CUNA applauds NCUA reg reforms, backs BSA/AML relief
CUNA applauded NCUA’s effort, intent and approach present in its regulatory reform agenda released earlier this year, CUNA told the agency in a letter sent Monday. The NCUA released the regulatory reform plan in August, as recommended by an internal agency task force, and includes changes that would be considered over the next four years.
“CUNA is pleased that the agency continues to address the various proposals in the Regulatory Reform Agenda with a consistent and expedient pace. Indeed, the timelines may even be conservative,” Nussle wrote.
“Credit union members are particularly concerned with BSA/AML relief and we would support an increase in priority for regulatory relief in that area,” he added. “We also maintain the need for an independent third-party review of examiners, as a mechanism to provide anonymous feedback after an examination.”
NCUA recommendations falls into three tiers: years one and two; year three and year 4-plus.
“CUNA also recognizes and applauds the commitment to regulatory relief undertaken by the NCUA thus far, as further evidenced by the expedience and pace of the Tier 1 proposals, many of which have been proposed, if not finalized during this calendar year 2017,” Nussle wrote.
The letter also cites CUNA’s regulatory burden study, conducted with Cornerstone Advisors, that found from 2010-2014, credit union regulatory burdens cost $7.1 billion, including $6.1 billion in increase regulatory costs and $1.1 billion in lost revenue.