ALEXANDRIA, Va. –NCUA is reminding that comments on a voluntary regulatory review and request for comment to reduce the regulatory burden of federally insured credit unions are due by Wednesday, Aug. 21.
As the agency noted in issuing its reminder, the Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions.
“Although the statute does not apply to the NCUA, in keeping with the spirit of the law, the agency is voluntarily participating along with the federal banking agencies in this decennial review process,” NCUA said. “As a result, the NCUA has developed its own regulatory categories that are comparable with those developed by the federal banking agencies.”
The Years Ahead
Over the next two years, NCUA said it will publish four Federal Register notices each requesting comment on multiple categories of regulations. The first Federal Register notice was published on May 23 and requests comment on regulations concerning “Applications and Reporting” and “Powers and Activities.” The NCUA will address the remaining categories in the next three notices.
For info: Regulations.gov.