Sun, Jul 7, 2013
The NCUA announced on July 3 that they will be extending the date by which credit unions will have to comply with the Agency’s new loan participation rules. The new date by which credit unions have to be in compliance is September 23 (two months after the original July 25 deadline). The NCUA Board of Directors stated that it reached this decision because it became aware that many credit unions were facing difficulties implementing the new rule by the original deadline. Furthermore, the Agency will be issuing guidance for how credit unions can be fully compliant with the new loan participation rules ahead of the new compliance deadline, though no release date was given for the guidance.