Proposed Rule on Credit Union Reporting & Final Rule on RegFlex Changes with Regard to Unimproved Land

CUNA
April 22, 2009 | COMMENTS

CUNA COMMENT CALL - Proposed Rule: Credit Union Reporting

The National Credit Union Administration (NCUA) has issued a proposed rule to require federally-insured credit unions (FICUs) to submit reports and other important information to NCUA through a new web-based system.

The proposal would amend the existing regulations on reporting procedures and record retention requirements.

Additionally, the proposal would require FICUs to report changes in senior officials resulting from election or appointment and would clarify the requirements on when credit unions must file reports with NCUA online.

NCUA plans to implement the new system during the third quarter of this year for natural person credit unions, and sometime next year for corporate credit unions.

Comments are due to NCUA by May 26, 2009; please submit your comments to CUNA by May 15, 2009.

Please feel free to e-mail your responses to Senior Vice President and Deputy General Counsel Mary Dunn at mdunn@cuna.com and to Regulatory Research Counsel Luke Martone at lmartone@cuna.com . You may also contact us at 800-356-9655, ext. 6743, if you have questions. Click here to access the proposed rule.

> Read the Full CUNA Comment Call with Background & Questions to Consider

CUNA FINAL RULE ANALYSIS - NCUA Final Rule on RegFlex Changes with Regard to Unimproved Land

The NCUA Board approved a final rule to provide additional flexibility with regard to acquiring unimproved land for future expansion. This will only apply to federal credit unions (FCUs) that qualify under the Regulatory Flexibility Program (RegFlex).

Until now, when an FCU acquires unimproved land for future expansion and does not fully occupy the premises within one year, it must partially occupy the completed premises within three years or obtain a waiver.

Under this final rule, this three-year requirement is extended to six years for those credit unions that qualify under RegFlex. Again, this only applies to unimproved land.

The final rule will be effective as of April 27, 2009.

If you have any questions or need a copy of the final rule, please feel free to contact Senior Vice President & Deputy General Counsel Mary Dunn at mdunn@cuna.com or Senior Assistant General Counsel Jeff Bloch at jbloch@cuna.com or by telephone at (800) 356-9655, extension 6736 or 6732. You may also access the rule on the Internet at the following address:

http://www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/742finalfixedassets2009.pdf