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NCUA to miss deadline for corporate restructuring rule and legacy assets plan

The National Credit Union Administration (NCUA) announced that new corporate credit union rules and legacy assets proposals would not be released at the Sept. 16 open meeting as previously scheduled, but rather, those matters would be considered at a later date. NCUA spokesman John McKechnie issued a news release stating, "The NCUA Board has decided to consider these issues at a meeting in the near future."

NCUA recently communicated to senior-level CUNA staff members that greater work is needed before the corporate credit union and legacy asset issues are ready to be released.

With the corporate and legacy asset issues absent from the agenda, the main issue of concern to credit unions will likely be the establishment of the National Credit Union Share Insurance Fund (NCUSIF) premium. The NCUA is levying the assessment to rebuild the equity level of the NCUSIF, which was depleted due to multiple credit union failures.

Implementation of the recently enacted financial regulatory reforms will also be discussed, and the NCUA's monthly report on the state of its according to the NCUA release. Delegations of authority as well as supervisory activities will be discussed by the board during the closed portion of the meeting.

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