The NCUA Board has approved changes to the agency's regulations to allow eligible credit unions to use capital they might access from the Troubled Asset Relief Program. The board took the action in a notational vote Feb. 9.
The Obama Administration has authorized credit unions that have been recognized as community development financial institutions by the U.S. Treasury Department's CDFI fund to apply for up to 3.5% of their total assets in capital from TARP funds. The NCUA's rule change paves the way for federally insured credit unions to participate in the program.
The change allows participating credit unions to redeem their TARP funds more quickly than they othersie would have been able to under existing regulations, the NCUA noted in the interim rule.
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