The NCUA announced that they would raise the asset threshold defining “small entities” to $100 million, making hundreds more credit unions eligible for regulatory relief under the Regulatory Flexibility Act.
Credit unions of $100 million and under would face reduced regulatory burden under the proposal. Credit union advocates seek higher threshold.
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 NCUA is expected to issue four final rules on Thursday, including changes to the asset threshold that defines small credit unions, an increased response time for accepting the LICU designation and other technical changes.
The CFPB issued a final rule increasing the asset-size exemption for credit unions under Regulation C, which implements the Home Mortgage Disclosure Act, to $42 million.
The Federal Reserve Board and the Consumer Financial Protection Bureau announced increases in the dollar thresholds in Regulation Z and Regulation M for exempt consumer credit and lease transactions that will take effect Jan. 1, 2013.
The NCUA board of directors unanimously approved four regulatory relief items at its Sept. 20 open meeting, adopting three proposed rules and an Advance Notice of Proposed Rulemaking.
While the Fed increased the APR threshold, CUNA notes that credit unions have the option to continue to follow the lower threshold that applied prior to the change.