NCUA to Vote on Transparency Rule

ALEXANDRIA, Va. – The NCUA Board is expected next week to approve a new rule expanding member access to internal books and records, the first of a package of proposals aimed at bringing greater transparency to credit union operations. The proposal, prompted by several controversies involving members trying to access records of credit union conversions, will set clear standards regarding when members may request and obtain records of internal board and committee deliberations. Later, the NCUA Board is expected to vote on proposals to require disclosure of management compensation during some mergers; and to institute credit union bylaws as regulations. The NCUA Board also is scheduled to vote on two requests for conversions to community charters: by Consolidated FCU of Portland, Ore., and Connects FCU of Richmond, Va.