ALEXANDRIA, Va. — A final rule approved Thursday by the NCUA Board during its December meeting eliminates the use of credit ratings as standards of investment creditworthiness.
The rule was prompted by a statutory requirement set forth in the Dodd-Frank Act after credit ratings plunged in the financial crisis.
Instead, natural person credit unions and corporates will adopt what Director of Capital Markets J. Owen Cole, Jr. called a “narrative standard.”
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