Newsroom
July 26, 2022
NAFCU issues Final Reg on NCUA’s ONES asset threshold determination
NAFCU Monday sent a Final Regulation Alert to members breaking down the NCUA’s final rule that raises the asset threshold for assigning a consumer federally-insured credit union (FICU) to supervision by the NCUA’s Office of National Examinations and Supervision (ONES) from $10 billion to $15 billion.
The board unanimously approved the final rule during its July board meeting.
Through the Final Regulation, NAFCU notes:
- the final rule does not contain the proposed grandfather clause because all covered credit unions currently supervised by ONES reported assets of $15 billion or more as of March 31, 2022;
- the NCUA Board notes that ONES is providing capital plan training to NCUA Regional Offices on an ongoing basis;
- the final rule defines the term “ONES credit union” as all tier II and tier III covered credit unions; and
- the NCUA Board chose not to raise the ONES supervision asset threshold to $20 billion at this time because the agency believes that ONES is best positioned to oversee the types of complex supervisory stress tests tier II covered credit unions are required to undertake.
The rule will become effective Jan. 1, 2023. For detailed background information of the finalized rule, including a section-by-section analysis, view the Final Regulation.
Regulation Alerts are member-only resources that feature full text and easy to read summaries for final rulemakings affecting credit unions.