ALEXANDRIA, Va. – Federally insured credit unions have two new proposed rules to consider and a new corporate assessment to pay as a result of actions at the NCUA Board meeting on Tuesday.
The board approved two new proposed rules – one that would require credit unions with more than $10 million in assets to develop a plan to address emergency liquidity shortfalls and set up their own backup liquidity source, and another that would allow the NCUA to declare state regulated, federal insured credit unions in "troubled condition."
Credit unions with less than $100 million in assets would only have to comply with the liquidity plan provision of the proposed liquidity rule. The additional requirement to establish backup liquidity sources comes as a result of the wind down of U.S. Central FCU, which provided most credit unions with access to the Central Liquidity Facility.
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