WASHINGTON–CUNA has sent two letters to NCUA commenting on host of NCUA initiatives as well as its advertising proposal, respectively.
Regarding the former, CUNA expressed support for extended exam cycles out to 20 months along with virtual examinations with remote monitoring. “CUNA certainly is available to assist with any improvements,” the trade group wrote. “CUNA maintains that any measurable savings in time and resources spent on the supervision process would positively impact credit unions, regardless of operational structure and products offered.”
The CUNA letter calls on the agency to revert to a Normal Operating Level of 1.3% for the NCUSIF “as soon as possible.
In addition, CUNA:
- It is “keenly interested” in the future treatment of Bank Secrecy Act compliance reporting requirements, as CUNA said it believes they should be increased to reflect economic realities since the 1970s and raise the reporting threshold to $20,000.
- Urged the agency to fund an independent third-party review of field examiners.
- Called on the agency to further exert its statutory authority as the functional regulator for credit unions “in the wake of statutory and regulatory overreach by the Consumer Financial Protection Bureau (CFPB).”
- Said it also firmly believes that communications to member- owners ought not be restricted, including by the “antiquated Telephone Consumer Protection Act (TCPA) statute and the FCC’s onerous interpretations of it.”
In its letter on the propose Accuracy of Advertising rule, CUNA said it supports revisions to the current advertising rule to provide regulatory relief and put credit unions on an equal playing field with banks regarding advertising in traditional media.
CUNA wants credit unions to be held to the same standard as banks when it comes to including disclosures about NCUA, meaning CUs would only need to include that messaging in advertising spots longer than 30 seconds.
CUNA called for a number of other changes, as well, including updating the rules to reflect how media has changed.
Both CUNA comment letters can be found in CUToday.info’s The Gov here http://www.cutoday.info/THE-gov/