ALEXANDRIA, Va. — The NCUA Board will go over the regulator's 2014 mid-year operating budget when it holds its next scheduled meeting Thursday morning, and plans to introduce a rule that is expected to bring significant relief to credit unions.
The proposal will "cut the red tape and streamline the process" for federal credit unions to occupy land or buildings," according to Matz.
"Our intent is to allow federal credit unions to manage their own fixed-asset purchases without having to seek permission or waivers from NCUA," she said at NAFCU's annual convention in Las Vegas last week. "When you want to update your facilities, upgrade technology or make other purchases that have no impact on safety and soundness, NCUA should not micro-manage your individual business decisions."
Credit union lobbyists told CU Journal the proposed rule would be very beneficial to credit unions, with one noting it addresses "a daily headache" CUs face.
Carrie Hunt, NAFCU's SVP of government affairs and general counsel, said the fixed-asset relief was a "positive development," and something the trade group has been pushing for "for a long time."
In addition to the mid-year budget review and the fixed-asset rule, the Board is scheduled to consider three other agenda items:
- A request for community charter expansion by $360 million Call Federal Credit Union of Richmond, Va.
- The National Credit Union Share Insurance Fund quarterly report.
- NCUA's Guaranteed Notes performance report.
