NCUA delays July board meeting

The National Credit Union Administration has delayed its next board meeting, kicking the date back two weeks to July 30.

While the agenda is not yet public — and isn’t likely to be issued until closer to the meeting — it could feature the return of two major items.

The panel has yet to fully approve the latest round of revisions to its field-of-membership rule. Those changes, proposed last year, were intended to address redlining concerns that arose in an appeal of the American Bankers Association’s legal challenge to the rule. With the Supreme Court this week having rejected ABA’s petition for a hearing, that matter is now settled, and the agency has indicated it will move quickly to address existing expansion applications from credit unions, however it cannot do that until those final revisions have been approved.

There is also the possibility the agency could consider risk-based net worth. That topic was originally slated to be discussed in the June board meeting but was pulled from the agenda at the last minute when the board did not have the votes to approve the proposal. In June 2019 NCUA approved another delay to its controversial risk-based capital rule as part of a larger plan to revamp credit union capital standards, but little public progress has been made since then.

The board plans to once again provide a live audio stream of the event rather than hold an in-person meeting at its Alexandra, Va., headquarters. The regulator had intended to resume some on-site work early this month but announced at its last board meeting that a nationwide spike in coronavirus cases had compelled them to call off those plans.

As with some previous years, the agency does not have an August board meeting scheduled, so the July delay is not likely to impact scheduling for future events.