NCUA Board Meeting Recap
Posted by Anthony Demangone
Yesterday, NCUA held its monthly Board meeting. Here's what they covered in the open portion of the meeting.
First, NCUA issued a proposal rule to amend its chartering and field of membership manual to update its community chartering policies.The amendments would include using objective and quantifiable criteria to determine the existence of a local community and defining the term "rural district." The amendments clarify NCUAâÂÂs marketing plan requirements for credit unions converting to or expanding their community charters and define the term "in danger of insolvency" for emergency merger purposes.
Second, NCUA issued a final rule to amend its lending rules to create a limited exception to the 20-year maturity limit on second mortgage loans. The amendment will permit federal credit unions participating in the Department of the TreasuryâÂÂs Making Home Affordable Program to modify a second mortgage loan, beyond 20 years, to match the term of a modified first mortgage loan.  This had originally been an interim final rule that became effective June 24, 2009.
Finally, NCUA issued its regular insurance fund report.
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I know many of you may be out of the office the next few weeks. Have a wonderful holiday season!
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