The NCUA's proposed rule that would allow it to declare state-chartered federally insured credit unions in “troubled condition” is the latest move by the federal regulator that has some state- chartered credit unions and their regulators crying foul.
The rule, introduced NCUA's July 24 board meeting, would define a state-chartered federally insured natural person or corporate credit union as troubled if either the state or federal regulator assigns it a CAMEL or CRIS code of 4 or 5 in either the financial risk or risk management categories.
NASCUS President/CEO Mary Martha Fortney said her organization is very concerned about the preemptive nature of the proposed rule and intends to file formal comments as well as “continue to express our concerns to the NCUA board.”
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