The NCUA board of directors will hold its monthly board meeting next week, on Thursday, Oct. 21. The virtual meeting, which will include consideration of two final rules, will begin at 10 a.m. and will be streamed live on the agency’s website.
The board will consider:
- Final Rule, Part 712, Credit Union Service Organizations; and
- Final Rule, Parts 700, 701, 703, 704 and 713, CAMELS rating aystem.
CUSOs
The Board approved the proposed rule expanding the list of permissible activities and services for credit union service organizations at its January 2021 meeting. The proposed rule would accomplish two objectives:
- expand the list of permissible activities and services for credit union service organizations to include originating any type of loan that a federal credit union may originate; and
- grant the Board additional flexibility to approve permissible activities and services.
CAMELS rating system
Also at its January 2021 meeting, the board approved the proposed rule that would add the “S” (sensitivity to market risk) component to the existing CAMEL rating system, which updates the rating system from CAMEL to CAMELS, and redefine the “L” (liquidity risk) component.
The board will also be presented with a briefing on cybersecurity. Results of the meeting will be included in the New York Minute.