ALEXANDRIA, Va. — Less than a week after the Financial Services Regulatory Relief Act was signed into law, NCUA jumped on the chance to put related regulations in place for credit unions.
At the NCUA Board's Oct. 19 meeting, the regulatory body approved an interim final rule extending federal credit unions' general loan maturity limit from 12 to 15 years and allowing federal credit unions to provide check cashing and wire transfers to nonmembers within their field of membership. Residential real estate and mobile home loan limits remain separate.
NCUA's interim final rule stated, "The NCUA Board is issuing this rulemaking as an interim final rule because there is a strong public interest in having advantageous and consumer-oriented rules that enhance credit union services for members and consumers." The interim final rule is effective upon publication in the Federal Register and also has a 60-day comment period.
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