ALEXANDRIA, Va. — Federally insured credit unions will have more flexibility in their advertising and the rules regarding the use of the Freedom of Information Act to attain information were clarified at today's NCUA board meeting.
The board unanimously approved the rule, which will permit insured credit unions, in addition to using the official advertising statement in its advertisements, to use the shortened statement alone or the official sign alone in advertisements.
The official statement is: "This credit union is federally insured by the National Credit Union Administration." Currently, the regulation permits shortening the official statement to "Federally insured by NCUA" if used with a reproduction of the official sign.
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Under the unanimously approved rules change for implementing the Freedom of Information Act someone would only need to show proof of someone's death to obtain the records. NCUA also wants to start the calendar that regulates when the federal agency must respond to a request to when the request is received by the proper office of the agency, not when it is filed.
The board also approved sending out for comment proposed rules to allow those federal credit unions eligible for the RegFlex program to have six years to occupy unimproved land that they purchase. Currently, those credit unions must occupy those properties within three years.
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