NCUA Board to Review Several Issues With Major Implications for Credit Unions at July 20 Meeting
July 18, 2017
This Thursday, July 20, the NCUA Board will hold an open meeting to discuss several matters that directly impact credit unions. Following are the issues up for discussion.
- Share Insurance Fund Quarterly Report: This report will provide a first look at how taxi medallion loans have affected the Share Insurance Fund (SIF). In addition, it will likely give a first look at the impact of rapid deposit growth on the fund.
- Proposed Rule, Part 701, Emergency Mergers
- Board Briefing, 2017 Mid-Session Budget
- Request for Comments, Closing the Stabilization Fund and Setting the Share Insurance Fund Normal Operating Level: The NCUA is seeking guidance from credit unions on how to close the Temporary Corporate Stabilization Fund. Transferring excess funds from the Corporate Stabilization Fund to the SIF would offset a potential assessment due to rapid deposit growth, and likely allow for refunds to credit unions.
- Proposed Rule, Part 741, Share Insurance Fund Equity Distributions: The NCUA is proposing a rule that would temporarily increase the maximum Share Insurance Fund limit, allowing them to wind down the Corporate Stabilization Fund in a reasonable manner. Credit unions should consider the SIF equity distributions proposal carefully and submit comments.
Look to Anthem next week for a follow-up article on the outcomes of this meeting.