Restricting credit unions to one corporate credit union and requiring boards to disclose more information about their votes aren't issues that the NCUA should regulate with regards to state-chartered credit unions.
Those are among the points made by NASCUS Senior Vice President and General Counsel Brian Knight in the group's comment letter on the NCUA's latest proposed rule on corporate credit unions.
He noted that "state law has long controlled state-charted credit union investments." In addition, he wrote that the proposal would "encourage concentration of the natural person credit union's exposure to the corporate [credit union]. It would also limit the ability of many natural person credit unions to make business decisions to address changing needs."
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