ALEXANDRIA, Va.--With little discussion and by a unanimous vote, the NCUA Board today upheld the denial of Tri-State FCU's application to add a YMCA to its field of membership.
A line of credit from a credit union to a mortgage company is a member business loan because the company assigns liens to family dwellings to secure the line of credit, NCUA Associate General Counsel Sheila Albin wrote in a legal opinion.
Federal credit unions can add a floor rate to variable rate home equity loans if the original agreement disclosed that such an addition is possible, according to an NCUA legal opinion.
A conflict of interest that would prevent a board member from voting must have a "real or actual effect, not a hypothetical or speculative effect on the individual or organization's interest,"
Credit unions can form a CUSO to provide services aimed at helping credit unions comply with federal regulations, according to a legal opinion from NCUA Associate General Counsel Sheila Albin.
Elizabeth Whitehead, the NCUA's associate regional director of programs in Region I, was named by the board to be the Director of Region V.