In a move supported by MCUL & Affiliates and CUNA, the NCUA has increased the threshold that defines a small credit union from $10 million in assets to $50 million. The change raises the number of SAS credit unions in Michigan from 52 to 159.
MCUL CEO David Adams commended the agency for taking this action.
“MCUL encouraged this action by the NCUA and we applaud the decision,” Adams said. "We are committed to helping SAS credit unions get regulatory relief and this is a good step in that direction."
CUNA had urged the agency to make the change, which will make assistance from the NCUA’s Office of Small Credit Union Initiatives available to more than 4,600 credit unions nationwide. That’s an increase of 2,270 credit unions, according to CUNA News Now.
The $10 million threshold was set by the NCUA in 2003. Under the agency’s rules, credit unions that meet the regulatory definition for "small" have some additional flexibility when it comes to certain regulations.
CUNA News Now reports that the regulatory change will take effect 30 days after publication in the Federal Register, which is expected to happen within the next two weeks.