10 rules among NCUA’s latest EGRPRA comment request

June 19, 2015

ALEXANDRIA, Va. (6/19/15)--The National Credit Union Administration is requesting comment on its rules governing corporate credit unions, money laundering, and credit union directors, officers and employees to see if changes are needed.

The NCUA voluntarily participates in the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), which requires the federal banking agency members of the Federal Financial Institutions Examination Council to review their regulations every 10 years to identify those that might be outdated, ineffective, unnecessary or unduly burdensome.

The NCUA is requesting comments regarding the three areas named above, which cover 10 rules:

  • Corporate credit unions;
  • Loans and lines of credit to officials;
  • Reimbursement, insurance, and indemnification of officials and employees;
  • Retirement benefits for employees;
  • Management officials interlock;
  • Fidelity bond and insurance coverage;
  • General authorities and duties of federal credit union directors;
  • Golden parachutes and indemnification payments;
  • Reports of crimes or suspected crimes related to money laundering; and
  • Bank Secrecy Act.

Comments under this notice must be received within 90 days of publication in the Federal Register.

The agency already has participated in two regulatory reviews and implemented six actions in response to those comments.