The corporate was granted a national field of membership. The NCUA Board approved the state-specific member business loan regulation submitted by the state of Missouri for review. Although the rule is not identical to Part 723 of NCUA s regulations, the Missouri rule meets statutory requirements and accomplishes the overall objectives of the rule. The NCUA Board finalized an amendment to Part 709 clarifying that as conservator or liquidating agent, NCUA will not recover, reclaim, or recharacterize assets that were transferred by the credit union to another party during a securitization or participation agreement. In addition, the Board will not attempt to invalidate an otherwise legally enforceable security interest in collateral for public funds because the collateral was changed, increased or not acquired at the same time the approval and agreement were executed.
Votes are unanimous unless otherwise noted.