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Credit unions get 60 extra days to comment on corporate CU rule

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The National Credit Union Administration board is extending another comment period for a proposed rule.

The public will have an additional 60 days to comment on a proposal that would update certain provisions for corporate credit unions. The changes include allowing corporate credit unions to invest a limited amount in a credit union service organization without the company being considered a corporate CUSO and expanding the type of senior employees who can serve on the corporate CU’s board.

Earlier this week the agency extended the comment period for its proposed rule on credit unions purchasing banks.

The corporate credit union rule was proposed during the board’s February meeting. A new deadline for public comments will be set in the Federal Register, NCUA said Wednesday.

Some credit union trade groups have called on NCUA to do more to ease the burden for credit unions grappling with the coronavirus. Last month Sen. Sherrod Brown called on financial regulators to suspend rulemaking not related to the coronavirus pandemic, arguing that interested parties would not be able to meaningful participate while dealing with the crisis.

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