The NCUA amended the definition of “small entity” today, raising the threshold from $10 million to $50 million in assets. The final rule marks the first time in 10 years the NCUA has revised the small credit union definition.
The FTC published an interim final rule on identity theft “red flags” that narrows the definition of a creditor to ensure the rule’s consistency with the Fair Credit Reporting Act.
Responding to rules proposed by the NCUA in September, NWCUA Board Chair Debie Keesee and BECU’s Parker Cann urged the NCUA to consider a higher asset threshold in defining small credit unions, while Pacific Crest’s Kathie Philp suggested an alternative definition for rural district.
The NCUA has extended the deadline for comments for the proposed rule defining small credit unions after receiving only one comment during the initial 30-day comment period.
As part of this morning’s NCUA board meeting, the agency proposed changing the definition of a “small credit union” to include those with up to $30 million in assets, up from the $10 million threshold established in 2003.
Your weekly update on the regulatory landscape.
A recent NCUA legal opinion revises the definition of a “fleet” for purposes of MBLs. The updated definition allows for five or more vehicles that are centrally controlled and used for a business purpose, giving credit unions greater flexibility in making lending decisions.
The FTC is publishing a Federal Register notice seeking public comment on proposed modifications to COPPA in an effort to further strengthen protection for internet users 13 years of age and younger.
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