ALEXANDRIA, Va.—The NCUA board today is scheduled to meet with plans to issue a final rule on corporate credit unions, as well as a proposed rule related to derivatives.
NAFCU and CUNA have been generally supportive of the board’s proposed rule to amend the agency’s corporate credit union rules. The rule as proposed in February would amend Part 704, and would make four notable changes:
- Permit a corporate credit union to make a noncontrolling, de minimis investment in a natural person CUSO without the CUSO being classified as a corporate CUSO
- Expand the categories of senior staff positions at member credit unions eligible to serve on a corporate credit union’s board
- Remove the minimum experience and independence requirement for a corporate credit union’s enterprise risk management expert
- Clarify how corporate credit unions may invest in subordinated debt instruments
The board will also issue a request for information (RFI) regarding its supervisory guidance and potential improvements in future communications, and receive a briefing on COVID-19 related cybersecurity concerns.
The meeting is set to begin at 10 a.m. ET, and is only available via webcast. CUToday.info will provide complete coverage.