WASHINGTON, DC - National Association of Federal Credit Unions (NAFCU) President and CEO Fred R. Becker Jr. today issued the following statement regarding the National Credit Union Administration’s (NCUA) action on “rural district” for field-of-membership purposes and authority for federal credit unions to invest in Treasury Inflation Protected Securities (TIPS).
“NCUA’s determinations today on both ‘rural district’ and TIPS are steps in the right direction and support proposals from NAFCU’s five-point plan for credit union regulatory relief that we presented to Congress last week.
“While we would prefer NCUA to further broaden their definition of ‘rural district’ to allow more credit unions to benefit from this rule, expanding the definition to allow credit unions to obtain a rural district charter if the population is up to 250,000 persons or no more than 3 percent of the population, whichever is higher, is a good start.
“In addition, NAFCU supports allowing qualified credit unions to invest in TIPS to provide them with increased flexibility and added investment powers.”
To read NAFCU’s letter to Congress on its five-point plan, visit www.nafcu.org/regrelief.
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