Board Issues Proposals on Fair Hiring in Banking; Simplification of Share Insurance

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Summary

The National Credit Union Administration (NCUA) Board recently held its ninth open meeting of 2023, where it approved two proposed rules. The first rule incorporates the Second Chance Interpretive Ruling and Policy Statement and the Fair Hiring in Banking Act into the agency's regulations, allowing individuals convicted of certain minor offenses to work in the credit union industry. The second rule simplifies share insurance regulations by establishing a "trust accounts"" category. The Board also received a briefing on cybersecurity issues facing credit unions