On October 24, 2013, the National Credit Union Administration (NCUA) finalized a new rule – 12 C.F.R. § 741.12 – requiring all federally-insured credit unions (FICUs) to formalize their liquidity and contingency funding plans. In addition to the final rule, NCUA issued Letter to Credit Unions 13-CU-10 which provides further information on NCUA’s expectations. The new requirements are effective on March 31, 2014.
Importantly, the new requirements depend on the federally-insured credit union’s asset size. Each asset category has its own regulatory requirements set out by NCUA and as credit unions move up the asset categories, the requirements expand. Read More Here