FEDERAL CREDIT UNIONS GET EXPANDED POWERS
Despite banker protests, the National Credit Union Administration (NCUA) this week issued final rule changes that will expand the incidental powers of federal credit unions, authorizing activities that up to now could only be offered through subsidiary credit union service organizations. Such activities include (but are not limited to) the issuance of smart cards, electronic bill payment and presentment, trustee and custodial services, finder activities, certification services, marketing activities and financial counseling.
The rule also allows federal credit unions to receive compensation from any activity determined to be within their incidental powers.
The rule will take effect 30 days after publication in the Federal Register.