Following requests from some corporate and natural person credit unions, the NCUA today announced it was extending the deadline for submitting business plans for corporate credit unions until March 31.

"I am mindful of the need to get this critical step in the reform process right the first time, and am pleased that the industry provided helpful and well-thought out input on the subject," NCUA Chairman Debbie Matz said in a statement. "As we move forward, I look forward to working constructively with credit unions as they make important decisions about the future structure and operations of their corporate system."

Earlier today, CUNA President Bill Cheney said that on Saturday his association had asked the NCUA for an extension of the Dec. 31 deadline so credit unions could have more time to come up with solutions. However, NAFCU President Fred Becker said he didn't think an extension is necessary.