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The revised rule streamlines existing regulation and provides clarification to waiver requests and unimproved land or unimproved real property.
NCUA Staff Attorney Pamela Yu described the fixed asset waiver process that allows for an additional 1 percent of shares and retained earnings over the approved waiver amount. Under the new rule, federal credit unions that exceed the 1 percent buffer would have to submit a new waiver request. However, multiple purchases of fixed assets could be made within the 1 percent buffer, a provision included to limit credit unions from making multiple requests. Exceeding the 5 percent aggregate limit would require a new waiver request.
The revised rule also clarifies unimproved land or property as raw land without development, significant buildings, structures or site preparation; land that has never had improvements; or, land that was improved at one time but has functionally reverted to its unimproved state.
New Board Member Rick Metsger requested additional information to determine whether more rule changes should be made in the future.