Federal Charter Work Group Needs Your Input


The first Northwest Credit Union Association Federal Charter Work Group saw a lot of success. Your Association thanks you for your participation.

Members of the work group have come up with a number of topics, but are looking for additional ideas. This is your opportunity to provide input on changes you would love to see made to the charter of federal credit unions. Please provide your input by Aug. 30 to compliance@nwcua.org.

Here is a list of topics that the group has come up with so far:
  • Defend the tax status
  • Increase non-member deposits
  • Removal of ghost accounts
  • FOM retention in mergers
  • Member expulsion
  • MBL cap exemptions
  • Board compensation
  • Electronic meetings
  • Bylaw flexibility
  • Private insurance options
  • MBL partial guarantors
  • Subordinated debt
  • Grandfathering FOM in charter conversion
  • Parity with HQ State Act
  • Nonmember deposits from 20% to 50%
  • Increase commercial cap
  • Director lending increase from $20,000
  • CTR/AML/BSA adjust for inflation
  • All # in rule not statute
  • Clean up all gender language
  • One member charter – universal
  • More parity with banks
  • Public funds for federal CUs
  • Member delegate voting
  • Eliminate or amend Supervisory Committee
  • Reduce land use restrictions
  • Merger process
  • Increase eligible investments
  • Maturity cap on consumer loans
  • Allowing pre-payment penalties
  • HMDA relief
  • Data breach liability and universal standards
  • Ensuring access to the secondary market
  • Exam consistency
  • Supplemental capital
  • Excise tax
  • RBC

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance News.