ALEXANDRIA, Va. — NCUA issued an interim final rule last week, requesting comments on certain clarifications following the passage of the Financial Services Regulatory Relief Act.
The interim final rule clarifies:
1. That an appeal from the NCUA Board decision regarding share insurance coverage should be to the appropriate federal district court;
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2. That the NCUA Board may terminate the insured status of any insured credit unions for violation of any condition imposed by the board; and
3. That orders of suspension, prohibition, and removal issued by the NCUA Board remain effective against institution-affiliated parties regardless of whether they remain institution-affiliated parties at the time the Order is considered or issued.
The interim final rule becomes effective upon publication in the Federal Register and comments must be received within 60 days of that date.
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