Credit union regulator to consider final rule on which institutions qualify for supervision by which office

A final rulemaking on an asset threshold for determining the “appropriate supervisory office” at thefederal credit union regulator is on the agenda for its board’s meeting July 21, the agency said Thursday.

The National Credit Union Administration (NCUA) Board issued a proposed rule on the issue at its meeting in February. Under the proposal (which was issued with a 90-day comment period), the agency would revise the $10 billion asset threshold used for assigning supervision of consumer federally insured credit unions (FICUs) to the Office of National Examinations and Supervision (ONES).

The proposal only applied to FICUs whose assets are $10 billion or more. The proposal also provided that covered credit unions with less than $15 billion in total assets (tier I covered credit unions) not currently supervised by ONES would be supervised by the appropriate NCUA Regional Office.

Tier I covered credit unions currently supervised by ONES and covered credit unions with $15 billion and more in total assets (tier II and tier III covered credit unions) would continue to be supervised by ONES. The proposal did not alter any regulatory requirements for covered credit unions.

Also at next week’s meeting, the NCUA Board is scheduled to conduct a mid-year budget review (in a board briefing, formally titled “2022 mid-session budget”), and consider a proposed rule on cyber incident notification requirements.

The meeting is set to get underway at 10 a.m.; it will be live-streamed via the Internet.

NCUA Board Agenda for the July 21, 2022 Meeting