NCUA 'low-income' definition on agenda

ALEXANDRIA, Va. (4/11/08)—The National Credit Union Administration (NCUA) Thursday posted its agenda for its April 17 open board meeting, which includes a notice of proposed rulemaking on "The Low-Income Definition."

Low-Income Definition is one of the four categories into which the 12 recommendations of the NCUA Outreach Task Force were sorted. The task force was created in November 2006 to review recommendations from the Member Service Assessment Pilot Program (MSAP) on credit unions' mission.

The NCUA task force recommendation seeks to make the NCUA's definition of the term more in line with that of the other federal financial institution regulators.

No other task force recommendations are slated for NCUA board consideration at this time.
Other items on the agenda include a proposed rule addressing Part 740 of NCUA's Rules and Regulations, which governs the official sign that all federally insured credit unions must display where deposits are received.

Those signs appear such places as teller windows, Internet Web pages if online banking is officered, and they carry the official advertising statement: "This credit union is federally insured by the National Credit Union Administration" or "Federally insured by NCUA."

Also scheduled for consideration is the agency's Quarterly Insurance Fund Report, which is expected to reflect the costs to the National Credit Union Share Insurance Fund of the agency's dealings with current conservator ships.

The final items:

• Proposed Rule: Part 792 of NCUA's Rules and Regulations, Revisions for the Freedom of Information Act and Privacy Act Regulations; and
• Proposed Rule: Parts 712 and 741 of NCUA's Rules and Regulations, Credit Union Service Organizations.

courtesy of cuna.org