SEATTLE—Credit unions can expect to see their payouts from the closure of the Temporary Corporate Credit Union Stabilization Fund around the end of July and beginning of August, NCUA Board
Member Rick Metsger told attendees of the Defense Credit Union Summit here.
He added that notices will go out to those credit unions receiving a distribution within the next couple of weeks.
The Defense Credit Union Summit occurred jointly with NAFCU's Annual Conference and Solutions Expo in Seattle, from which CUToday.info will have complete coverage.
Metsger also discussed the agency's efforts to reform member business lending and field of membership regulations, risk-based capital reforms and small-dollar lending changes. Metsger and NCUA Chairman J. Mark McWatters will hold a board meeting today.
Regarding risk-based capital reforms, Metsger said changes to the rule likely won’t happen while he's on the board. (President Donald Trump on Monday nominated Rodney Hood to the NCUA board to fill Metsger's current seat.) Metsger noted that there are some legal aspects to the rule – set to go into effect Jan. 1, 2019 – that NCUA Board Chairman J. Mark McWatters is concerned about, but also said the RBC rule will not be disappearing.
"I think you'll see new action on this of some kind," Metsger said, saying it’s his view the rule is needed.