NCUA Agenda Potentially Positive for CUs
Items on the open agenda include:
A proposed rule addressing regulatory relief for small credit unions;
A proposed rule that would permit credit unions to invest in Treasury Inflation Protected Securities;
A proposed rule that would expand the agency's definition of "rural district" for fields of membership; and
An Advanced Notice of Proposed Rulemaking related to payday-alternative loan regulations.
The NCUA in September of 2010 moved to allow federal credit unions to offer short-term, small amount loans to their members. The loans, which serve as alternatives to payday loans that are offered by other financial service providers, come with certain restrictions. Federal credit unions may charge an interest rate that is a maximum of 10 percentage points above the established usury ceiling at that time. A $20 application fee may also be charged. The loans may total as high as $1,000 and may last for as long as six months, and the loans cannot be rolled over.
The open board meeting is scheduled to begin at 10 a.m. ET on Sept. 20.
A closed board meeting will take place before the open meeting at 8:30 a.m. ET. Creditor claim appeals and personnel issues will be on the agenda for the closed meeting.
For the full NCUA agenda, click here.