ALEXANDRIA, Va. — NCUA Board Member Michael Fryzel voted against a proposed rule at the body's monthly meeting on Thursday that would prohibit federal credit unions from operating out of homes. Both Chairman Debbie Matz and Board Member Rick Metsger voted in favor of the rule.
Part of the proposed rule, which would go into effect two years after the final rule's effective date, would not only prohibit federal credit unions from operating out of homes, it would also prohibit the storage record there, according to the board action memorandum. Credit unions and other interested parties have 30 days to comment on the proposal.
"The delayed effective date for the requirement for FCUs to have an office location is designed to allow affected FCUs time to adapt to this change. The more immediate requirement to meet in public places improves working conditions for NCUA staff in the short term without immediately imposing a new requirement on small FCUs," the memo said.
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