National Credit Union Administration December 22, 2010 – Federal Register Recent Federal Regulation Documents
Results 1 - 2 of 2
Sample Income Data To Meet the Low-Income Definition
The NCUA is proposing to permit federal credit unions (FCUs) that do not qualify for a low-income designation using the geo-coding software the NCUA has developed for that purpose to submit an analysis of a statistically valid sample of their member income data as evidence they qualify. The current rule requires, as an alternative to NCUA's geo-coding software, that member data drawn from loan applications or member surveys be used to show a majority of the members are low- income. Permitting FCUs to use a statistically valid sample of member incomes drawn from loan files or a survey will ease the burden on FCUs attempting to qualify for a low-income designation.
Share Insurance and Appendix
Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) \1\ provides that, on a temporary basis, the NCUA Board shall fully insure the net amount that any member or depositor at an insured credit union maintains in a noninterest- bearing transaction account. Although this insurance coverage is self- implementing, and therefore already in place, this proposed rule: clarifies the definition of the term ``noninterest-bearing transaction account;'' provides that this new insurance coverage is separate from, and in addition to, other coverage provided in NCUA's share insurance rules; and imposes certain notice and disclosure requirements.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
