WASHINGTON—While pleased with NCUA’s adoption of a final fixed-assets rule, CUNA is now calling on the agency to deliver guidance on the new regulation.
At NCUA’s board meeting last week, the agency approved a final rule to do away with the 5% of assets cap on ownership of fixed assets by federal credit unions of more than $1 million in assets.
Lance Noggle, CUNA senior director of advocacy and council, recognized the reg relief the new rule delivers.
“It removes a barrier to credit union ownership of fixed assets and will give CUs a lot more flexibility in purchasing office equipment, computer equipment, buildings and the like without having to go to NCUA for a waiver,” said Noggle. “This is something we are happy to see. But there still remains one issue—although this rule is less prescriptive, NCUA continues to pass rules where they don’t let us see or propose the guidance necessary to go along with the rule. And this rule will require additional guidance. We would like to see NCUA, in the future, propose guidance along with the rule.”