ALEXANDRIA, Va. — With the most of the major provisions still in place, NCUA said that its final rule on member access to accounting books and records incorporates several changes from the proposal in direct response to public comments.
NCUA's proposal, issued back in April, drew a variety of comments from within the credit union community from those adamantly supporting it to removing it from the drawing board completely. The rule was in response to situations in recent years that have arisen out of credit union conversions to mutual savings banks. Many commenters stated that NCUA had not shown a need for this additional regulation.
NCUA Vice Chairman Rodney Hood raised this point during his remarks at the Sept. 27 NCUA Board meeting. NCUA Staff Attorney Paul Peterson responded that in Michigan federal credit union members found out that "State courts are not always willing to apply state corporate law," which is the process outlined in NCUA legal opinion letters.
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