WASHINGTON--Changes outlined in four proposals issued by the NCUA as part of its Deregulation Project have America’s Credit Unions’ support, the trade group said.
These include:
- Public Unit and Nonmember Shares, which removes the requirement to submit written plans for preapproval when public unit, nonmember shares, or borrowings exceed 70 percent of capital, reducing administrative burden while preserving supervisory oversight
- Requirements for Insurance, which removes duplicative disclosure and reporting requirements for uninsured nonmember shares that are already required under contractual share insurance agreements
- Requirements for Insurance; Maximum Borrowing Authority, which removes duplicative federal borrowing authority limits and waiver requirements to reduce regulatory burdens and reinforce the dual chartering system without compromising safety and soundness
- Notice of Termination of Excess Insurance Coverage, which removes the fixed 30-day member notice requirement to provide credit unions greater flexibility to align notice timing with contractual and state law obligations while maintaining member notification protections
"There are more comments planned and America’s Credit Unions continues to engage the agency on its Deregulation Project," ACU noted.
Access ACU's Regulatory Comments on the additional rounds of proposals that remain open for feedback.