NCUA board to consider final rule on service facilities at Nov. 18 meeting

The NCUA has released its agenda for the agency’s upcoming board meeting, which will take place Thursday, Nov. 18, at 10 a.m. During the meeting, the agency will consider a final rule on modernization’s to service facilities requirements for multiple common bond credit unions.

Under the proposal, multiple common bond credit unions that participate in shared branching networks would be able to use network branches to satisfy service facility requirements, which stipulates that credit unions must have service facilities within a reasonable proximity to the groups they serve.

In February, New York Credit Union Association President/CEO William J. Mellin penned a letter to the NCUA in support of the proposed rule, noting that participating credit unions could use this flexibility to provide services to underserved communities. He also called on the agency to authorize the use of internet services to satisfy branch location requirements.

In addition to the service facilities final rule, the board will also review NCUA’s 2022-2026 strategic plan and receive briefings on the Share Insurance Fund, the agency’s modernized examination tools, and the agency’s response to the COVID-19 pandemic.

The meeting will be streamed live on NCUA’s website, and results will be reported in The New York Minute.

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