NAFCU statement on NCUA board final rule on Voluntary Liquidations, Proposed rules on Asset Securitization and Appraisals
WASHINGTON, DC (June 19, 2014) — National Association of Federal Credit Unions (NAFCU) Senior Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement in response to today’s issuance by the National Credit Union Administration (NCUA) Board of a final rule on voluntary liquidations and proposed rules on asset securitizations and appraisals:
“NAFCU supports the NCUA Board’s adoption of technical amendments to the voluntary liquidations rule to reflect technological advances at credit unions,” said Hunt. “We will continue to encourage the agency to also look at advertising rule changes that would accommodate the rise of social media and mobile banking.”
“NAFCU is also pleased that NCUA put out a proposed rule to provide asset securitization authority for credit unions, which reflects a key recommendation of NAFCU’s ‘Dirty Dozen’ list of rules that could be improved or eliminated.
“We also support NCUA’s proposal to reduce some of the burden associated with the agency’s appraisal rules. Credit unions are currently subject to two overlapping rules from CFPB and NCUA for providing copies of appraisal reports to members, and we welcome the agency’s proposal to eliminate this redundancy.
“The proposed rule on appraisals also provides credit unions some relief from the requirement to obtain an appraisal for certain transactions, which NAFCU welcomes.”
Hunt added, “Credit unions are drowning in regulatory burden and do not need new, restrictive regulation.”
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.