The proposed rule redefines the definition of a small credit union – As proposed the small credit union definition rule would require the NCUA to determine and consider the impact of proposed and final rules on approximately 1,600 additional small credit unions that are above the current $10 million asset size but below the proposed $30 million. One example of regulatory relief for small credit unions is the exemption fromthe final interest rate risk management rule and risk-based net worth requirements.
Besides the regulatory relief, small credit unions benefit from access to loans, grants and technical assistance through NCUA’s office of Small Credit Union Initiatives.
The proposed rule also commits the NCUA Board to review and consider adjusting the threshold every three years.
Although the Association has consistently weighed in on behalf of credit unions on NCUA proposals, we suggest that you review the proposal for its applicability on your credit union and weigh in with the NCUA. The NCUA is taking comments through November 26. Comments can be submitted electronically or you can take our survey:
Via email to: firstname.lastname@example.org
ATTN Mary Rupp, Secretary of the Board
Or, via mail to: Mary Rupp
Secretary of the Board
National Credit Union Administration
1775 Duke Street
Alexandria, VA 22314
Alternatively, you can send your thoughts and observations to email@example.com by November 22, for inclusion in the Association’s comment letter.