WASHINGTON—In comments filed Monday as part of the NCUA’s ongoing regulatory review initiative, America’s Credit Unions urged the agency to eliminate outdated and unnecessary requirements, offering both broad recommendations and specific changes aimed at reducing regulatory burden while identifying additional rules that warrant future review.
"NCUA voluntarily participates in the Economic Growth and Regulatory Paperwork Reduction Act process which other federal financial regulators are required to undertake. America’s Credit Unions appreciates NCUA’s continued commitment to this effort," ACU said.
The current review requests comment on regulations in the categories of “Corporate Credit Unions,” “Directors, Officers and Employees,” “Anti-Money Laundering and Bank Secrecy Act,” “Rules of Procedure,” and “Safety and Soundness.”
In the letter, America’s Credit Unions recommends NCUA:
- Continue to eliminate outdated, unnecessary, and overly prescriptive requirements that increase regulatory burdens without improving safety and soundness
- Provide greater flexibility in corporate credit union rules so institutions can better manage liquidity, capital, and collateral in a changing financial marketplace
- Replace rigid procedural mandates with oversight that reflect differences in credit union size, complexity, and risk profile
- Clarify and streamline anti-money laundering/Bank Secrecy Act, cybersecurity, records preservation, and safeguarding expectations so our members can focus resources on meaningful compliance and member services
- Modernize rules that promote parity with banks, innovation, and operational efficiency in areas such as investments, appraisals, audits, and liquidity access