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Corporate Credit Unions
Plain English Summary
The NCUA Board has decided to cancel a previous policy that provided guidance on chartering corporate credit unions. This policy was found to be unnecessary because the information is already covered in another official manual. This change aims to reduce any confusion about the rules for corporate credit unions. Agents should be aware of this update and refer to the Federal Corporate Credit Union Chartering Manual for guidance.
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The NCUA Board (Board) is issuing this action to rescind its Interpretive Ruling and Policy Statement (IRPS) 11-02, which addresses chartering corporate credit unions, because it is redundant to the Federal Corporate Credit Union Chartering Manual. This action eliminates potential confusion.