ALEXANDRIA, Va. – NCUA said federal credit unions can collect monthly rent from members, so-called locked box accounting services.
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In a new legal opinion issued to Bethex FCU, NCUA said such services are permissible under its incidental powers regulation.
The Bronx-based community development credit union plans to collect monthly rents for a housing cooperative and apply those payments to the cooperative’s accounts. It also would pay certain monthly bills from the cooperative’s accounts.
