Home-Based Credit Union Rule
NCUA issued a notice of proposed rulemaking (NPRM) at its December Board meeting that amends part 701 of its regulations to require examination and other contacts between NCUA staff and staff or officials of a federal credit union (FCU) occur in an FCU’s business offices or other public location. Private residences are excluded from the definition of “office location” for the purposes of examination or contact with NCUA officials. The proposal contains office location requirements, which requires that FCUs maintain one office in “a building that is accessible to members during a federal credit’s normal business hours.” NCUA states that office space is not “space maintained in a home or on the premises of a residential address.” Furthermore, credit unions will not be allowed to store records at private residences. Credit unions will have two years from the effective date of the final rule to meet the office space requirement.
Please submit comments to CUNA by January 16, 2014. NCUA is accepting comments until January 23, 2014. If commenting directly to NCUA, comments should be addressed to Gerard Poliquin, Secretary of the Board, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428.
For more information about this proposed rule, contact CUNA Deputy General Counsel Mary Dunn or Assistant General Counsel Lance Noggle
Click here for the proposed rule in the Federal Register.