ALEXANDRIA, Va. — All federal credit unions, not just well-capitalized ones, would be eligible to participate in the Regulatory Flexibility program, according to a proposed rule that the NCUA sent out for a 60-day comment period on Thursday.
The proposal includes the right of all FCUs to: Make charitable contributions outside their field of membership; accept up to 20% of their total shares or $3 million (whichever is higher) in non-member deposits; take up to six years to partially occupy unimproved property they have purchased; and purchase zero-coupon investments with maturity dates up to 10 years, with the provision that CAMEL 1 and 2 institutions can purchase those investments with maturity dates up to 30 years.
NCUA Chairman Debbie Matz said the proposed rule, a response to President Obama's executive order urging independent agencies to find ways to reduce the regulatory burden facing businesses, would "reduce the number of hoops credit unions have to jump through.''
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