WASHINGTON, Feb. 25 -- National Credit Union Administration has issued a proposed rule called: Statutory Liens.
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 publishing this proposed rule to remove a provision of NCUA regulations regarding federal credit unions' (FCUs) statutory lien authority. The Board believes it is redundant to continue to include a definition of the term "except as otherwise provided by law or except as otherwise provided by federal law" when it is axiomatic that a law that supersedes this regulation would be controlling. The provision does not provide any assistance to FCUs in determining whether such statuto...