NCUA Wednesday released a package of possible regulatory reforms and urged credit union stakeholders to read and comment. According to the agency, the reforms were recommended by an internal NCUA task force.
“CUNA is thankful that NCUA put a lot of thought into an extensive list of possible regulatory reform items that could reduce the regulatory burden for credit unions,” said Elizabeth Eurgubian, CUNA's deputy chief advocacy officer. “CUNA has suggested many of these reforms to the agency through extensive outreach through in person meetings and regulatory review letters."
The recommended changes would be adopted over the coming 4 years to clarify, improve, revise, or eliminate regulations.
NCUA Chairman J. Mark McWatters says the recommendations serve as a roadmap for a thoughtful process to achieve a “forward-looking regulatory structure that offers meaningful relief without undermining safety and soundness.”
The task force’s recommendations assess regulatory changes in terms of the time and resources necessary to implement them and the potential benefit to credit unions.
All regulatory changes will require an affirmative vote by NCUA’s board.
The agency’s regulatory reform task force was created earlier this year after NCUA voluntarily chose to comply with the spirit of Executive Order 13777, which requires federal agencies to conduct regulatory reviews.
Comments will be accepted on the proposal for 90 days following its publication in the Federal Register, which will be in the coming days.