ALEXANDRIA, Va. — The comment period for NCUA's proposal to re-incorporate the Federal Credit Union Bylaws into its rules and regulations has been extended, NCUA announced last week.
The board has decided to extend the comment period two weeks from Aug. 6 to Aug. 20.
According to CUNA Deputy General Counsel and Senior Vice President of Regulatory Advocacy Mary Dunn, CUNA had requested an extension to ensure all of its committees were permitted ample time to weigh in before the group submitted its comment letter. NAFCU was also pleased with the granting of the extension and looks forward to hearing from its members.
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The bylaws were removed from the regs during the 1980s deregulation but confusion regarding the enforcement of the provisions when a credit union does not comply with them has come into question in contested credit union to mutual savings bank conversions.
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