ALEXANDRIA, Va. (July 3, 2013) – National Credit Union Administration (NCUA) Board members decided unanimously by a notation vote to extend the effective date of the agency’s new loan participation rule (Parts 701 and 741) from July 25, 2013, to September 23, 2013.
The Board unanimously approved the new rule, available online here, at its June 20, 2013, open meeting. Areas changed under the new rule included concentration limits, risk retention requirements and underwriting.
Some federally insured credit unions faced difficulties implementing the new rule by July 25, 2013. Accordingly, the Board extended the date to provide those credit unions with additional time to come into compliance.
NCUA will issue guidance to credit unions prior to September 23.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than
99 million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.