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NCUA Explores New Investments for FCUs, Cuts Budget at Board Meeting

The NCUA Board looked to expand federal credit union investment powers and cut the budget while setting the record straight on catastrophic act reporting and records preservation at last week's board meeting.

By Sarah Snell Cooke | Updated on July 31, 2007

ALEXANDRIA, Va. — The NCUA Board looked to expand federal credit union investment powers and cut the budget while setting the record straight on catastrophic act reporting and records preservation at last week’s board meeting.

The agency issued an Advance Notice of Proposed Rulemaking seeking comment on a wide variety of safety and soundness concerns associated with allowing natural person federal credit unions and corporates to make investments denominated in foreign currency. The agency has asked for the industry’s perspective on a number of concerns related to the proposed power, including 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.

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