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September 25, 2008 - New National Credit Union Administration (NCUA) Chairman Michael Fryzel led his first monthly Board meeting September 25 moving quickly through a short agenda.
The NCUA Board approved a final rule regarding the insurance advertising sign. The final rule allows credit unions to use the basic form of the official advertising statement, a shortened form, or the official sign in advertisements. The Federal Credit Union Act requires insured credit unions to display signs onsite indicating accounts are insured and also to include a statement that accounts are federally insured in all advertisements.
The Board also issued and approved a final rule Part 792 to implement recent Freedom of Information Act (FOIA) amendments; clarify procedures for accessing records under both the Freedom of Information and the Privacy Act; and to make technical changes addressing grammar, punctuation, and cross-references in both sections of the regulation. The final rule includes recent FOIA amendments, including time limits for complying with requests.
Lastly, a proposed rule on regulatory flexibility program amendments was approved providing additional flexibility to federal credit unions acquiring unimproved land for future expansion.
To read more about these actions, visit www.ncua.gov.
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