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WASHINGTON — When the NCUA finalizes its revamped corporate credit union rule and plan for dealing with legacy assets, it will enable the industry to begin turning the corner on a “painstaking and frustrating period,” Chairman Debbie Matz said today.

She said in a speech to NAFCU’s Congressional Caucus that the corporate rule emphasizes “realism, rigor and responsibility.” She added that it will strengthen capital requirements, limit the average life of assets to prevent liquidity risks, ban the purchase of private-label backed securities and raise standards for board member requirements. She said the rule won’t include term limits, a change from the original proposal.

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