NASCUS PRESIDENT & CEO LUCY ITO ON THE NOVEMBER NCUA BOARD MEETING

NASCUS PRESIDENT & CEO LUCY ITO ON THE NOVEMBER NCUA BOARD MEETING

ARLINGTON, VA – Today, the NCUA Board provided notice of rulemaking on increasing the residential real estate threshold appraisal to $400,000 and approved the “Second Chance” policy change.

NASCUS President and CEO Lucy Ito issued the following statements in response to today’s meeting.

On the proposed rule on Residential Real Estate Appraisals:

“We are pleased that NCUA is once again considering a rule that would modernize real estate appraisal requirements. While the proposed rule would align NCUA with the other banking regulatory agencies, NASCUS will closely review the rule to evaluate potential positive and negative impacts on both state system safety and soundness and state credit union regulatory burden.”

On the “Second Chance” Policy Change:

“NASCUS supports NCUA’s policy changes regarding people with criminal records. The new policy presents a tremendous opportunity for credit unions to offer second chances to individuals who have been convicted of low-level criminal activity. In addition to promoting social justice, the policy reduces regulatory burden and provides regulatory clarity for credit unions.”

Information Contact:

Shelton Roulhac, Vice President, Communications, sroulhac@nascus.org  or (703) 528-5974

NASCUS is the national association that advocates for a strong and healthy state credit union system, and whose members include state regulatory agencies, credit unions, credit union leagues, and organizations that support the state credit union system.