Provide feedback on NCUA’s DIMIA relief proposal

Credit unions should take the opportunity to comment on the NCUA’s Depository Institution Management Interlocks Act (DIMIA) proposal, and a Regulatory Comment alert from America’s Credit Unions contains the details and information on submitting comments.

NCUA’s proposal would increase to $10 billion both major assets prohibition thresholds, which govern the ability of management officials of certain depository organizations from serving as a management official of an unaffiliated depository organization.

The change removes the need to apply to the NCUA for an exemption before a management official can also serve at an unaffiliated bank or thrift, which could ease director recruitment. 
NCUA estimates 289 credit unions would no longer be subject to the major assets prohibition, leaving 20 still covered. The change imposes no new requirements.

Feedback is due to the NCUA by July 6.