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NCUA | RIN: 3133-AF02 | Publication ID: Fall 2019 |
Title: ●IRPS 19-1, Guidance Regarding Prohibitions Imposed by Section 205(d) of the Federal Credit Union Act | |
Abstract:
The NCUA Board (Board) is issuing for public comment a proposal to update and revise its Interpretive Ruling and Policy Statement (IRPS) regarding statutory prohibitions imposed by section 205(d) of the Federal Credit Union Act (FCU Act), 12 U.S.C. 1785(d)(1). Section 205(d) prohibits, except with the prior written consent of the Board, any person who has been convicted of any criminal offense involving dishonesty or breach of trust, or who has entered into a pretrial diversion or similar program in connection with a prosecution for such offense, from participating in the affairs of an insured credit union. Based on its experience with IRPS 08-1 since its issuance in 2008, the Board is proposing to rescind current IRPS 08-1 and to issue a revised and updated IRPS to reduce regulatory burden. The Board is proposing to amend and expand the current de minimis exception to reduce the scope and number of offenses that would require an application to the Board. Specifically, the proposed IRPS would not require an application for insufficient funds checks of aggregate moderate value, small dollar simple theft, false identification, simple drug possession, and isolated minor offenses committed by covered persons as young adults. |
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Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Independent agency | |
CFR Citation: None (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 12 U.S.C. 1785(d) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: https://www.ncua.gov/regulation-supervision/rules-regulations/proposed-pending-and-recently-final-regulations | |
RIN Data Printed in the FR: No | |
Agency Contact: Pamela Yu Special Counsel to the General Counsel National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 518-6540 Fax:703 518-6569 Email: pyu@ncua.gov |