A New Definition of What Constitutes 'Small'
What constitutes "small" has gotten larger. The NCUA board has proposed updating the definition of a small credit union to include those with assets up to $10 million, up from the current $1 million. The definition is included as part of the Regulatory Flexibility Act, and Interpretive Ruling and Policy Statement (IRPS) 87- 2 requires NCUA to prepare an analysis describing the impact of proposed and final rules on small entities. The proposal includes a new provision requring NCUA to review all existing rules every three years and to inform the public of the rules to be reviewed. The one exception to the new definition: participants in NCUA's Small CU Program (SCUP) will be capped at assets of $5 million.