Compliance: NCUA answers S. 2155 frequently asked questions
NCUA’s latest issue of The NCUA Report contains a list of frequently asked questions regarding the impact of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). President Donald Trump signed the bill into law in May.
S. 2155 makes a number of statutory changes, and NCUA’s list addresses many of them, including major changes in the area of member business lending.
Section 105 of the act amends the statutory member business loan limit to exempt all loans secured by a 1- to 4-family dwelling (residential property) from the definition of a member business loan, and the board made the necessary change to its rules and regulations May 30.
The NCUA updated the Call Report Instructions for the June 30, 2018, cycle. Credit unions will only report loans that meet the revised definition of a member business loan in account 400A, and should no longer report any loans secured by a 1- to 4-family residential property in account 400A.
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