NCUA Proposes RegFlex, Loan Participation Changes; Board Meeting Summary Available

Posted by Marissa Anema Friday, December 16, 2011 10:29:00 AM

ALEXANDRIA, Va. – Yesterday, the NCUA Board convened its thirteenth and final open meeting of 2011 at the agency’s headquarters and unanimously approved nine items.

The Board approved a proposal to extend existing Regulatory Flexibility (RegFlex) provisions to all federal credit unions and provide regulatory relief, consistent with the Obama Administration’s Executive Order 13579 and with appropriate safeguards.

The agency proposed a rule on loan participation protection to strengthen safety and soundness, covering all federally insured credit unions and an advance notice of proposed rulemaking on maintaining access to federal emergency liquidity sources for all federally insured credit unions.
A significantly reduced budget for oversight and management of NCUA Guaranteed Notes in 2012, funded from the Temporary Corporate Credit Union Stabilization Fund, was approved as well as technical corrections to the final corporate credit union rule.

Amendments to the 2011-2014 NCUA Strategic Plan, to match the new requirements of the Government Performance and Results Act Modernization Act of 2011, were approved. Aligned with changes made to the 2011-2014 Strategic plan, the Board approved the NCUA 2012 Annual Performance Budget.

The Board also gave the green light to the application for a community charter expansion for Henrico Federal Credit Union to serve the Richmond, Va., Metropolitan Statistical Area.

A delegation to senior agency officials for the authority to implement programs required for national security involving continuity of operations and protecting classified information was also approved.

Check out today’s Weekly Exchange for more details on the NCUA Board meeting.

A complete summary of the meeting is available on the NJCUL site by clicking here.

This aspect of the NJCUL site is limited to members only and requires a login. To request a login, visit www.njcul.org/Secure/Register.aspx.
 

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