Public Comments Invited for Annual Review of One-Third of NCUA Rules
ALEXANDRIA, Va. (Jan. 30, 2012) – The National Credit Union Administration (NCUA) has posted a list of regulations to be reviewed in 2012, and the agency is now accepting public comments on the substance and wording of each rule.
“Each year we take a fresh look at a different one-third of NCUA regulations to ensure that our standards are up to date,” said NCUA Board Chairman Debbie Matz. “This year, in the spirit of President Obama’s Executive Order 13579 on Regulations and Independent Regulatory Agencies, we are particularly seeking comments on rules that may be ‘outmoded, ineffective, insufficient, or excessively burdensome.’ We are committed to ‘modify, streamline, expand, or repeal’ rules that are not required by statute and would not jeopardize safety and soundness.”
Regulations under review in 2012 include rules governing covering bylaws, fields of membership, fixed asset ownership, mergers, and corporate credit unions, to name a few. To view the entire list, click here.
Credit unions and other public stakeholders can submit comments by Aug. 3 via:
- Email to OGCMail@NCUA.gov with the subject line “Regulatory Review 2012” or;
- Mail to Office of General Counsel, NCUA, 1775 Duke Street, Alexandria, VA 22314-3428.
By reviewing the first third of NCUA regulations in 2012, the agency is beginning a new three-year rotation. This will result in another complete review of all NCUA regulations by 2014.
NCUA publishes a regulatory agenda in the Federal Register each May and November, as required by Executive Order 12866.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..