Friday, April 22, 2011 11:21:00 AM
ALEXANDRIA, Va. - The NCUA Board met yesterday for the agency's monthly board meeting. The main focus of the meeting was the release of a final corporate credit union rule, but other items relating to corporates were also on the agenda.
NCUA approved a final corporate credit union rule that alters some corporate internal control and reporting requirements, but made some key changes from its original proposal. For instance, the agency's final rule did not include a part of the proposal that would have limited credit union membership in the corporates to one at a time. The final rule also dropped a plan to require virtually every entity that is a member of a corporate credit union to contribute to the Temporary Corporate Credit Union Stabilization Fund.
The agency, during its open meeting, voted to allow corporate credit union service organizations (CUSOs) to provide information technology (IT) services and investment/ asset-liability management services. Corporate CUSOs are currently authorized to conduct brokerage services and investment advisory services.
The approved IT services may include Web development, hosting, and content management, as well as Web security services and software development. IT consulting will also be permitted. Approved investment and asset-liability management services may include asset liability management-related consulting, reporting, and advisory services.
The agency also addressed some of its own policies during the meeting, making final the interim Interpretive Ruling and Policy Statement that consolidates the NCUA's Supervisory Review Committee's policies and gives that committee the authority to review Technical Assistance Grant denials.
To access the full summary from yesterday's meeting, please visit http://www.njcul.org/ncua-board-meeting-summaries.aspx.