News

Corporates will have to meet significant new capital requirements if the NCUA's proposed changes to part 704 become rule.

While it may be hard to pinpoint if credit union deposit rates are bringing in a large number of new members, CUNA Mutual Group said some of the recent membership gains might be attributed to those seeking a "safe haven" for insured deposits.

Neither card issuers like credit unions nor card acceptors such as merchants are liable to be terribly happy with the recent General Accounting Office Report on the credit card interchange.

CUNA, NAFCU and NASCUS said there were few surprises in the proposed corporate credit union rules that the NCUA Board sent out for 90 days of public comment today, but pledged to examine them carefully and submit comments to the agency.

CUNA and NAFCU said the 13% budget increase approved by the NCUA Board today was excessive given the financial difficulties facing many credit unions.

Corporate credit unions would higher capital requirements, more limits on the type of investments they can make and more disclosure requirements for the executive and board compensation under proposed rules that the NCUA sent out for public comment today.