WASHINGTON (4/6/16)--Going forward, the National Credit Union Administration (NCUA) should strive to achieve measurable and reportable forms of regulatory relief for credit unions, the Credit Union National Association (CUNA) said in a letter to the agency this week. CUNA submitted a comment letter on the agency’s draft strategic plan for 2017 to 2021, which directs agency operations and priorities.
CUNA stressed the need for continued regulatory relief for credit unions, noting that recent NCUA efforts have helped, but credit unions continue to feel pressure from other regulators, such as the Consumer Financial Protection Bureau.
“NCUA has the most control over how the agency constructs and conducts the supervision process for the vast majority of credit unions, which is where the strategic plan should focus on reducing supervisory burdens,” CUNA wrote. “NCUA should develop a stated goal of reducing credit unions' time dedicated to the supervision process, develop a way to measure success and then strive to meet this goal and hold staff accountable to this goal.”
CUNA urged the NCUA to pursue a larger goal of a percentage reduction in time and resources that credit unions must commit to the NCUA’s supervision process. The letter goes on to suggest that CUNA’s comprehensive regulatory burden study could be used as a baseline to measure any improvement that NCUA strives to make.
CUNA also encouraged the NCUA to: