The NCUA Board Thursday proposed a rule to amend the agency’s corporate credit union rules, which includes some NAFCU-sought changes. In addition, the board finalized the interagency policy statement on the current expected credit loss (CECL) standard, received briefings on the National Credit Union Share Insurance Fund (NCUSIF) and credit union mortgage rates, and briefly discussed the agency’s selling of the majority of its taxi medallion loan portfolio.
The agency Wednesday evening announced the sale of the majority of its taxi medallion loan portfolio to Marblegate Asset Management LLC and released an FAQ. NAFCU had urged the NCUA to do whatever was necessary to obtain fair pricing, which was integral to both the health of the NCUSIF and the impact on the value of taxi medallion loans still held at some credit unions. NAFCU will evaluate NCUA’s actions to see if these two goals have been achieved.
Proposed rule on corporate credit unions
The proposal to amend Part 704 would make four notable changes:
- permit a corporate credit union to make a noncontrolling, de minimis investment in a natural person CUSO without the CUSO being classified as a corporate CUSO;
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