NAFCU’s Berger, NCUA’s Harper discuss top CU priorities
NAFCU President and CEO Dan Berger met with NCUA Board Member Todd Harper Monday to discuss several top credit union priorities, including the National Credit Union Share Insurance Fund (NCUSIF), field of membership (FOM), credit unions’ capitalization of interest, and more. NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt and Director of Regulatory Affairs Ann Kossachev also attended the meeting.
On the NCUSIF, Berger discussed the association’s advocacy related to the NCUA’s management of the NCUSIF and credit union investment authority. Recently, NAFCU Vice President of Research and Chief Economist Curt Long advised the NCUA Board to consider measures to allow credit unions additional investments – even on a temporary basis – rather than assess a premium to lower the ratio.
In addition, members of NAFCU’s Share Insurance Fund (SIF) Committee heard directly from NCUA Chief Financial Officer Eugene Schied on this topic during the committee’s October meeting.
The group went on to discuss credit unions’ capitalization of interest under Appendix B to Part 741. In September, NAFCU Board of Directors Chair Debra Schwartz, president and CEO of Mission Federal Credit Union (San Diego, Calif.), and NAFCU’s Regulatory Committee called on the NCUA to “act quickly to issue an interim final rule [IFR] permitting credit unions to capitalize interest” when it comes to troubled debt restructurings (TDRs) and loan modifications.”
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