ALEXANDRIA, Va. — The NCUA's proposed rule regarding federal credit union ownership of fixed assets doesn't make any substantive changes to the rule; rather, it merely clarifies the regulation so credit unions better understand how to comply.
The proposed changes, revealed Thursday during the regulator's March board meeting, replace regulatory text with so-called "plain language," add an introductory section, reorganize existing definitions and add new ones, and clarify the waiver process.
Staff Attorney Pamela Wu told the board when presenting the proposed rule that it redefines terms that credit unions had told the NCUA were unclear.
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