ALEXANDRIA, Va. – NCUA said a credit union can meet the requirements of its fixed asset rule if it lists an abandoned property for sale with a real estate broker.
"This will generally be sufficient to meet the regulatory requirement, assuming the other means include using a commercial listing service," said the agency in a new legal opinion letter.
The rule states if the property has been abandoned for four years, a federal credit union must publicly advertise it. "Our view is listing the property with a real estate agent, which we assume means the property will be included in a commercial listing service, and posting a ‘for sale’ sign in front of the property generally should be sufficient to satisfy the regulatory requirement," said NCUA.
The rule requires FCUs to make diligent efforts to dispose of and seek fair market value for abandoned property, said the agency, adding that the rule requires the sale of abandoned property within five years unless NCUA provides written approval.
