The NCUA has set an ambitious agenda for its July 24 open board meeting that includes a proposed rule, the 2012 corporate assessment and five other items.
The proposed rule involves Section 701.14 of NCUA's Rules and Regulations, involving the definition of a “troubled condition” credit union.
The current rule requires a credit union that is in troubled condition to report any changes in its board of directors, committee members, or senior executive officers to NCUA 30 days prior to the change. The rule was the subject of an appeal during a closed board meeting in May of this year.
“Troubled” credit unions are defined by NCUA as a natural person credit union that has been assigned a CAMEL 4 or 5 rating or a corporate credit union that has been assigned a CRIS 4 or 5 rating in either financial risk or risk management composites.
Natural person or corporate credit unions that have been granted assistance from NCUA to avoid failure are also included under the troubled umbrella.
Also on the agenda is the 2012 Temporary Corporate Credit Union Stabilization Fund Assessment, which the NCUA previously estimated to be between eight and 11 basis points of insured shares.
The board will also hear a briefing regarding an Interagency Proposal that involves the Truth in Lending Act, which could cover the CFPB's recent proposed rule involving integrated mortgage disclosures, or another new regulation mandated by the Dodd-Frank Act that has not yet been proposed.
The annual renewal of the interest rate ceiling, access to emergency liquidity, the quarterly insurance fund report, and the reprogramming of NCUA's 2012 operating budget are also on the agenda.
The open board meeting is scheduled for 10 a.m. on Tuesday, July 24. It will follow a closed meeting on Monday, July 23 in which the board will hear a creditor claim appeal and consider supervisory activities.
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