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CU Access to Bank Notes Tops NCUA’s March Agenda
Friday, March 18, 2016 6:45 AM

The National Credit Union Administration will look to finalize its proposal on bank notes at its March 24 meeting. NCUA released the agenda for its March 24 meeting Thursday.

The proposal, which is supported by the Credit Union National Association, would amend the maturity requirement for bank notes to be permissible investments for federal credit unions by changing the current requirement that bank notes have ‘‘original weighted average maturities of less than five years’’ to having “weighted maturities of less than five years.”

In its comment letter on the proposal, CUNA found the proposal does not create additional risk to credit unions, and would give credit unions access to additional investments.

Credit unions would still be only allowed to purchase bank noted with maturities of less than five years, as under the current rule.