The NCUA board of directors will hold its monthly meeting at 10 a.m. today, with several agenda items slated for consideration. On the agenda are two final rules that would implement new procedures allowing credit unions to challenge material supervisory determinations with which they disagree.
In August, New York Credit Union Association President/CEO William J. Mellin commented on the proposals, calling them a step in the right direction and urging the agency to move forward with a more robust appeals process.
Mellin noted some improvements the agency could make to the final rule: Notably he said the regulation should allow for enhanced input from state examiners in the event that a material supervisory determination is formally appealed, and that prompt corrective action determinations should be subject to the appellate process. He also said credit unions should be able to appeal composite scores of one or two or a component score, explaining that no such restrictions are imposed on banks by the FDIC.
Today’s board meeting also includes a quarterly report on the Share Insurance Fund, a proposed rule on capital planning and stress testing, and a request for information on electronic loan, deposit and investment data collection.
The meeting will be streamed live on NCUA’s website, and results will be reported in The Point.