WASHINGTON, Jan. 28 -- National Credit Union Administration has issued a proposed rule called: Public Unit and Nonmember Shares.
The proposed rule was published in the Federal Register on Jan. 28 by Melane Conyers-Ausbrooks, Secretary of the Board.
Summary: The NCUA Board (Board) seeks comment on a proposed rule to amend the NCUA's public unit and nonmember share rule to remove the requirement for a written plan to document the intended use of any borrowings, public unit, or nonmember shares if, collectively, those funds exceed 70 percent of the federally insured credit union's (FICU's) paid-in and unimpaired capital and surplus. FICUs would remain subject to the limits and other regulatory requirements governing public unit and nonmember...