Vote today on bank-notes investment authority

A final rule on authority for federal credit unions to invest in bank notes is the only rulemaking action slated for today’s open NCUA Board meeting. Reports on corporate stabilization and NCUA technology are also on the agenda.

Today’s open board meeting is slated for 10 a.m. Eastern and will be streamed live; return to www.nafcu.org for an update following the meeting.

Since 1997, NCUA’s investments regulation has allowed federal credit unions to invest in bank notes, but it limited that to notes “with original weighted average maturities of less than five years.” NAFCU supported the proposed rule, which would remove the word “original” from the text of the regulation so federal credit unions may purchase the notes as long as remaining maturities are under five years.

The board today will also hear a quarterly report on the Temporary Corporate Credit Union Stabilization Fund and another on a a program to integrate management of the agency’s credit union-facing websites and technology.

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