NCUA's occupancy rule effective Jan. 20
The NCUA's final rule on credit unions' investment in mixed-use buildings takes effect Jan. 20, according to a notice in today's Federal Register. The rule includes a NAFCU-backed provision allowing credit unions to comply by using at least 50 percent of the premises.
The NCUA Board finalized the rule during its open board meeting last week. NAFCU President and CEO Dan Berger thanked NCUA Board Chairman Rick Metsger and NCUA Board Member J. Mark McWatters for their leadership on the issue and for "heeding our recommendations regarding the occupancy rule."
The occupancy rule, formerly called the fixed-assets rule, includes NAFCU's suggestion to modify the existing definition of "partially occupy" so any federal credit union, or a combination of the federal credit union and a credit union service organization in which it owns a controlling interest, can meet the rule's requirements if it uses at least 50 percent of the premises within six years of purchase.
The rule also amends the excess capacity provision in the NCUA's incidental powers rule. The revision clarifies that federal credit unions may lease or sell excess capacity in their facilities but no longer requires that the federal credit union have a reasonable expectation that it will eventually fully use the excess capacity.
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