CUNA Regulatory Comment Call
January 13, 2011
Conversions of Insured Credit Unions: Definition of Regional Director
- The National Credit Union Administration (NCUA) Office of Consumer Protection (OCP)which began operating in January of last yearis charged with responsibilities in the areas of credit union chartering, insurance and supervision, as well as consumer compliance. NCUA is in the process of moving responsibility for the review and approval of certain types of credit union conversions from the Regional Directors to the Director of the OCP, including credit union conversions to mutual savings banks (MSBs) or mutual savings associations and the conversion from National Credit Union Share Insurance Fund (NCUSIF) insurance to non-federal share insurance. Kent Buckham is the current director of the OCP.
- In light of this reassignment of staff functions, NCUA has added the Director of the OCP to the definition of "Regional Director" in part 708a (Conversion of Insured Credit Unions to MSBs) and has added the revised part 708a definition of "Regional Director" to part 708b (Mergers of Federally Insured Credit Unions; Voluntary Termination or Conversion of Insured Status).
- Specifically, the interim final rule amends § 708a.1 by making the following change to the definition of "Regional Director" (as it applies natural person credit unions only) as follows:
"Regional director means either the director of the NCUA regional office for the region where a natural person credit union's main office is located or the director of the NCUA's Office of Consumer Protection ." (Emphasis added.)
- Since part 708b did not previously contain a definition of "Regional Director," the interim final rule amends § 708b.2 (h) by adding a definition of "Regional Director" identical to the revised definition quoted above.
- The interim final rule is effective as of December 23, 2010.
- NCUA is accepting comments on the interim final rule through January 24, 2011; please send any comments to CUNA by January 21.
|Please email comments to Senior Vice President and Deputy General Counsel Mary Dunn and Regulatory Counsel Luke Martone, or contact us at (800) 356-9655 ext 6743 with any questions. Click here for the interim final rule.|