NCUA board will address nonmember deposits, FOM at Thursday meeting

NCUAboard2019

The NCUA board of directors will hold their monthly meeting Thursday, Oct. 24. During the meeting, the board will consider regulatory actions dealing with nonmember deposits and field of membership.

As previously reported, the NCUA board in May approved a proposal that would raise the current nonmember deposit limit from 20% to 50%. As proposed, federal credit unions would be able to accept nonmember and public unit shares up to 50% of paid-in and unimpaired capital and surplus. On Thursday, the board is expected to consider a final rule on the matter.

A notice of proposed rulemaking on chartering and field of membership is also on the board’s agenda. In September, NCUA Chairman Rodney Hood said the agency would announce further guidance on court decisions that upheld portions of NCUA’s 2016 field of membership rule.

“In the near future, the NCUA Board will consider a limited proposal that will address another issue raised by the D.C. Circuit regarding the definition of local community that includes portions of Core-Based Statistical Areas that do not include the urban core,” Hood said last month. “The format of this proposal will be a notice of proposed rulemaking with public comment.”

The open portion of the meeting, which will begin at 10 a.m., will also include a cybersecurity briefing. The open meeting will be followed by a closed meeting.

Results from the meeting will be reported in The New York Minute.

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