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CUNA Files Three Comment Letters with the NCUA
Tuesday, August 15, 2017 6:40 AM

Last week, Credit Union National Association filed three comment letters with the National Credit Union Administration. The letters were in response to NCUA's proposed rules to update the agency’s voluntary merger rule, appeals for material supervisory determinations, and appeals procedures

CUNA requested that NCUA make several substantive changes to the voluntary merger rule. Specifically, CUNA does not support additional disclosures when the disclosures do little to help credit union members decide whether to approve a merger or can slow or stop mergers. CUNA also does not support merger notice periods that do not line up with current NCUA requirements or the onerous member to member communication requirement. CUNA stressed in the letter that credit unions do not want updates to the merger rule to increase credit unions’ regulatory burden.

CUNA also filed comment letters supporting NCUA proposed Part 746, appeals for supervisory determinations and appeals process. Both of these proposals would expand and clarify a multitude of NCUA appeals processes and credit union appeals rights to NCUA staff, the Supervisory Review Committee (SRC), and the board.

The addition of Subpart A to Part 746 amends procedures for appealing material supervisory determinations to the SRC. The rule expands the number of supervisory determinations appealable to the SRC and provides credit unions with the opportunity for additional review by the director of the Office of Examinations and Insurance.

The addition of Subpart B to Part 746 would adopt procedures to govern appeals to the NCUA board that apply to agency regulations that currently have their own embedded appeals provisions. The procedures would apply in cases in which a decision rendered by a regional director or other program office director is subject to appeal to the board.

CUNA will continue to work with the NCUA to communicate credit union concerns with the proposed merger rule, to eliminate or reduce any regulatory burden that could result from an updated rule.  

Source: CUNA Removing Barriers Blog