ALEXANDRIA, Va. — The NCUA Board accomplished a lot of things in its meeting today that lasted just over an hour.
The agency issued an Advance Notice of Proposed Rulemaking seeking comment on the safety and soundness concerns relating to federal credit unions and corporates making investments denominated in foreign currency. The agency has asked for the industry's perspective on whether the investments should be restricted to domestic issuers, exchange rate risk, credit risk, information and technology risk, and the need for internal controls and exit strategies. The ANPR was issued with a 90-day comment period.
NCUA also issued a final rule dealing with catastrophic act reporting and records preservation, clarifying some definitions and providing guidance on developing a program. While the rule includes certain minimum requirements, programs can be adapted to fit a particular credit union's needs, according to NCUA.
July also means the mid-session review of the agency's budget, which is expected to end the year $739,637 or 0.5%, under the initial budget of $152,016,840.
Finally, the quarterly insurance fund review showed projected net income for 2007 at $207.0 million, up $25.4 million from 2006. The equity ratio stands at 1.27%, but is expected to bounce back up to 1.31% by yearend.
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