ALEXANDRIA, Va. (1/22/14)--In its annual announcement identifying the list of regulations it will review during the year, the National Credit Union Administration (NCUA) said among those to be studied this year are rules governing records preservation, loans in areas having special flood hazards, Bank Secrecy Act compliance, and tort claims against the government.
Use the resource link for the complete list of rules.
Credit Union National Association Deputy General Counsel Mary Dunn said Tuesday that there aren't any major rules on the NCUA's 2014 list--none that would likely be on anyone's list of key regulatory relief items.
"However, we will be reviewing them with an eye toward improvements and will be encouraging credit unions to let us know what they think. We also will be looking at related rules that create burdens for credit unions to urge improvements there as well," Dunn added.
Each year, the NCUA reviews one-third of its regulations and the agency chairman, Debbie Matz, says the effort is a key part of her Regulatory Modernization Initiative. She said that initiative is committed to "modifying, streamlining, refining or repealing rules that are not required by statute" and such changes that would not jeopardize safety and soundness of the industry.
Credit unions and other public stakeholders may now submit comments about the rules under review. The NCUA must receive comments by Aug. 4 through email, at OGCMail@NCUA.gov, or standard mail at: Regulatory Review 2014, Office of General Counsel, NCUA, 1775 Duke St., Alexandria, VA 22314-3428.