NCUA board will vote on final field of membership rule on Oct. 27

The NCUA board will vote on its final field of membership rule at its Oct. 27 open board meeting. CUNA supports the rule, as it would provide greater choice for consumers and provide flexibility for credit unions to better serve their communities.

The rule, first proposed at the NCUA’s November 2015 meeting, contains a number of changes CUNA requested in a June 2015 letter to the NCUA. CUNA has challenged a lawsuit brought by the Independent Community Bankers of America against the rule, and CUNA’s board has resolved to reject the lawsuit and work to protect the credit union system.

The agenda also includes a board briefing on supplemental capital. According to the NCUA’s rulemaking agenda, the proposal would modernize agency regulations to incorporate supplemental capital provisions in the risk-based capital context.

CUNA supports allowing credit unions to raise supplemental capital for risk-based capital purposes. This would help offset risk-based capital requirements and ease the burden on credit unions, allowing them to better meet the needs of their members

The agenda also includes:

  • Final rule on statutory inflation of civil money penalties
  • Final rule on the name change for the NCUA’s Office of Consumer Protection
  • Proposed rule on chartering and fields of membership
  • Proposed interagency rule on loans in areas having special flood hazards

The meeting is scheduled to start at 10 a.m. ET, and a link to a live video stream will be posted on at approximately 9:45 a.m. ET.