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NCUA Board Revises Effective Date for Loan Participation Rule

by Ken Anderson | Jul 05, 2013
National Credit Union Administration (NCUA) Board members decided unanimously by a notation vote to extend the effective date of the agency's new loan participation rule (Parts 701 and 741) from July 25, 2013, to Sept. 23, 2013.

National Credit Union Administration (NCUA) Board members decided unanimously by a notation vote to extend the effective date of the agency’s new loan participation rule (Parts 701 and 741) from July 25, 2013, to Sept. 23, 2013.

The Board unanimously approved the new rule, available online here, at its June 20, 2013, open meeting. Areas changed under the new rule included concentration limits, risk retention requirements and underwriting.

Some federally insured credit unions faced difficulties implementing the new rule by July 25, 2013. Accordingly, the Board extended the date to provide those credit unions with additional time to come into compliance.

NCUA will issue guidance to credit unions prior to September 23.?