The NCUA Board's March 14 meeting agenda includes a proposedrule that could potentially lift or increase the current cap onfixed asset investments from its current 5% of shares plus retainedearnings.

The rule, which garnered negative press when it was finalized in October 2010, will nodoubt be of interest to some credit unions.

However, the board's closed meeting agenda is moreintriguing.

According to the agenda posted on the NCUA's website, the boardwill address a request under Section 205(d) of the Federal CreditUnion Act.

That rule, according to guidance published in the FederalRegister by the NCUA in 2008, requires any credit union volunteer,employee or vendor who has been convicted of a criminal offenseinvolving dishonesty or breach of trust, or has agreed to apretrial diversion or similar program, to receive writtenpermission from the NCUA Board before participating in the affairsof any insured credit union.

For certain crimes, the statute sets a 10-year ban, during whichtime the board may only approve the request with the permission ofthe individual's sentencing court. Minor crimes that do not involvean insured depository institution are not covered by the rule.

The board will also consider a purchase and assumption requestand a merger request during the closed meeting.

In addition to the proposed rule, the open meeting will includea request by $313 million Cinfed FCU of Cincinnati to convert to a community charter.According to its website, federal and county employees make upCinfed's core select employee group; the credit union also hasseveral additional SEGs.

The open meeting will begin at 10 a.m. EDT in the NCUA'sAlexandria, Va. headquarters. The closed meeting will follow at10:45 a.m.