Written by Steve Van Beek
Low-Income Credit Unions. Yesterday, NCUA announced that the number of low-income designated credit unions (LICU) has reached 1874. Two-thirds of the 1003 credit unions that were recently notified of their eligibility for the LICU designation opted-in during the past two months. The list is available here.
October NCUA Board Meeting. The agenda was - thankfully - fairly light at NCUA's Board meeting yesterday. Of note, NCUA proposed a change that would allow potential LICUs up to 90 days to accept the designation after being notified of their eligibility. This would be up from the current 30 days. Here is from NCUA's Board Action Bulletin:
"Under existing regulations, credit unions that receive notification from NCUA of eligibility for the low-income designation have 30 days to notify the agency they wish to accept. However, a credit union may need more than 30 days to analyze whether accepting the designation is desirable and obtain approval from the credit union’s board of directors. Given the potential benefits that flow from the low-income designation, Chairman Matz said credit unions should have sufficient time to properly assess whether to accept and complete their internal approval processes."
The proposal will be out for comment for 30 days after being published in the Federal Register.
New Executive Director. NCUA announced Mark Treichel as Executive Director. Treichel had most recently been Regional Director of Region I.
Compliance Seminar. Next week is NAFCU's Regulatory Compliance Seminar in Seattle, Washington. For NAFCU members, please keep in mind that our compliance team will be short-staffed in the office and responses will be slower than usual.
For those who are joining us in Seattle - please be sure to come up and say hello! See you in Seattle!
Bonus: How bout them Tigers!!! World Series Bound!