WASHINGTON–Credit unions have until May 2 to file comment on an NCUA proposal raising asset-threshold for the agency’s office that oversees the largest CUs, known as Office of National Examinations and Supervision (ONES).
As CUToday.info reported, the agency’s board approved a proposal raising from $10 billion to $15 billion the asset size of certain federally insured credit unions (FICUs) whose supervision is handled by an office assigned to large, complex institutions. The proposal is out for public comment until May 2, according to a notice published in the Federal Register.
While ONES also supervises the corporate credit union system, the proposal will not cover corporates CUs.
The proposal calls for FICUs with less than $15 billion in total assets (known as tier I FICUs) that not currently supervised by ONES will be supervised by their respective NCUA regional office. Those Tier I FICUs currently supervised by ONES and FICUs with $15 billion and more in total assets (tier II and tier III FICUs) would continue to be supervised by ONES.
NCUA said proposed rule would also not alter any regulatory requirements for covered credit unions.
At the time the proposal was approved the board said it was doing so in response to fast asset growth by the very largest credit unions during the coronavirus crisis. Without this rule change, NCUA noted during the February meeting that at least nine new federally insured credit unions will meet or exceed the $10 billion threshold and become subject to supervision by ONES starting Jan. 1, 2023.
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