At what was a very brief meeting this morning, the National Credit Union Administration has just voted to seek comments on a proposal that clarifies and reorganizes portions of its rule addressing federal credit union ownership of fixed assets. Comments will be due 60 days after the plan is published in the Federal Register.
The proposal is not intended to impose new requirements on credit unions, but would update the existing regulation by reorganizing and clarifying the current requirements in a more user friendly format.
The NCUA also voted to approve a community charter conversion request from Cinfed FCU, Cincinnati, Ohio.
The NCUA’s closed session, which will follow the open meeting, will feature three items. Those items are:
- A purchase and assumption request;
- A merger request; and
- Requests under Section 205(d) of the Federal Credit Union Act, which deals with prohibitions on individuals convicted of crimes involving dishonest and exceptions to those prohibitions.