A concern over states' rights and a question about the NCUA's legal authority over the member business lending proposal during an NCUA board meeting Feb. 18 prompted a Hail Mary pass by one board member.
The monthly board meeting ended with a contentious board member discussion, as proposed changes to wording in the MBL proposal from Board Member J. Mark McWatters prompted a tense exchange at the end of the meeting.
McWatters asked for changes to the states' rights portion in section 723.10 of the MBL proposal, which exempts federally insured, state chartered credit unions from complying if a state supervisory authority provides a state commercial and MBL rule for use by federally insured credit unions chartered in that state. The provision said this exemption can occur "provided the state rule at least covers all the provisions in this part and is no less restrictive, upon determination by (the) NCUA."
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