Credit union regulator adds second item to closed meeting

A second item has been added to the agenda for a closed meeting of the National Credit Union Administration (NCUA) Board when it meets Wednesday – this one regarding a supervisory action.

According to NCUA, the board will consider the action under the exemptions 8 and 9 ((i)(B) and (ii)). Exemption 8 “covers records that are contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of NCUA or any agency responsible for the regulation or supervision of financial institutions.”

The records include all information, whether in formal or informal report form, the disclosure of which would harm the financial security of credit unions or would interfere with the relationship between NCUA and credit unions, according to NCUA.

Exemption 9 relates to disclosing information that “the premature disclosure of which would be likely to (i)(A) lead to significant speculation in currencies, securities, or commodities, or (B) significantly endanger the stability of any financial institution, or (ii) be likely to significantly frustrate implementation of a proposed action, except that this paragraph (a)(9) shall not apply in any instance where the Board has already disclosed to the public the content or nature of its proposed action, or where the Board is required by law to make such disclosure on its own initiative prior to taking final action on such proposal.”

Last week, the board moved the date of the closed meeting from Thursday (March 15) to Wednesday (March 14), to deal with another issue, an appeal to the board, also under Exemption 8.

NCUA closed meeting agenda March 14