Friday, January 27, 2012 10:46:00 AM
ALEXANDRIA, Va. – Yesterday, the NCUA Board showed its support for regulatory relief in loan modification proposal. The Board also finalized the Interest Rate Risk Rule, as well as a new proposal Derivatives for Credit Unions to Hedge Interest Rate Risk.
The NCUA Board convened its first open meeting of 2012 at the agency’s headquarters yesterday and unanimously approved three items:
- A proposed rule and guidance on troubled debt restructuring (TDR) to facilitate mortgage modifications and assist credit union members in keeping their homes;
- A tailored final rule to protect against credit union failures and losses to the National Credit Union Share Insurance Fund by requiring covered federally insured credit unions (FICUs) to develop a written policy on interest rate risk (IRR) management; and
- An advance notice of proposed rulemaking (ANPR) to seek further public comments about the parameters under which federal credit unions (FCUs) may use derivatives to hedge interest rate risks.
Read the Weekly Exchange today for more detail and click here for a summary of the board meeting results.