Final corporate credit union reg takes effect in mid-December

A final rule updating the federal credit union regulator’s corporate credit union regulation is set to take effect Dec. 14, according to a notice Thursday in the Federal Register.

The final rule, approved by the National Credit Union Administration (NCUA) Board last month, makes revisions affecting corporate credit unions’ investments in credit union service organizations (CUSOs), service on corporate credit union boards of directors, requirements for enterprise risk management experts in corporates, the definition of collateralized debt obligation, and net interest income modeling.

The NCUA reported receiving 35 comment letters on the proposed rule, which was issued in February.

Reg lookup: Corporate Credit Unions