Two rules and a request were unanimously approved by the National Credit Union Administration (NCUA) board on Thursday, adjusting the current occupancy rule and providing increased transparency by the agency.
The updated occupancy rule promises to provide federal credit unions with greater flexibility for the acquisition and holding of properties by eliminating previous requirements that obligated credit unions to plan for and eventually attain full occupancy of acquired properties.
“We have a goal of providing regulatory relief, whenever possible, while continuing to ensure safety and soundness,” NCUA Board Chairman Rick Metsger said. “This change resulted from listening to credit union stakeholders’ suggestions. It cuts unnecessary paperwork and gives credit union boards the authority to make their own business decisions in this area.”
The second approved rule implemented new procedures for the disclosure of frequently requested records, as required of the NCUA by changes to the Freedom of Information Act adopted by Congress this year.
The eleventh open meeting of the year also included briefs from the chief financial officer and the director of examination, which revealed a positive net position on the Temporary Corporate Credit Union Stabilization Fund, and presented current trajectories for a possible Stabilization Fund rebate in the future.