NATIONAL HARBOR, Md. -- The new proposal for rules on the structure of corporate credit unions will likely have stricter controls on asset liability and restrictions on risk concentration, NCUA General Counsel Robert Fenner said today.
He told attendees at NAFCU's 42nd Annual Conference and Exhibition that the agency hopes to send the rules out for public comment before the end of the year.
Fenner added that they can't allow a scenario where corporate credit unions are forced to sell bad assets at current prices, which are artificially low because of the recession.
He praised the Obama administration for proposing to keep NCUA as an independent agency and said he hoped if Congress does create a new agency to regulate consumer financial products that Congress "draws appropriate lines so we don't lose jurisdiction on issues unique to you."
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