NCUA Board meeting discusses dereg project, more

The June NCUA Board meeting yesterday included briefings on developments related to its deregulation project, the Share Insurance Fund (SIF), and its budget.

Key rules in the deregulation project was a large focus of discussion. As part of the project, the agency expects more than 50 rulemaking, guidance, and policy actions, with 31 proposed rules already issued under phase one. There was also discussion on NCUA’s interim final rule on federal credit unions’ authority to collect non-interest income. The final rule, which goes into effect on June 30, confirms the Federal Credit Union Act preempts the Illinois Interchange Fee Prohibition Act (IFPA) and other similar state laws.

The board was also briefed on rules related to dependent care and member reimbursement, record preservation requirements, and reputation risk, all actions that America’s Credit Unions advocated for in support.

The quarterly update on the SIF highlighted that the net income for the first quarter was $105 million, a decrease of $8.6 million relative to the previous quarter. In the mid-year budget update, it was noted that spending decreased over 17% year-over-year.