NCUA Puts Off Vote On Corporate Rule

Register now

ALEXANDRIA, Va. – NCUA Board’s monthly meeting next week will be conspicuous for what is not in it, rather than what is in it–the Board will not vote on a final corporate credit union rule, as had been expected.

A final vote on the rule, as well as a plan to dispose of some $50 billion of toxic assets held by the corporates has been postponed indefinitely.

“The NCUA Board has decided to consider these issues at meeting in the near future," said John McKechnie, chief spokesman for the agency.

The Board will vote next week on a special assessment to replenish falling reserves for the National CU Share Insurance Fund, which is expected to be as much as 15 basis points, ore about $1.1 billion.

The Board will also vote on a final rule aimed at easing some of the restrictions on payday loans.

For reprint and licensing requests for this article, click here.
Corporate credit unions
MORE FROM AMERICAN BANKER