WASHINGTON (9/4/14)--Improvements are needed in the National Credit Union Administration's regulatory review process to make it more productive and efficient, the Credit Union National Association said in a Sept. 2 comment letter.
Federal bank regulators are required by the 1996 Economic Growth and Regulatory Paperwork Act (EGRPRA) to review their regulations at least once every 10 years. The NCUA participates in the process voluntarily, although separately from the other regulators. The NCUA also reviews one-third of its rules every year.
"Credit union are subject to too many regulations, and thus we support efforts by NCUA and other agencies to reduce the regulatory obligations credit unions must meet," CUNA Assistant General Counsel Lance Noggle wrote in the CUNA letter.
However, CUNA urged the agency to consider these improvements to the process:
The regulatory reduction working group would be comprised of credit union officials selected through a public nomination process, as well as NCUA central office and field staff. Its recommendations, the letter noted, could be included in the agency's request for comments on issues it intends to review for a particular year.
Other suggestions from CUNA highlighted in the letter include:
Use the resource link below to access the full comment letter.