From the October-01, 2008 issue of Credit Union Times Magazine • Subscribe!
NCUA OKs Regs on Advertising, FOIA
ALEXANDRIA, Va. -- Rules regarding flexibility in advertising for federally insured credit unions and the use of the Freedom of Information Act to attain information were clarified at last week's NCUA Board meeting.<p>The board unanimously approved the rule permitting federally insured credit unions to use the shortened deposit insurance statement alone or the official sign alone in advertisements. The regulation previously permitted shortening the official statement to "Federally insured by NCUA'' if used with a reproduction of the official sign.</p><p>NCUA Staff Attorney Moisette I. Green told the board that the change is in line with those the FDIC has for banks.</p><p>The NCUA Board unanimously approved a rules change regarding when and how it would comply with the Freedom of Information Act regarding deceased employees' personal information. The agency is continuing its practices of not accepting FOIA requests over the phone.</p><p>The board also approved sending out for comment a proposed rule to allow those federal credit unions eligible for the Regulatory Flexibility (RegFlex) program to have six years to occupy unimproved land that they purchase. Currently, those credit unions must occupy those properties within three years.</p><p>NCUA Staff Attorney Frank Kressman explained that the change would give eligible federal credit unions more time to make improvements on unimproved land they have purchased for future use.</p><p>Hyland asked why the staff wasn't recommending changing the rules so that they also apply to improved land.</p><p>Kressman replied that including that kind of property "would almost be allowing for real estate speculation."</p><p>The public has 60 days to comment on the proposed regulation.</p><p>The top regulatory lawyers for both CUNA and NAFCU praised the two new rules and the proposal. </p><p>--firstname.lastname@example.org</p><p> </p><p> </p>