Modernized occupancy rule provides regulatory relief

The National Credit Union Administration Board held its 11th open meeting of 2016 at the agency’s headquarters recently and unanimously approved items, including a final rule providing regulatory relief to federal credit unions by eliminating the full occupancy requirement in the current occupancy rule and an interim final rule amending the agency’s Freedom of Information Act regulation to provide even greater agency transparency and to comply with changes in federal law.

Federal credit unions will have greater flexibility in acquiring and holding property under a final rule (Parts 701 and 721) approved by the NCUA Board. Once effective, the final rule will eliminate the requirement in the former occupancy rule that federal credit unions must plan for and eventually reach full occupancy of acquired premises.The final rule is available online here.

NCUA’s Board approved an interim final rule (Part 792) that implements new records disclosure procedures under the Freedom of Information Act, as required by recent changes to federal law adopted by Congress in 2016. The interim final rule implements new procedures for disclosure of frequently requested records and electronic records under FOIA, for assessing fees, and for resolving disputes through the agency’s FOIA Public Liaison and the Office of Government Information Services, which is part of the National Archives and Records Administration. The interim final rule is available online here.