This month, both NCUA and the Federal Housing Finance Agency (FHFA) have comment deadlines for proposed rules. The NCUA proposals involve bylaws and fidelity bonds, while the FHFA proposal deals with amendments to Federal Home Loan Bank (FHLB) housing goals. CUNA will be submitting comments on each proposal.
NCUA proposed in October a rule to update, clarify and simplify federal credit union bylaws found in Appendix A to part 701 of NCUA’s rules and regulations. The agency has also proposed changes that will update and conform the bylaws to legal opinions issued by the NCUA’s Office of General Counsel and/or provide greater flexibility.
NCUA’s fidelity bonds proposal, issued at the board’s November meeting, amends fidelity bond requirements for corporate and natural person credit unions. Comments on the fidelity bonds proposal are due Jan. 22
The FHFA’s proposal would replace the four existing FHLB housing goals with a single perspective mortgage housing goal. It would also establish a separate small member participation housing goal and eliminate the existing $2.5 billion volume threshold that triggers the application of housing goals for each bank. Comments are due to FHFA by Jan. 31.