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NCUA Board Approves Rules to Create New Resource & Expansion Office
Monday, December 18, 2017 6:45 AM

The NCUA board Thursday approved rules that would implement plans to create the Office of Credit Union Resources and Expansion—part of the agency’s reorganization plan.

During a seven-minute meeting, the board approved the rules, which also implement plans to eliminate the Office of Small Credit Union Initiatives. The new office will assume the duties of the small credit union office, as well as the federal credit union chartering and field of membership functions of the Office of Consumer Financial Protection and the minority depository institution preservation program of the Office of Minority and Women Inclusion.

The agency said that in 2018, the board will consider rules that will allow it to consolidate regional offices at the end of 2018—part of the reorganization plan announced earlier this year.

The board also approved final rules that would expand the eligibility of emergency mergers and amend the definition of “in danger of insolvency.”