WASHINGTON–NCUA’s proposed rules for alternative capital have now been published in the Federal Register, officially opening the 90-day comment period. The comment period will close on May 9.
Publication of the proposed rules are a confirmation that the agency believes it is not bound by the “regulatory freeze” announced by President Trump on Jan. 20, his first day in office. NCUA has said that as an “independent agency” it is not bound by the rule, and further said that the appointment of J. Mark McWatters as the agency’s acting chairman is evidence the administration has signed off on the agency’s direction. When the regulatory freeze was announced, Reince Priebus, President Trump’s chief of staff, said in a memo the purpose was to ensure that “the President’s appointees or designees have the opportunity to review any new or pending regulations.”
For more coverage of the NCUA proposal, go here.
For the filing in the Federal Register, go here.