October 11, 2012

NCUA unveils agenda for Oct. 18 meeting

A proposed rule on the acceptance deadline for low-income designation, a charter conversion request, and the Quarterly Insurance Fund Report are among the agenda items slated for NCUA's open Board meeting on Oct. 18.

The low-income designation has proved to be quite popular since NCUA informed 1,003 credit unions in August that they are eligible for the designation. Last month, NCUA said that over half, or 553, of the federal credit unions it notified about their eligibility have indicated they want the designation. The overwhelming majority of recently designated LICUs are small credit unions, NCUA said.

The charter request that the NCUA Board will consider comes from the Dublin, Ohio-based BMI Federal Credit Union, which is seeking approval to switch to a community charter.

The open meeting will be held at 10 a.m. at the agency's headquarters in Alexandria, Va. It will be followed by a closed session that will examine a charter and purchase and assumption request as well as a consideration of supervisory activities.

The agenda is available to view on NCUA's website.