ALEXANDRIA, Va. (5/23/14)--The National Credit Union Administration held its monthly board meeting Thursday, during which it issued a notice of request to review its regulations, provided information on the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and approved an addition of underserved counties to the field of membership of a credit union in the Southwest.
The NCUA board issued a notice and request for comment to review its regulations to identify outdated, unnecessary or burdensome regulatory requirements imposed on federally insured credit unions. The agency proposes to publish 10 categories of regulations for public comment over the next two years. The NCUA will accept public comment for 90 days following publication of the notice in the Federal Register, which is expected shortly.
The notice specifically requests comments on the first two categories, "Applications and Reporting" and "Powers and Activities." The NCUA is interested in comments regarding the need and purpose of the regulations, need for statutory change, overarching approaches and flexibility of the regulatory standards, and effect on competition.
In addition, the agency is seeking comments on reporting, recordkeeping and disclosures, consistency and redundancy, clarity, and scope of rules. The agency is also seeking comments on the burden on small credit unions.
The Credit Union National Association continues to urge the NCUA to reduce regulatory burdens for credit unions. It will be publishing a regulatory call to action to solicit feedback from credit unions.
In addition, the NCUA board was briefed on the financial condition of the TCCUSF as of March 31. Since the last report, agency staff noted that the stabilization fund net position has improved by $102 million, largely due to an improvement in the financial performance of the legacy assets associated with the NCUA Guaranteed Notes program.
As previously noted by the NCUA, the agency does not intend to charge a stabilization fund assessment to federally insured credit unions in 2014. CUNA has urged the NCUA to forego any further stabilization fund assessments on credit unions.
Finally, the NCUA board approved an addition to $205 million-asset AERO FCU's field of membership of two underserved areas. The Glendale, Ariz.-based credit union will expand to 413 census tracts in Maricopa County, Ariz., and 81 census tracts in Bernalillo County, N.M.--an area which includes seven Native American reservations with virtually no financial services. The population of the total area covered by the addition is approximately two million.