WASHINGTON, Feb. 25 -- National Credit Union Administration has issued a proposed rule called: Refund of Interest.
The proposed rule was published in the Federal Register on Feb. 25 by Melane Conyers-Ausbrooks, Secretary of the Board.
Summary: The NCUA Board (Board) is issuing for public comment a proposal to rescind its regulation that addresses the refund of interest to members. This regulation is redundant, as it restates the authority already granted to a federal credit union's (FCU's) board of directors by the Federal Credit Union Act (FCU Act) section 113(9).
For more information, contact Ian Marenna, Associate General Counsel Office of General Counsel, at 703/518-6540, or at 1775 Duke Street, Alexandria, VA 22314.
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