Wisconsin has become the fifth state to gain the National Credit Union Administration's (NCUA) approval of its own member business lending regulation, Chapter DFI-CU 72. The proposed regulation, which according to the Wisconsin league is expected to take effect in the fall pending approval by the state legislature, was approved at NCUA's February board meeting. Prior to that it was reviewed by the Region IV Regional Director, as well as NCUA's Office of Examination and Insurance. A public hearing about it was held last week here.
The regulation was drafted by Ginger Larson, Director of the Office of Credit Unions, and would exempt state- chartered credit unions from Part 723 of NCUA regulations, shifting authority for business loan decision-making to the state regulator.