NASCUS Legislative and Regulatory Affairs Committee Meeting Update
July 2 The NASCUS Legislative and Regulatory Affairs Committee held a call on Thursday, June 26, to discuss NCUA's proposed derivative rule, NCUA's 2013 Rule Review, credit union legislation before Congress and to answer other regulatory or legislative questions from the membership. In addition to the L&R Committee, all state regulators and NASCUS Advisory Council members were invited to participate in the call.
Participants on the call expressed serious concerns with NCUA's proposed derivative rule. In addition to its preemption of state laws authorizing state credit unions to engage in derivative transactions, participants expressed concerns with the exclusivity of the $250 million threshold, the application fees, and the reference to the need for "express" state authority in order to FISCUs to engage in the transactions.
During the discussion of NCUA's 2013 Rule Review, participants expressed particular interest in NCUA CUSO rulemaking, MBL rulemaking, and the reorganization of NCUA's rules to ease regulatory burden for state charters.
NASCUS thanks all who participated in the call. If you were not able to participate but would like to share your thoughts on the issues discussed, please email Brian Knight at firstname.lastname@example.org.