SAN DIEGO -- Allowing corporates to require paid-in capital as acondition of membership is among the new regulations underconsideration by the NCUA.
|The NCUA will not require all corporates to collect PIC frommembers, General Counsel Bob Fenner told Town Hall attendees herethis morning. However, the NCUA may let corporates choose whetheror not to require permanent capital contributions from members.
|Downsides of the proposal include the possibility thatinconsistent PIC requirements will cause "corporate shopping"within the system, said Office of Corporate Credit Unions DirectorScott Hunt, and could additionally encourage credit unions to shopoutside the corporate system.
|The NCUA is anticipating unveiling its proposed corporateregulations on Nov. 19, during a scheduled public board meeting.The industry will have either 60 or 90 days to comment, Fennersaid.
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