League argues for corporate credit union flexibility

Published by: Emily Leite

August 5, 2020 | Government Affairs, Regulatory

When corporate credit unions can operate effectively and efficiently, it builds greater confidence in the safety and soundness of the entire credit union system. That’s why the League argued for reasonable regulatory flexibility in response to a proposed National Credit Union Administration (NCUA) rule, which would update, clarify, and simplify several corporate credit union regulations, including:

  • Permitting a corporate credit union to make a minimal investment in a credit union service organization (CUSO) without the CUSO being classified as a corporate CUSO under the NCUA’s rules;
  • Expanding the categories of senior staff positions at member credit unions eligible to serve on a corporate credit union’s board;
  • Amending the minimum experience and independence requirement for a corporate credit union’s enterprise risk management expert; and
  • Requiring a corporate credit union to deduct certain investments in subordinated debt instruments issued by natural person credit unions.

The League will continue to advocate for federal transparency and flexibility that appropriately balances the Movement’s regulatory burden.

You can read the full comment letter or contact League Regulatory Counsel Chris Noble if you have questions or concerns about the NCUA’s proposed corporate credit union rule.

CONTACT US

E: cnoble@ohiocul.org
T: (614) 923-9762
C: (614) 448-6237

Other Movement News

Government Affairs

Election night success for credit unions; see how the midterms impact your credit union

Thanks to your generous support throughout the 2021-2022 elections, the Ohio Movement engaged with 122 decision-makers and invested more than $570,000 in state and federal legislative champions. Your partnership led […]
Regulatory

Year end snapshot: State and federal credit union priorities

Just like your credit union, the League is hard at work ensuring a successful year end and is focused on promoting and protecting credit union interests at the Statehouse and in Congress. Here are the League’s top issues as legislators wrap up their sessions: House Bill 116, the Ohio Computer Crimes Act, would close a legal loophole that bad actors can exploit to access sensitive data and information without penalty.
Member Benefits

Tips to keep your members safe this holiday season

Help your members stay financially safe during the holiday season by downloading helpful tips in December’s Monthly Marketing Toolkit, a complimentary resource as part of your League membership.