WASHINGTON—CUNA has sent a comment letter to NCUA in which it largely supports proposed Rule 705.
In its comment letter CUNA stated it supports a change to the terms and conditions related to NCUA’s discretion to grant CDRLF loans in any amount it sees fit, in which the proposal would remove reference to a specific dollar amount in the regulation.
CUNA also supports proposed changes to technical assistance grants.
In addition, CUNA said it supports proposed changes to § 705.6 – Application and award processes, which seeks to make the concurrence process more efficient. “However, we ask NCUA to include a timeframe by which NCUA would be required to obtain concurrence from the SSA,” CUNA wrote. “This proposed change has the potential of making the approval process faster, so long as NCUA obtains concurrence within a reasonable period of time.”
Finally, CUNA said it also supports the proposed changes to § 705.9 – Reporting and Monitoring, which encourages rather than mandates credit unions to be as transparent as possible to members, the proposal would encourage rather than mandate credit union reporting to members with respect to technical assistance grants. It does not change the reporting requirement related to CDRLF loans.
A complete copy of the letter can be found in CUToday.info’s The gov here.