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Final Rule Effective: Asset Threshold for Determining the Appropriate Supervisory Office; ONES
January 1, 2023
Final Rule: Asset Threshold for Determining the Appropriate Supervisory Office;
Office of National Examinations and Supervision (ONES)
The NCUA Board is amending its regulations to revise the $10 billion asset threshold used for assigning supervision of consumer federally insured credit unions (FICUs) to the Office of National Examinations and Supervision (ONES). The rule does not alter any regulatory requirements for covered credit unions. The rule only applies to FICUs whose assets are $10 billion or more. The rule provides that covered credit unions with less than $15 billion in total assets, referred to as Tier I credit unions, will be supervised by the appropriate NCUA Regional Office. Credit unions with $15 billion or more in total assets, considered Tier II and Tier III, will continue to be supervised by ONES.
The final rule is effective January 1, 2023, and can be found in its entirety here.