ALEXANDRIA, Va. –By a notation vote, the NCUA board has unanimously approved a voluntary regulatory review and request for comment to reduce regulatory burden of federally insured credit unions.
The agency noted 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Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions.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.”
Notices to be Published
NCUA said over the next two years it will publish four Federal Register notices each requesting comment on multiple categories of regulations. The first Federal Register notice was published May 23 and requests comment on regulations concerning “Applications and Reporting” and “Powers and Activities.”
Deadline & Comments
NCUA said Comments are due by Aug. 21.
The agency said it will address the remaining categories in the next three notices.
Comments on the voluntary regulatory review will be accepted for 90 days after publication in the Federal Register.