ALEXANDRIA, Va.—NCUA Thursday announced the next step in its plans to voluntarily review agency regulations to identify rules that are outdated, unnecessary, and unduly burdensome to federally insured credit unions.
This effort aligns with the federal government’s commitment to efficiency and the NCUA’s continued efforts to reduce regulatory burden on credit unions, the agency said.
The review, which will be conducted over the course of approximately two years, is part of the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996. While the NCUA is not statutorily required to undertake the review, NCUA said it has elected to participate in the decennial review process.
NCUA noted it divided its regulations into 10 categories and plans to publish four Federal Register documents in total, each requesting comment on multiple categories.
The comment period for each notice will last for 90 days. The categories are:
- Applications and Reporting
- Powers and Activities
- Agency Programs
- Capital
- Consumer Protection
- Corporate Credit Unions
- Directors, Officers, and Employees
- Anti-Money Laundering and Bank Secrecy Act
- Rules of Procedure
- Safety and Soundness
In May 2024, the NCUA published the first notice related to applications and reporting; and powers and activities. Thursday’s notice addresses agency programs; capital; and consumer protection.
The NCUA added that it will continue its efforts to ensure regulations are appropriately tailored to the size and risks posed by credit unions while ensuring their safety and soundness.