Responding to an Executive Order, the the National Credit Union Administration (NCUA) issued a request for comment to reevaluate two final rules that are not currently in effect:
Comments on both are due to the agency June 23. America’s Credit Unions will reissue Regulatory Comments to seek feedback on the final rules.
America’s Credit Unions was supportive of the share insurance simplifications, which would also provide consistent share insurance treatment for all mortgage-servicing account balances held to satisfy principal/interest obligations to a lender. The changes also increase flexibility for NCUA to consider various records in determining share insurance coverage in liquidations.
However, there are serious concerns with the succession planning rule, with many acknowledged in the final rule. It still requires the succession plan to address a federally insured credit union’s strategy for recruiting candidates with the potential to assume certain covered positions. America’s Credit Unions previously outlined several recommendations as the rulemaking proceeds, noting the agency should:
For more information, email Lisa Quaranta.
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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