ALEXANDRIA, Va.—NCUA should only promulgate new rules or expand existing rules if they are “clearly warranted based on a compelling need,” America’s Credit Unions wrote to the agency.
The comments were sent in response to NCUA’s annual review of one-third of its regulations.
The Recommendations
The trade group’s recommendations, submitted in a letter from Regulatory Advocacy Senior Counsel Luke Martone, include:
- NCUA should work closely with the Cybersecurity Information Sharing Agency (CISA) to ensure credit unions need only to report to NCUA regarding a covered cyber incident
- NCUA should follow the notice and comment process when appropriate, regardless of whether strictly required by law. In that regard, we reiterate our comments from earlier this year on the process by which the agency pursued changes to the call report regarding overdraft and non-sufficient funds fees
- NCUA should make updates to its records preservation program requirements to provide details on retention periods and the suggestion to retain some items permanently. America’s Credit Unions expanded on these comments last week in comments in NCUA’s records preservation program
- The process for seeking comments on regulations included in the review could be improved, including posting public comments on its website and publicly responding to input received