ALEXANDRIA, Va. (6/25/15)--Comments will be due Sept. 22 about the National Credit Union Administration’s (NCUA’s) review of its rules governing corporate credit unions, money laundering and credit union directors, officers and employees--all regulations under review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA).
The EGRPRA requires federal banking agencies that are members of the Federal Financial Institutions Examination Council to review their regulations every 10 years to identify rules that might be outdated, ineffective, unnecessary or unduly burdensome. NCUA voluntarily participates in the review. Its notice in Wednesday’s Federal Register specified comments would be due 90 days after the publication date.
The three areas under review are addressed in 10 rules related to corporate credit unions; loans and lines of credit to officials; reimbursement, insurance and indemnification of officials and employees; retirement benefits for employees; management officials interlock; fidelity bond and insurance coverage; general authorities and duties of federal credit union directors; golden parachutes and indemnification payments; reports of crimes or suspected crimes related to money laundering, and the Bank Secrecy Act.