The NCUA board of directors will hold its monthly board meeting this week, on Thursday, July 30. The virtual meeting will begin at 10 a.m. and will be streamed live on the agency’s website.
The board will consider Final Rule, Part 701, Appendix B, which would make its 2016 field of membership rule consistent with the 2019 decision by the U.S. Court of Appeals for the D.C. Circuit in the lawsuit brought by the American Bankers Association.
The U.S. Supreme Court on June 29 denied the appeal by the American Bankers Association to review NCUA’s FOM rules. The Supreme Court’s decision ended the ABA’s case, which dates to December 2016, when the group filed a lawsuit challenging NCUA’s revision to its FOM rule.
The decision by the Supreme Court not to hear the appeal of the FOM ruling was a major victory for credit unions, allowing federal credit unions to proceed with future planning efforts, knowing they have the ability to grow and meet member needs.
The board will also consider:
- Proposed Rule, Part 702, transition to CECL methodology;
- Proposed Rule, Part 701.6, fees paid by FCUs;
- request for comment, overhead transfer rate and operating fee methodologies; and
- board briefing, 2020 mid-session budget.
Results from the meeting will be posted on NCUA’s website, and a recap will be provided in The New York Minute.