Noting that next year will be a "critical period for corporatecredit unions,'' the NCUA issued a guidance letter detailing theircompliance obligations under the new corporate credit rule approvedby the NCUA Board in September.

The letter noted that business plans are due by March 31 anduntil then district examiners will be in frequent contact to"obtain an early understanding of your proposed strategic andcapital compliance plans.''

Between April 1 and Sept. 30, corporate credit union leaders canexpect "ongoing, close supervision'' to ensure the credit union isworking toward successful implementation of its plans. By Sept. 30,the corporate credit union must demonstrate sufficient capitalsubscriptions to achieve 4% leverage and 2% NEVF ratios by Oct.20.

The NCUA said the documents, which include timelines, rulessummaries recommendations for what corporate credit unions shouldinclude in their compliance plans, will also help natural personcredit unions. The agency said having access to the informationwill help those credit unions make informed decisions about thefuture of the corporate credit union system.

To read the letter, go to: http://www.ncua.gov/Resources/CorporateCU/Files/CorpLetters/2010/2010-02.pdf

To read the supplementary information sheets, go to:

http://www.ncua.gov/Resources/CorporateCU/Files/CorpLetters/2010/2010-02Attachment1.pdf

http://www.ncua.gov/Resources/CorporateCU/CSR/CSR-40.pdf