NC CU Division, League approach finish line on revisions to 31 rules
Thursday, January 18, 2018
Updates to the rules that govern North Carolina state-chartered credit unions are poised for final approval. The Rules Review Commission is set to meet Thursday, Jan. 25 for final consideration of the credit union rules that are statutorily subject to review and re-adoption every 10 years. Half of the rules were re-adopted without change a year ago. The remaining 31 rules have been reconsidered and revised following a lengthy and substantive process involving the NC Credit Union Division and the Carolinas Credit Union League.
“If the rules are adopted without any objections, they will go into effect immediately,” noted Evelyn Hawthorne, VP of Governmental Affairs at the League. “If anyone objects via the process outlined in rules review procedure, the rules could be put off until after the upcoming short session that convenes May 16.”
The credit union rules are very important to the day-to-day operations of state-chartered credit unions. A number of the rules were modernized or made more consistent with NCUA rules. Other changes addressed problems raised by credit unions, such as those that address permanent and non-permanent records retention.
The League sought members’ comments about the current rules and suggestions for their improvement.
“We saw the rules review process as an opportunity to enhance the state charter,” Hawthorne added. “There is no question that the now two-year long process was tedious, but the benefits our members stood to gain justified the time and resources. We are keeping our fingers crossed that the rules clear this hurdle because it could be the final one.”
NCCUD submits revisions for 31 rules to Rules Review Commission (8/24/17)