Thursday, April 21, 2016

Home-Based CUs Beat Back NCUA

The Wall Street journal is reporting that the National Credit Union Administration (NCUA) has backed off a proposal that would have required home-based credit unions to operate out of commercial locations.

The article notes that a 2013 proposed rule that would have required home-based credit unions to operate out of commercial locations faced stiff opposition.

NCUA justified the 2013 proposed rule by stating that sometimes its examiners were forced to work in unheated basements and risked being attacked by unfriendly dogs when they visited home-based credit unions.

The article points out that NCUA is taking a gentler approach with home-based credit unions.

Read the story (subscription required).

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