NCUA Extends Comment Period on Community Charter Proposal
Credit unions will have an additional month to comment on the NCUA's proposed rules changes on community charter as a result of today's announcement by the agency that it is extending the comment period deadline from March 1 to April 15.
NCUA Chairman Debbie Matz said the board extended the deadline because credit unions already face a March 9 deadline to submit comments on the agency's proposed changes for overhauling the rules on corporate credit unions.
"The credit union community is faced with several nearly simultaneous major rulemakings," Matz said in a statement. "We have taken this action to allow the credit union community ample opportunities to give appropriate consideration to both of these significant proposals."
Under the proposal, for purposes of whether to grant a community charter, a well defined local community would have to have 2.5 million or fewer people and have a core area containing 50% of the jobs and 33% of the population.
The proposed rules also define a rural district as a contiguous area in which more than 50% of the population lives in areas defined by the U.S. Census Bureau as rural and the area's population doesn't exceed 100,000 people.