WASHINGTON, Oct. 21 -- National Credit Union Administration has issued a proposed rule called: Nonconforming Investment Special Reserve.
The proposed rule was published in the Federal Register on Oct. 21 by Melane Conyers-Ausbrooks, Secretary of the Board.
Summary: The NCUA Board (Board) is proposing to amend its regulations governing the requirements for federal share insurance. This action would remove the requirement for federally insured, state-chartered credit unions to establish a special reserve for certain investments that are beyond those authorized for federally chartered credit unions. The intended effect is to reduce unnecessary compliance and administrative burdens for state-chartered insured credit unions without diminishing...