NCUA Letter; Multi-Featured Open-End Lending

Letter from NCUA

Dear Board of Directors and Chief Executive Officer:
Credit unions that use a multi-featured open-end lending (MFOEL) plan to make various types of loans have asked NCUA for further guidance to interpret the latest rules issued by other federal regulatory agencies. The purpose of this letter is to update guidance to federal credit unions on multi-featured open-end lending¹ and provide best practices for MFOEL plans used as single accounts with separate sub-accounts for different loan products.^{2.............}Pages - Multi-Featured Open-End Lending (MFOEL)