Comment Period Closes on
Corporate Credit Union ANPR
April 7, 2009, Alexandria, VA – The comment period closed yesterday on the National Credit Union Administration (NCUA) advance notice of proposed rulemaking (ANPR) concerning corporate credit union regulation, and approximately 450 comments have been received.
In light of current economic circumstances affecting the financial system, NCUA is evaluating corporates’ role within the credit union system, including corporate credit union membership, structure, size, and types of services. NCUA is also considering whether to amend Part 704, the corporate credit union regulation, to clarify or revise provisions that include capital, permissible investments, management of credit risk and liquidity, and corporate governance. Commenter’s were urged to provide comments on these and any other related issues NCUA should consider.
“I am pleased by the initial response to NCUA’s request for comments regarding possible corporate reforms. This process will be a careful and deliberate one, especially given the broad scope and complexity of the issues before us. At the same time, I intend to move forward with all appropriate speed and diligence,” noted NCUA Chairman Michael E. Fryzel. “The corporate situation warrants a new set of rules that will facilitate the creation of a safer, stronger, and more financially viable network of corporate credit unions, and NCUA must take a wide-ranging look at all options and then act decisively.”
The ANPR and comments received are available online at http://www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/proposed_regs.html.
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 89 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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