Yesterday, the National Credit Union Administration (NCUA) board unanimously approved five items, including a rule to give more than two-thirds of credit unions regulatory relief by changing the definition of a “small entity.” In the past, credit unions needed to have assets of less than $10 million to qualify, but the new rule raises the amount $50 million.
Last fall, the board proposed a new asset threshold of less than $30 million. But after going over feedback to the proposal, the agency did studies that found that they could raise the threshold to cover credit unions with less than $50 million in assets without significantly affecting the credit union industry's safety and soundness.