Before the recession, credit unions sometimes skimped on requiring business borrowers to provide legal opinions for transaction fundamentals, attorney Dustin DeVore told an educational session audience during a Feb. 11 Metropolitan Area Credit Union Management Association meeting in Rosslyn, Va.
The NCUA Board approved two new rules during its February meeting Thursday that expand investment powers and field of membership reach.
Mortgage rules expected at Baltimore meeting next week; remittance rules expected to be posted on agency website in weeks to come.
Trade group says five new rules at once will pose "unprecedented challenge to digest, understand and implement."
NAFCU said Thursday it has promoted Tessema Tefferi to senior regulatory affairs counsel and hired two more attorneys to work in that area.
ALEXANDRIA, Va. — A final rule approved Thursday by the NCUA Board eliminates use of credit ratings as standards of investment creditworthiness.
Trade presents its 2012 Report on Credit Unions, notes 30% intend to access liquidity in the next 12 months.
Final rule would remove references to credit ratings in NCUA regulations as they apply to the credit unions' analysis of investments.
Four out of the five states where the Federal Housing Finance Agency is considering an increase in mortgage guarantee fees do not have healthy housing markets.
NAFCU expects to submit its comment letter on proposed rule by Thursday's deadline.