ALEXANDRIA, Va. — If the NCUA board's proposed $30 million limit to define small credit unions stands, 1,603 credit unions would be excluded from risk-based net worth requirements and a provision of the interest rate risk rule, according to the NCUA's action memo on the topic.
The increase was among three proposed rules and one request for information approved by the board during its Sept. 20 meeting.
The rule would greatly impact the NCUA's Office of Small Credit Union Initiatives, increasing the number of credit unions it serves by 66%. The office's director, Bill Myers, told the board he is reorganizing the office to allocate resources more efficiently to meet the increased demand. For example, small credit unions will be provided increased access to assistance online and will receive phone calls before the agency sends someone to assist the institution in person.
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