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January 23, 2014

NCUA OKs final rule allowing derivatives

Jan. 24, 2014 – A final rule providing for limited derivatives investment authority for credit unions, without the NAFCU-opposed application fee, was approved Thursday by the NCUA Board.

The final rule says credit unions with $250 million or more in assets that have a CAMEL rating of 1, 2, or 3 and a management component of 1 or 2 may apply to NCUA for derivatives authority. It includes some flexibility as well: It permits NCUA field examiners to allow smaller credit unions that meet the minimum CAMEL requirements to apply as well.

NAFCU welcomed the board's action and praised its decision to eliminate the "pay to play" feature that was included in the proposed rule. "NAFCU has always advocated for expanding credit union investment powers," said NAFCU President and CEO Dan Berger. "This authority will be a welcome tool in credit unions' arsenal in managing risk."

The rule is effective 30 days after publication in the Federal Register.

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