Late 5300 report fines aside, the NCUA showed commendable restraint at this month's board meeting when it comes to exerting its powers over credit unions.
The good news: the NCUA's final derivatives rule removed two very troubling items included in the proposal unveiled last May.
The controversial pay-to-play provision was removed from the final rule; that option, which was merely mentioned as a possibility in the proposal, could have charged credit unions a hefty application fee as well as ongoing fees to cover the cost of added supervision. That suggestion elicited howls from trade associations and large credit unions, although Credit Union Times Publisher and Editor in Chief Sarah Snell Cooke applauded the innovative idea.
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