NASCUS Releases Summary of NCUA “2nd Chance IRPS”

Recently, NCUA has finalized its revisions to the agency’s Interpretive Ruling and Policy Statement (IRPS) regarding statutory prohibitions imposed by § 205(d) of the Federal Credit Union Act (FCUA). Section 205(d) prohibits, except with the prior written consent of the Board, any person who has been convicted of any criminal offense involving dishonesty or breach of trust, or who has entered into a pretrial diversion or similar program in connection with a prosecution for such offense, from participating in the affairs of an insured credit union.

The final IRPS 19-1 may be read here. The NASCUS Summary can be found here.