WASHINGTON-After completing its work in September, the joint CUNA/NAFCU Corporate Credit Union Task Force is likely dissolved for good.
But following NCUA's release of its proposed rule change, both groups said they planned to review the proposal and left the door open for some limited collaborative efforts.
"We have just begun the process of soliciting our members' response to NCUA's proposed rule. As we gauge our member's thoughts and concerns on the proposal, we will continue our ongoing dialogue with CUNA and others on corporate issues," NAFCU Senior Counsel and Director of Regulatory Affairs Carrie Hunt told Credit Union Journal.
CUNA Spokesperson Pat Keefe said it would be reactivating its portion of the task force, again chaired by VyStar CU CEO Terry West. While its new report on the proposal will not be a joint effort, Keefe said that CUNA's new group might speak with some of the individuals who represented NAFCU.
"The Task Force...will invite input from a range of stakeholders, including natural person credit unions, leagues, and corporate credit unions. My guess is they will look at the input from the stakeholders first," Keefe told Credit Union Journal.
The original joint task force submitted its vision for the future of the corporate credit union system in a report released in the first week of September. It proposed limits on investment risk, limits on the types of services corporates can offer, guidelines for board members and capital requirements for membership to the corporate. NCUA's proposed rule lined up with many of the task force's recommendations.
