NCUA Board Agenda Includes Three New Rules
The proposed safe harbor rule was referenced on the agenda as involving part 709 of the agency’s rules and regulations.
Part 709, according to NCUA rules and regulations, includes “the involuntary liquidation and adjudication of creditor claims in all cases involving federally-insured credit unions, the treatment by the board as conservator or liquidating agent of financial assets transferred in connection with a securitization or participation or of public funds held by a federally-insured credit union, and the allowance of prepayment fees to Federal Home Loan Banks under specified conditions.”
“Remaining sections of this part are applicable to all federally insured credit unions. This part does not apply to share insurance claims arising out of the liquidation of a federally insured credit union. Insurance claims are decided pursuant to part 745 of this chapter,” the rules and regulations also said.
Proposed rules on asset securitization and appraisals will also be presented at the June meeting.
In addition, the board will consider a final rule on voluntary liquidations.
The NCUA board will also consider a request to convert the $355 million Mainstreet Credit Union’s charter.