National Credit Union Administration March 2011 – Federal Register Recent Federal Regulation Documents
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Interest Rate Risk
NCUA proposes to amend its regulations to require Federally insured credit unions to have a written policy addressing interest rate risk (IRR) management and an effective IRR program as part of their asset liability management. NCUA also is proposing draft guidance in the form of an appendix to its regulations to assist credit unions in meeting the proposed regulatory requirement. NCUA believes a written IRR policy and an effective IRR program is key to maintaining safe and sound operations. NCUA believes credit unions will find the guidance helpful in addressing this important area of their operations.
Net Worth and Equity Ratio
On January 4, 2011, President Obama signed Senate Bill 4036 into law, which, among other things, amends the statutory definitions of ``net worth'' and ``equity ratio'' in the Federal Credit Union Act. NCUA proposes to make conforming amendments to the definition of ``net worth'' as it appears in NCUA's Prompt Corrective Action regulation and the definition of ``equity ratio'' as it appears in NCUA's Requirements for Insurance regulation. NCUA also proposes to make technical changes in other regulations to ensure clarity and consistency in the use of the term ``net worth,'' as it is applied to federally-insured credit unions.
Corporate Credit Unions, Technical Corrections
In 2010, NCUA issued technical corrections to its corporate credit union rule, published in the Federal Register of October 20, 2010. NCUA is issuing this final rule adopting the technical corrections without alteration.
Prompt Corrective Action; Amended Definition of Low-Risk Assets
In 2010, NCUA issued an Interim Final Rule expanding the definition of ``low-risk assets'' to include debt instruments on which the payment of principal and interest is unconditionally guaranteed by NCUA. Assets in this category receive a risk-weighting of zero for regulatory capital purposes to reflect the absence of credit risk. Having considered the public comments addressing the Interim Final Rule, NCUA is issuing this Final Rule permanently adopting the expanded definition of ``low risk assets'' without alteration.
Conversions of Insured Credit Unions
NCUA is confirming as final a December 23, 2010, interim final rule on the definition of the phrase ``Regional Director'' in NCUA's rule on credit union to mutual savings bank conversions. For clarification purposes, this rule modifies the aforementioned definition.
Removing References to Credit Ratings in Regulations; Proposing Alternatives to the Use of Credit Ratings
NCUA is proposing rules to implement certain statutory provisions in Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). The proposed rules replace or remove references to credit ratings in NCUA regulations.
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