WASHINGTON--Comments are due to the NCUA March 30 on proposals included in the fourth round of the agency’s Deregulatory Project, America’s Credit Unions reminded, noting comments can also be sent to the trade group in the weeks before the deadline to help inform the organization’s comments based on feedback from member credit unions.
Each Regulatory Comment below includes a specific survey link within the “Action Needed” section to provide feedback directly to America’s Credit Unions.
The proposals are:
Requirements for Insurance; Maximum Borrowing Authority
To remove the maximum borrowing authority from the NCUA's regulations that establish the requirements for obtaining and maintaining federal share insurance with the share insurance fund. Comments are due to America’s Credit Unions by March 9.
Notice of Termination of Excess Insurance Coverage
To remove the 30-day requirement that a federally insured credit union must notify all members in writing before terminating excess share insurance fund coverage and instead require it to notify members before any excess share insurance coverage is terminated. Comments are due to America’s Credit Unions by March 13.
Public Unit and Nonmember Shares
To remove the requirement that a federally insured credit union must submit a written plan for preapproval to NCUA examiners documenting the intended use of any borrowings, public unit, or nonmember shares if those funds exceed 70% percent of its paid-in and unimpaired capital. Credit unions must still maintain a written plan made available to NCUA examiners, but preapproval would no longer be required. Comments are due to America’s Credit Unions by March 13.
To eliminate unnecessary and redundant requirements related to disclosing when nonmember accounts are not covered by federal share insurance. Comments are due to America’s Credit Unions by March 16.