NCUA to return to 3-year reg. review, per recommendation

December 13, 2018

The NCUA board heard the second report from its Regulatory Reform Task Force at its Thursday meeting, as well as a briefing on blockchain and a final rule amending NCUA regulations. The board also approved a lowering of the normal operating level.

NCUA will return to its former practice of conducting rolling three-year reviews, and will post updates to its website every six months, following one recommendation from the task force.

The final report makes several other detailed recommendations, and will be posted in the Federal Register. CUNA is currently reviewing the report, and will post its own analysis in the coming days.

The task force released its first report in August 2017, and according to staff at Thursday’s meeting, the agency has completed 10 of those recommendations and either proposed rules or begun action on five others.

Other highlights from the meeting include:

  • NCUA is seeking comments on the use of emerging financial technologies, including bitcoin and other cryptocurrencies. The board heard a briefing from the agency’s Blockchain Working Group; and
  • The board approved a final rule making technical amendments to NCUA regulations to correct minor drafting errors and rescind certain unnecessary provisions.