NCUA Board Meeting Summary
The National Credit Union Administration board meeting was held on Thursday, September 20, 2012. The meeting was confined to positive actions, and the key points from the meeting are:
- New investment authority for federal credit unions to purchase Treasury Inflation Protected Securities (TIPS) was proposed for a sixty-day comment period;
- The definition of a small credit union would be increased to $30 million from $10 million in assets under a proposal open for comments for thirty days;
- The definition of “rural district” for federal credit union field of membership purposes would be increased to the greater of 200,000 or three percent of the state’s population; and
- The agency is seeking responses for 60 days under an advance notice regarding additional flexibility for federal credit unions to offer payday-alternative loans.
Click here to access the complete board summary of the meeting.
NCUA Board Member Gigi Hyland announced her departure from the agency; October 5 will be her last day. Her assistant, Gary Kohn, had already left NCUA.