NAFCU Statement on NCUA’s Action on Fixed Asset Rule and Community Charter Conversion

WASHINGTON, DC – National Association of Federal Credit Unions (NAFCU) President and CEO Fred R. Becker, Jr., today issued the following statement regarding the National Credit Union Administration’s (NCUA) action on the fixed assets rule and community charter conversions.

“NAFCU’s five-point plan for broad-based credit union regulatory relief calls for administrative, structural and operational improvements to the federal credit union charter, as well as capital reform and data security reform.  NCUA’s action today speaks to two measures proposed within our plan.”

“While NAFCU appreciates NCUA reviewing the fixed asset rule, more needs to be done. As we have repeatedly urged the agency, the arbitrary five percent cap should be eliminated and credit unions should be given the flexibility to decide their own fixed-asset limits with supervision by the agency through the examination process.”

“Improving the process for expanding a federal credit union’s field of membership and making the process of converting to a community charter easier are also key measures NAFCU is advocating. In that regard, NCUA should continue to find ways to make it easier for credit unions to convert to a community charter which will allow more Americans to reap the benefits of credit union membership.”

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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.

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