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In its final meeting of 2017, the National Credit Union Administration (NCUA) Board finalized two rules, and announced its meeting schedule for 2018. Both rules, on emergency mergers, which was supported by CUNA and your League, and agency reorganization, were approved unanimously.
The emergency mergers rule was finalized without modification. It amends the definition of "in danger of insolvency" and creates a fourth category of existing net worth categories. In a statement by NCUA to your League, "This gives it earlier authority to preserve asset values for an undercapitalized, failing credit union. The rule does not impact the three criteria that exist to determine whether an emergency merger will be approved. It will become effective 30 days after being published in the Federal Register, which is expected in the coming days".
The second final rule involves previously announced internal reorganization, it moves several agency functions from the Office of Consumer Financial Protection and Access into the new Office of Credit Union Resources and Expansion. The functions include minority depository institutions, grants, chartering and field of membership issues. The rule is effective Jan. 6.
Finally, the NCUA Board announced its 2018 meeting schedule, as follows:
Jan. 25;
Feb. 15;
March 15;
April 19;
May 24;
June 21;
July 26;
Sept. 20;
Oct. 18;
Nov. 15; and
Dec. 20.
For a full recap on the NCUA Board Meeting, please click here. A recap of all NCUA Board Meetings can be found under the NCUA Board Meeting Summaries link in Governmental Affairs section of the CU Portal of your League's website. Access it here.