NATIONAL CREDIT UNION ADMINISTRATION ISSUES PROPOSED RULE: POWERS OF FEDERAL CREDIT UNIONS

WASHINGTON, Oct. 15 -- National Credit Union Administration has issued a proposed rule called: Powers of Federal Credit Unions.

The proposed rule was published in the Federal Register on Oct. 15 by Melane Conyers-Ausbrooks, Secretary of the Board.

Summary: The NCUA Board (Board) is proposing to amend the NCUA's regulations regarding incidental powers to clarify that federal credit unions (FCUs) are not required to seek an advisory opinion from the NCUA's Office of General Counsel before petitioning the Board to engage in an activity that does not fall within an FCU's preapproved incidental powers.

For more information, contact John H. Brolin, Senior Staff Attorney, Division of Regulations and Legislation, Office of General Counsel, at 70...