ALEXANDRIA, Va. — With the most of the major provisions still in place, NCUA said that its final rule on member access to accounting books and records incorporates several changes from the proposal in direct response to public comments.
NCUA's proposal, issued back in April, drew a variety of comments from within the credit union community from those adamantly supporting it to removing it from the drawing board completely. The rule was in response to situations in recent years that have arisen out of credit union conversions to mutual savings banks. Many commenters stated that NCUA had not shown a need for this additional regulation.
NCUA Vice Chairman Rodney Hood raised this point during his remarks at the Sept. 27 NCUA Board meeting. NCUA Staff Attorney Paul Peterson responded that in Michigan federal credit union members found out that "State courts are not always willing to apply state corporate law," which is the process outlined in NCUA legal opinion letters.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
