ALEXANDRIA, Va. — The NCUA Board accomplished a lot of things in its meeting today that lasted just over an hour.
The agency issued an Advance Notice of Proposed Rulemaking seeking comment on the safety and soundness concerns relating to federal credit unions and corporates making investments denominated in foreign currency. The agency has asked for the industry's perspective on whether the investments should be restricted to domestic issuers, exchange rate risk, credit risk, information and technology risk, and the need for internal controls and exit strategies. The ANPR was issued with a 90-day comment period.
NCUA also issued a final rule dealing with catastrophic act reporting and records preservation, clarifying some definitions and providing guidance on developing a program. While the rule includes certain minimum requirements, programs can be adapted to fit a particular credit union's needs, according to NCUA.
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