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Federal credit unions could soon have more leeway to rent out or sell unoccupied space if a new NCUA rule takes effect as expected.

Proposed in April and now open for public comment, the change would eliminate the current requirement that federal credit unions and any CUSOs they control must occupy 100% of the premises they acquire for future expansion. Instead, federal credit unions would only have to occupy at least half of their space on a full-time basis within six years of acquiring it. Branches, offices, service centers, parking lots and any other real estate where the federal credit union does business all count as premises.

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Tina Orem

 

Credit Union Times

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