ARLINGTON, Va.—NAFCU has 14 recommendations for improving NCUA regulations and has also made new requests regarding credit union meeting and voting requirements and deposit activity rules.
The trade group made its recommendations in a letter to NCUA in response to the agency’s annual regulatory review.
In the letter, Vice President of Regulatory Affairs Ann Petros made new requests to the agency, including an inquiry on the implementation of theCredit Union Governance Modernization Act (CUGMA) and more flexibility on credit union meeting and voting requirements.
Petros also flagged areas to modernize investment and deposit and activity rules, noting that the requirement in 703.11(a)is “overly burdensome and extremely outdated.”
The Recommendations
The letter also made recommendations related to:
- Field of membership (FOM) reform, including issues related to survivorship and the need to expand the “service facility” definition
- Issues related to clarity for the stress testing and capital planning requirements for large credit unions
- A request to propose a rule regarding compensation for loan officers and to adopt a floating interest rate ceiling
- Recent asks on loan participations and to reduce the occupancy requirements from 50% to 25% for credit union premises
- Fees paid by federal credit unions
- Loans/lines of credit to members, including loan compensation reform
- Permissible interest rate ceiling
- Services to nonmembers within the FOM
- Payments on shares by public units and nonmembers.
CUNA earlier offered its recommendations to NCUA for regulatory changes here.