NCUA provides guidance on fixed-asset rule, now in effect

first_imgThe National Credit Union’s (NCUA’s) fixed-assets final rule is effective as of Oct. 2, and the agency has provided several pieces of guidance for credit unions. In a supervisory letter (SL-15-03), the NCUA’s Office of Examination and Insurance provides information for agency field staff, while a letter to credit unions (15-CU-06) provides information on examination priorities.The fixed-assets rule was finalized by the NCUA in July. It removed the 5% cap on fixed assets and established a six-year time period of partial occupancy of premises. CUNA generally supported the proposal, but urged the NCUA to provide guidance.The final rule also eliminated existing and pending waivers of the 5% limit on fixed assets. Waivers associated with other parts of the rule, such as the occupancy requirements, remain in effect.According to its letter to federally insured credit unions, examiners will no longer focus on fixed assets, unless any of the following conditions occur: continue reading » 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more