ALEXANDRIA, Va.–Noting it was a “long time coming” after six years in the making, the NCUA board has voted 3-0 in favor of expanded subordinated debt authority for natural-person credit unions.
The new rule follows a proposal first approved by the board in January of this year and amends the rules to—in addition to low-income credit unions—further permit complex CUs and new credit unions to issue subordinated debt for purposes of regular capital treatment and have it count as capital for risk-based capital purposes.
The final rules, involving Parts 701, 702, 709, and 741 of the FCU Act, do not change the ability of low-income credit unions to accept secondary capital.
NCUA staff told the board the final rule reflects lessons learned from the current subordinated debt framework, aims to provide regulatory relief, and reflects revisions. Moreover, staff said the agency is seeking to consolidate all the capital-related regulations for natural-person CUs in a single place under part 702. Read More
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NCUA expanded subordinated debt authority for natural-person credit unions.
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