NCUA board approves PCA flexibility, joint ownership proposal

The NCUA Board issued a proposed rule and an interim final rule during its Thursday board meeting, conducted via live audio stream. The board also heard a quarterly update on the National Credit Union Share Insurance Fund.

NCUA Chairman Rodney Hood announced at the start of the meeting that NCUA would be “following the spirit” of the White House Executive Order issued this week calling on federal agencies to identify regulations that can be rescinded or temporarily waived to promote job creation and economic growth.

The board approved an interim final rule on prompt corrective action (PCA). The rule:

• Amends §702.201 to temporarily waive the earnings retention requirement for any credit union that is adequately capitalized, and

 

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