Cheney Seeks NCUA Corporate Credit Union Comment Extension

Monday, November 29, 2010 12:52:11 PM

WASHINGTON - CUNA President/CEO Bill Cheney has urged NCUA to extend the comment period for its recently released revisions to corporate credit union rules by a further 60 days.

NCUA's corporate changes, which were proposed during the agency's November open meeting, would limit credit union membership in corporates to one corporate at a time and change some internal control and reporting requirements via technical amendments.

NCUA also proposed implementing "voluntary" Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessments to privately insured credit unions and non-credit unions, such as credit union leagues, which are members of a corporate.

Cheney earlier this month said that these proposed corporate credit union membership requirements and proposed voluntary TCCUSF assessments for non-federally insured entities are areas that "are in need of careful review by credit unions and the agency."

While the proposed NCUA changes were given a 30-day comment period, Cheney said that extending the comment deadline for a further 60 days "is reasonable given the importance of the matters the agency is contemplating as well as the numerous other regulatory issues facing credit unions."

Granting additional time to review the NCUA's proposal and create well-reasoned comments "will benefit credit unions as well as the agency," Cheney added.

NCUA has said that it welcomes comments on the corporate credit union proposals, and has solicited input on any alternative approaches that may be able to address the agency's concerns. The corporate proposals could come into effect by late January if the comment period is not extended.

CUNA's comment letter is available at http://www.cuna.org/cgi-php/offlink.php?nnlink_id=37031.

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