At its Thursday meeting via live audio webcast, the first of 2021, the NCUA’s board of directors approved six items.
Measures approved include:
- a final rule clarifying that corporate credit unions may purchase subordinated debt instruments;
- an advance notice of proposed rulemaking that solicits comments on two approaches to simplify risk-based capital requirements;
- a proposed rule that would raise the asset threshold for defining a credit union as “complex” for purposes of being subject to any risk-based net worth requirement;
- a proposed rule that would add the “S” component to the existing CAMEL rating system and redefine the “L” component;
- a proposed rule expanding the list of permissible activities and services for credit union service organizations; and
- the NCUA’s 2021 Annual Performance Plan.
Credit Union Times reported that Boardmember Todd Harper, a Democrat, objected to several of the proposals that were adopted, while Republicans Rodney Hood, chairman, and Boardmember Kyle Hauptman approved the measures.
The board was also briefed on the agency’s ACCESS Initiative, the Consolidated Appropriations Act, 2021 and annual adjustments to the agency’s civil monetary penalties.
Additional details about Thursday’s meeting can be accessed on NCUA’s website. The next NCUA board meeting is at 10 a.m. on Feb. 18, and can be livestreamed at ncua.gov.