The NCUA's Dec. 6 board meeting agenda includes a final rule that was proposed nearly two years ago, a housekeeping rule leftover from the elimination of RegFlex, two community charter applications and the 2013 corporate stabilization budget.
The first item on the agenda is a final rule first introduced in February 2011 that would remove references to credit ratings in NCUA regulations as they apply to the required internal credit analysis of investments by credit unions.
The rule is mandated by the Dodd-Frank Act following the overreliance financial institutions placed on credit ratings of mortgage-backed securities; that practice still affects credit unions to this day as they continue to pay corporate assessments to cover losses on investments that were at one time rated AAA.
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