May 18, 2017

NCUA Board will issue proposals on mergers, hear fund update

The NCUA Board will hear an update on the Temporary Corporate Credit Union Stabilization Fund and consider proposals dealing with voluntary federal credit union mergers, agency appeals procedures and the Supervisory Review Committee during its May 25 open meeting, according to an agenda released Thursday.

The open meeting is set for 10 a.m. Eastern, to be followed by a closed meeting at 11:45 a.m. Eastern to consider supervisory matters.

The Supervisory Review Committee is an independent appellate body that reviews supervisory determinations, including CAMEL ratings, loan classifications and denials of technical assistance grants.

NAFCU staff will monitor the meeting and will issue analysis of the three proposals when more details are available.

"We continue to urge the NCUA Board to be transparent in its actions, particularly as they relate to the budget and funds," said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. "NAFCU will continue to ensure credit unions' best interests are represented."

During last month's board meeting, NCUA Acting Chairman J. Mark McWatters mentioned his proposal to close the TCCUSF early and wrap it into the National Credit Union Share Insurance Fund. NCUA Chief Financial Officer Rendell Jones said research is being done on this idea.

NAFCU also continues to update its "NCUA Money Watch" page, which keeps tabs on the NCUA's budget and finances. NAFCU will provide ongoing updates there on the TCCUSF. NAFCU also this week updated its frequently asked questions document on the TCCUSF.