WASHINGTON–NCUA has joined with other federal regulators in inviting comment on an interagency proposal to update the rules governing formal administrative proceedings for insured depository institutions.
“The proposed updates would modernize these rules, aligning them with current practices and facilitating the use of electronic communications and technology in formal administrative proceedings,” said the agencies, which, in addition to NCUA, include the FDIC, Federal Reserve, and OCC.
In addition, the agencies are inviting comment on proposed updates to its local rules, as well as adding new rules applicable only to the agencies’ respective administrative proceedings.
“These proposed local rules will increase transparency in administrative actions by fostering communication and cooperation between parties, formally adopting procedures currently followed in administrative proceedings, and provide for the possibility of limited depositions during discovery,” the agencies said.
Comments will be accepted for 60 days after publication in the Federal Register.