CUNA Presses NCUA for More Regulatory Relief
Last Friday, CUNA President/CEO BIll Cheney sent a letter to the NCUA Board regarding a number of issues on which he believes the agency should provide regulatory relief to credit unions. Click here for a copy of the letter. NCUA is reviewing these recommendations now and CUNA will be meeting with NCUA senior legal staff and others this month to discuss the recommendations and support their adoption. The letter was produced with input from the Missouri Credit Union Association, other leagues, the AACUL Regulatory Advocacy Advisory Committee, members of CUNA's councils and committees, and others.
The letter focused on 17 areas in which the agency should provide regulatory relief. These include urging NCUA to:
- Form a credit union advisory council
- Provide more relief on member business lending
- Revisit field of membership requirements to facilitate credit union growth
- Allow certain derivatives to help well-run credit unions manage interest rate risk
- Allow more flexibility on the treatment of REO properties that credit unions hold
- Raise the asset threshold in the definition of a small credit union
- Improve the mergers process
- Provide more latitude for credit unions to change their bylaws
- Allow greater insurance coverage for IOLTAs
- Publish to credit unions the new examiners' manual
- And a number of others.
CUNA provided specific recommendations to the agency on how these measures could be accomplished consistent with the Federal Credit Union Act.
CUNA also reiterated its strong opposition to NCUA's loan participation proposal and continues to urge the agency to bury it and the proposal on credit union service organizations.