NCUA Adds Appeal to Thursday Board Meeting
The NCUA has a full agenda for Thursday’s board meeting, announcing Tuesday it has added an additional supervisory activity to the closed portion of the session.
After considering a supervisory activity, the board will hear an appeal under Section 701.14, which requires that newly chartered or troubled credit unions notify the NCUA at least 30 days prior to a change in an official or senior executive officer.
The NCUA defines a “troubled” credit union as a natural person credit union that has been assigned a CAMEL 4 or 5 rating, a corporate credit union that has been assigned a CRIS 4 or 5 rating in either financial risk or risk management composites, or a natural person or corporate credit union that has been granted assistance from NCUA to avoid failure.
The appeal also involves Part 747, Subpart J, which outlines the procedures in the event the NCUA disapproves the credit union’s executive or volunteer change.
During the open portion of the board meeting, the NCUA will reveal final rules for regulatory flexibility relief and troubled debt restructuring. The board will also release its quarterly insurance fund report.
The meeting begins at 10 a.m. Thursday at the NCUA’s Alexandria, Va. headquarters.