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NAFCU Reg Alert examines NCUA’s proposed rule on asset threshold determination
NAFCU last Thursday sent members a Regulatory Alert regarding the NCUA’s proposed rule to adjust the threshold used for determining whether a credit union will be supervised by the Office of National Examinations and Supervisions (ONES) from $10 billion in assets to $15 billion. The NCUA unanimously approved the rulemaking during its February board meeting.
Of note, to lessen any disruption, credit unions subject to ONES supervision are “grandfathered” and remain subject to such supervision even if they are below the proposed $15 billion threshold.
Through the Regulatory Alert, NAFCU highlights:
- the proposal provides that covered natural person credit unions with less than $15 billion in total assets would remain subject to supervision by the appropriate Regional Office;
- the proposed rule does not amend the definition of a covered credit union in NCUA’s capital planning and stress testing regulations; and
- asset thresholds used by other federal financial regulators for supervisory purposes are not impacted by this proposed rule.
Comments on the proposed rule are due to NAFCU April 4 and can be submitted through the alert; comments are due to NCUA 60 days after publication in the Federal Register.