The NCUA board of directors will hold its monthly board meeting next week, on Thursday, Oct. 15. The virtual meeting will begin at 10 a.m. and will be streamed live on the agency’s website.
The board will consider a proposed rule on derivatives (part 703) and a final rule regarding corporate credit unions (part 704). The final rule is intended to update, clarify and simplify several provisions in the agency’s corporate credit union regulations, according to the NCUA.
The NCUA previously stated in a board bulletin that corporate credit union regulation changes would include:
- permitting a corporate credit union to make a minimal investment in a credit union service organization without that organization being classified as a corporate CUSO and subject to heightened NCUA oversight;
- expanding the categories of senior staff positions at member credit unions who would be eligible to serve on the corporate credit union’s board;
- amending the prescriptive experience and independence requirements for a corporate credit union’s enterprise risk management expert; and
- clarifying the treatment of an investment in a subordinated debt instrument of a natural-person credit union.
Also on the agenda is a board briefing on cybersecurity considerations for boards of directors during the COVID-19 pandemic and a request for information on supervisory guidance review and improvements in communications.
Although the Senate Banking Committee has approved Kyle Hauptman’s nomination to the NCUA Board, his nomination has yet to go before the full Senate.
The full agenda and results from the meeting will be posted on NCUA’s website, and a recap will be provided in The New York Minute.