NAFCU statement on NCUA board actions
WASHINGTON, DC (December 12, 2013) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today regarding the National Credit Union Administration (NCUA) Board’s actions.
“NAFCU supports the expansion of credit unions’ investments powers, including those powers contained in the charitable donations rule,” said Berger. “NCUA should continue to look into ways to allow credit unions flexibility, including the finalization of the derivatives proposal.”
“NAFCU is also supportive of the interagency rule to expand the list of transactions exempt from appraisal requirements applicable to higher-priced mortgage loans, and we are particularly appreciative that the agencies adopted our recommendation that credit unions will not be required to treat Saturday as a ‘business day’ when working to get notices to borrowers within three business days after receiving an HPML application. Even so, credit unions have many preparations to complete in order to comply with the HPML rule and the numerous other mortgage rules that take effect in less than a month, and NCUA should take that into consideration in its future examination of the mortgage rules.”
“Regarding NCUA’s proposal on examination sites for federal credit unions, NAFCU will closely review the proposed rule and our members’ feedback on it.”
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.