ALEXANDRIA, Va. — The NCUA board last Thursday approved a final corporate credit rule that left out two controversial provisions that would have limited credit unions to membership in one corporate credit union and provided for the sharing of expenses for the corporate rescue among all members of corporate credit unions.
Those provisions, which were strongly criticized in the vast majority of the 227 comment letters that the agency received, were the only parts of the seven-part proposal that the agency didn't include in the final rule.
"They weren't related to safety and soundness, so after reading the comment letters we looked at them again and decided not to keep them," NCUA Chairman Debbie Matz told Credit Union Times after the meeting.
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