with Emergency Capital Investment Program (ECIP) applications. Both groups stated they do not support a maximum maturity for ECIP investments that truncates the useful life of funding as regulatory capital, as it would “impair the impact of the funding in low- and moderate-income communities that need longer term capital infusion.”
Additionally, in a post on NAFCU’s Compliance Blog, Director of Regulatory Compliance Nick St. John discussed the passage of the $1.5 trillion omnibus spending package, including the NAFCU-backed CUGMA, which specifies which members can be expelled under CUGMA and how the process works.
Regarding the SIF Quarterly Report, at NAFCU’s 2022 Congressional Caucus, Chief Economist and Vice President of Research Curt Long gave an update on the tool. During his remarks, Long noted the recent volatility of the fund over the last couple of years, but said he expects to see stable share growth in the coming years with the SIF equity ratio holding near 1.26 percent.
View the full agenda. NAFCU will monitor today’s meeting and update credit unions on the latest from the NCUA.
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