Federal Register - Credit UnionsProposalsTexas Relevant
Refund of Interest
By National Credit Union Administration
Summary
• The NCUA Board proposes to rescind a regulation regarding the refund of interest to members as it is deemed redundant.
• This proposal reiterates existing authority granted by the Federal Credit Union Act section 113(9) to an FCU's board of directors.
Why It Matters for Texas Credit Unions
Relevant as it affects all credit unions, including those in Texas, and may impact how Texas CUs handle interest refunds.
Original Source Material
The NCUA Board (Board) is issuing for public comment a proposal to rescind its regulation that addresses the refund of interest to members. This regulation is redundant, as it restates the authority already granted to a federal credit union's (FCU's) board of directors by the Federal Credit Union Act (FCU Act) section 113(9).