ALEXANDRIA, Va. -- Corporate credit unions would higher capital requirements, more limits on the type of investments they can make and more disclosure requirements for the executive and board compensation under proposed rules that the NCUA sent out for public comment today.
The proposed rules have three levels of minimum capital ratios ranging from 4% to 8%.
Each corporate would be assigned one of five capital categories and eliminates the special treatment that wholesale credit unions receive in terms of their retained earnings reserve requirements.
The proposal would also prohibit investments in collateralized debt obligations and net interest margin securities and would require that at least 90% of a corporate's investments be rates by at least two ratings organizations.
The board also approved a $200.9 million budget for 2010; it is a 13% increase over the current budget and includes funding for 74 new positions.
Of those new positions, the largest single increase will be 39 new examiners and 12 problem case officers.
The agency's new Office of Consumer Protection will require seven new positions as well additional positions transferred from other parts of the agency.
