WASHINGTON (3/23/15)--CUNA took the opportunity to urge the National Credit Union Administration to consider improvements in the process by which it reviews rules and regulations in a letter filed with the agency Friday.
The NCUA reviews one-third of its regulations each year, a process that is separate from the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review that it participates in on a voluntary basis with other federal regulators.
CUNA believes it would be more efficient and productive if the NCUA combined the one-third review with the EGRPRA review in the years the agency participates in the latter.
"We continue to urge the agency to establish and maintain a regulatory reduction working group comprised of credit union officials selected through a public nomination process," reads the letter, signed by Lance Noggle, CUNA senior director of advocacy and counsel. "The purpose of the group would be to provide NCUA with recommendations on an annual basis aimed at reducing or eliminating regulation, reporting requirements and directives."
CUNA also made a number of suggestions specific to the areas for which the NCUA is seeking comments under its EGRPRA review.
The letter also states that CUNA will provide detailed comments on the NCUA's prompt corrective action regulations in its comment letter on the agency's revised risk-based capital proposal, which is due in April.