ALEXANDRIA, Va. (12/18/15)--National Credit Union Administration rules of procedure and safety and soundness regulations are now open for comment under the agency’s participation in Economic Growth Regulatory Paperwork Reduction Act (EGRPRA) review.
This review is the fourth and final notice of the EGRPRA review conducted every 10 years by the Federal Financial Institutions Examination Council and its federal banking agency members. The NCUA voluntarily participates in the process.
EGRPRA calls for the categorization of agency regulations by type, and then the publication of periodic notices in the Federal Register inviting public comment on how the burdens imposed by that category of rules might be reduced or eliminated.
The following rules of procedure regulations are open for comment:
The following safety and soundness rules are open for comment:
The comment period will be open for 90 days following the proposal’s publication in the Federal Register.
NCUA Chair Debbie Matz said a number of the agency’s recent regulatory relief proposals are based on suggestions for EGRPRA commenters. This includes raising the asset threshold for small credit unions to $100 million; add 12 categories of associations to qualifying federal credit unions’ fields of membership; secondary capital for low-income credit unions; the consumer complaint process at the agency’s Office of Consumer Protection; and the member business lending proposal.
“We received a wide variety of ideas from EGRPRA commenters on member business loans,” Matz said. “Many of those ideas were included in our proposal to remove prescriptive regulatory limits. And we’re working diligently to finalize our new member business lending rule early next year.”
Matz also added that the agency is planning to issue a proposed rule in 2016 that would allow complex credit unions to use supplemental capital for risk-based capital purposes.