Almost a year to the date since Navy Federal Credit Unionlaunched its commercial participation loan program, the country'slargest cooperative said it is ready for changes mandated by anNCUA rule even after the regulator recently extended a compliancedeadline.
“Navy Federal is prepared for the Sept. 23 effective date of theNCUA loan participation rule, and we're monitoring any possibleimpact the new ruling and effective date will have on other creditunions,” said Jim Salmon, vice president of businesses services atthe $54 billion Navy Federal in Vienna, Va.
At its June 20 meeting, the NCUA Board approved severalrevisions to the rule, including subjecting purchasing creditunions to a single-originator concentration limit of $5 million or100% of net worth, whichever is greater.
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