WASHINGTON--Deregulation is a priority for the Administration, and the NCUA is committed to reducing regulatory burdens for credit unions. A Governmental Affairs Conference breakout session addressed this commitment and the agency’s Deregulation Project with a panel featuring NCUA Office of External Affairs and Communications Director Sierra Robinson, America’s Credit Unions Regulatory Advocacy Senior Counsel Luke Martone, and California and Nevada Credit Union Leagues Vice President of Regulatory Advocacy Lisa Quaranta.
The project encompasses a review of the agency’s regulations and proposals to refine or remove regulations that are obsolete, duplicative, or unduly burdensome.
“Generally, this is something that America’s Credit Unions is very supportive of,” said Martone. “It’s nice to see an agency take the time to review all of their rules to determine which can be eliminated, refined, updated, or even just clarified.”
Quaranta applauded the NCUA for facilitating open-door discussion about potential areas for improvement when it comes to regulations.
“The agency does a good job trying to take a look at what is out there already,” Martone said, noting a new review from the agency under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) has just been published in the Federal Register. “But this is broader and it seems much more comprehensive.”
The agency has issued six rounds of proposals, with the most recent group issued just last week.
A majority of the proposals issued so far fall into what Martone calls the “housekeeping” bucket of proposals, though there are a few that have been identified by the America’s Credit Unions Advocacy Team as items that will have a larger impact. Robinson also shared the agency’s own “buckets” used to organize the deregulation proposals into four categories: Obsolete regulations, overly burdensome requirements, duplicative, and guidance.
Robinson provided insight into what can be expected moving forward, noting that proposals that may have a more tangible impact will change the pace.
“We’re eager to work, but we are eager to do it right,” she said.
Robinson also stressed the importance of feedback from credit unions and industry stakeholders. “Help us by engaging in the comment process,” she added.
America’s Credit Unions sent Regulatory Alerts to members soliciting feedback to help inform the organization’s comments in response to the proposals and already submitted letters on the first few rounds of proposals.