MCUL Comments on NCUA Federal Credit Union Ownership of Fixed Asset Proposal
MCUL provided input on the NCUA’s proposal regarding ownership of fixed assets. In its comments, MCUL supported the addition of definitions for “unimproved land or unimproved real property” and “partially occupy” which will help credit unions comply with legal opinions previously provided by the NCUA. Although MCUL expressed its appreciation for the intent of the NCUA to clarify the waiver process, it stressed the need for further clarification on the “safety and soundness” review conducted by the regional director and more comprehensive content requirements for the actual waiver request.
The NCUA’s proposed rule and request for comment can be found here.