WASHINGTON — CUNA and NAFCU support an NCUA proposal to allow regflex credit unions more time to occupy undeveloped property.
The proposed regulation to allow credit unions with strong financial performance to have up to six years to occupy undeveloped land that they purchase. Currently, they have up to three years.
The proposed change is "reasonable and will assist well-run credit unions in managing their fixed-asset portfolios," CUNA Senior Vice President and Deputy General Counsel Mary Mitchell Dunn wrote the agency.
NAFCU Associate Director of Regulatory Affairs Tessema Tefferi wrote that flexibility should be expanded to include the use of improved premises.
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