ALEXANDRIA, Va. — The NCUA Board approved a new proposedrule–sort of–during its March 14 monthly meeting.

The proposed rule regarding federal credit union ownership offixed assets doesn't make any substantive changes. Rather, itmerely clarifies the regulation so credit unions better understandhow to comply.

So-called “plain language” has replaced regulatory text,according to the proposal. Also, an introductory section has beenadded, existing definitions were reorganized and new ones added.Finally, the proposed rule clarifies the waiver process. StaffAttorney Pamela Wu told the board the proposed rule redefines termsthat credit unions had told the NCUA were unclear and madecompliance difficult. 

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