NCUA Chairman Debbie Matz said the rule would offer regulatory relief for federal credit unions and the agency.

“It makes life easier for them and it makes life a lot easier for us,” Matz said, adding that federal credit unions would no longer need to apply for waivers in order to exceed the 5% fixed assets limit.

Following the comment period on the proposal, Matz said, guidance would be issued that would further define the asset management program.

Meanwhile, CFO Mary Ann Woodson presented the mid-year operating budget, which was approved by the NCUA Board. Woodson said total expenditures for the year ending Dec. 31, 2014 have been decreased by $1.1 million in the revised budget.

“We only had 15 vacancies compared to an average of 40 in the past few years so the budget variance is much tighter,” Matz said. “As a result, this year's mid-year budget is not really an overhaul but a fine tuning and that's what a mid-year budget should be.”

The $1.1 million reduction will offset next year's budget, Matz added.

The board also approved a request from the $360 million Call Federal Credit Union in Richmond, Va. for community charter expansion.

The meeting is expected to be Board Member Michael Fryzel's last before Mark McWatters starts his term.

“It's been a pleasure and a privilege to work with you,” Matz told the Chicago Republican, adding that he helped take bold steps to mitigate the effects on credit unions of the financial crisis that began in 2008.

Metsger added, “There were plenty of critics but very few that wanted take a stand and make the decisions you had to make.”

Fryzel said, “It's been an honor to have sat here for six years with some very dedicated board members and dedicated staff here at NCUA.” He also acknowledged the work of his senior policy adviser Sarah Vega.