NCUA Modifies NCUA Rules & Regulations Part 702 and 723
The NCUA board elected to change rules due to a modification of the Federal Credit Union Act by the signed by President Trump on May 24th. The rules are effective June 5, 2018. Details of the changes are highlighted below.
- Removed all 1 - to 4 - family dwellings from the definition of a Member Business Loan (MBL). The previous rule only excluded owner-occupied properties from the MBL definition.
- Made technical changes to Part 702, Prompt Corrective Action to amend outdated citations.