ALEXANDRIA, Va.–NCUA is inviting public comment on a Fair Hiring in Banking proposed rule.
As CUToday.info reported, at its Oct. 19 meeting the NCUA board approved the proposed rule that would incorporate the NCUA’s Second Chance Interpretive Ruling and Policy Statement (IRPS 19-1) and statutory prohibitions imposed by Section 205(d) of the Federal Credit Union Act into the agency’s regulations.
The proposed rule would allow people convicted of certain minor offenses to work in the credit union industry without applying for the board’s approval.
What Rule Would Do
The proposed rule would address, among other topics, the individuals and types of offenses covered by Section 205(d) and the NCUA’s procedures for reviewing a consent application.
In addition, the proposed rule would amend the following:
- NCUA’s policies and procedures governing an application to rescind a prohibition pursuant to Section 205(d), as currently reflected in the Second Chance policy statement and consistent with both amendments made by the recent Fair Hiring in Banking Act and with comparable Federal Deposit Insurance Corporation regulations.
- Regulation governing the conditions under which newly chartered or troubled federally insured credit unions must notify the NCUA of any proposed changes to the credit union’s board of directors, committee members, or senior executive staff and make other conforming changes.
The proposal was published in the Federal Register on Nov. 7, 2023, and has a 60-day comment period, ending Jan. 8, 2024.
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