NCUA Board to finalize fixed assets rule next week

first_imgThe NCUA Board will vote next Thursday on its proposed rule to eliminate the 5 percent limitation on federal credit union investments in fixed assets, according to the agency board’s July 23 open meeting agenda released yesterday.NAFCU has long urged relief for federal credit unions from the fixed-assets limitation and welcomed the board’s proposed rule, released for a 30-day comment period this March in a vote of 3-0. If made final in its current form, not only would the limit – which currently applies to federal credit unions with $1 million or more in assets – be removed, but so would provisions relating to waivers from the cap.Other provisions would:move oversight of federal credit union fixed-assets ownership from regulation to the supervisory process; andsimplify the rule’s partial-occupancy requirements by establishing a single six-year period and removing the current 30-month requirement for partial-occupancy waiver requests.While supporting this proposal, NAFCU maintains that true regulatory relief also requires elimination of the rule’s partial-occupancy requirements. continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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