WASHINGTON — The NCUA's finalization of its revamped corporate credit union rules and plan for dealing with legacy assets will enable the industry to begin turning the corner on a "painstaking and frustrating period," Chairman Debbie Matz told attendees at NAFCU's Congressional Caucus.
She said the rule, which was scheduled to be released after press time, emphasizes "realism, rigor and responsibility." Matz added that it will strengthen capital requirements, limit the average life of assets to prevent liquidity risks, ban the purchase of private-label asset-backed securities and raise standards for board member requirements.
The rules won't include term limits, a change from the original proposal.
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