WASHINGTON--Recent Regulatory Alerts from America’s Credit Unions detail pending proposals that will affect credit unions, along with upcoming deadlines to file comments. Members are encouraged to send comments to America’s Credit Unions, sharing insights to help inform the comments submitted for each proposal.
The proposals are:
Treasury requests information on updating the U.S. National Strategy for Financial Literacy
The Treasury Department’s Financial Literacy and Education Commission seeks input on its mandated review and update of a federal framework to coordinate and guide government efforts to promote financial education and improve financial capability nationwide. Priority areas include addressing increased fraud activity and youth investment initiatives.
- Send comments to America’s Credit Unions by March 19. They are due to Treasury by April 6.
NCUA proposal on chartering and field of membership for federal credit unions
The agency has proposed rescinding its Interpretive Ruling and Policy Statement to limit the number of sources that federal credit unions must check to ensure compliance with applicable chartering and field of membership requirements.
- Send comments to America’s Credit Unions by March 23. They are due to the NCUA by April 13.
NCUA proposal on mergers of credit unions and termination or conversion of insured status
As part of NCUA’s Deregulation Project, the proposal would remove the requirement that NCUA post member comments submitted in connection with a proposed merger on a website accessible to credit union members and eliminate prescriptive formatting requirements for mandatory disclosure statements related to insurance conversion or termination.
- Send comments to America’s Credit Unions by March 26. They are due to the NCUA by April 13.
The proposal would eliminate certain prescriptive procedural, disclosure, and communication requirements governing the conversion of insured credit unions into banks, aimed at reducing both the cost and complexity of the conversion process for credit unions.
- Send comments to America’s Credit Unions by March 26. They are due to the NCUA by April 13.
NCUA proposal on investments in and licensing of permitted payment stablecoins issuers
The proposal would implement portions of the GENIUS Act to establish the statutorily required process for approval and licensure of permitted payment stablecoin issuers (PPSIs) subject to the NCUA's jurisdiction. Under the proposal, federal credit unions must use credit union service organizations as their PPSI, while federally insured, state-chartered credit unions’ PPSI can be any entity that meets the Federal Deposit Insurance Act’s definition of a subsidiary.
- Send comments to America’s Credit Unions by March 30 and are due to the NCUA by April 13.