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| Analyzing Deregulatory Project Final Rules |
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Member credit unions now have access to America’s Credit Unions’ analysis of several rules finalized by the NCUA last week as part of its Deregulation Project. Many of the final rules remove outdated requirements or give credit unions additional flexibility.
The summary and compliance information available address the following final rules:
• Disclosure of share insurance for non-member shares, eliminating unnecessary and redundant disclosure requirements for non-member accounts that are not covered by federal share insurance;
• Credit union service contracts, clarifying that federal credit unions may serve as representatives in shared operational arrangements with other credit unions or organizations;
• Termination of excess insurance coverage, removing the 30-day notice requirement and instead requires federally insured credit unions to simply notify members in writing before any excess share insurance coverage is terminated;
• Purchase, sale, and pledge of eligible obligations, removing the prescriptive lists of items that must be addressed in the written policies adopted by federal credit unions;
• Third-party servicing of indirect vehicle loans, eliminating net-worth-based concentration limits tied to purchases of indirect vehicle loans facilitated by any one third-party servicer, along with the associated waiver process and response timelines;
• Limits on loans to other credit unions, removing a portion of the regulation related to approval and policies on making loans to other credit unions; and
• Surety and guaranty; segregated deposit and collateral, removing the segregated deposit and collateral requirements when a federally insured credit union acts as a surety and guarantor.
These rules take effect Sept. 8.
Watch for additional insights into the remaining final rules from America’s Credit Unions, with more Final Regulation Summaries published in the coming weeks.
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