Public Comments Welcome for Annual Assessment of One-Third of NCUA Rules
ALEXANDRIA, Va. (Jan. 21, 2014) – The National Credit Union Administration (NCUA) has posted a list of regulations it will review in 2014, and the agency is now accepting public comments on the substance and clarity of each rule.
“Credit unions and the products they offer are constantly evolving, and effective regulation must keep pace with a changing industry,” NCUA Board Chairman Debbie Matz said. “We review one-third of NCUA’s regulations each year to make sure our standards are timely and appropriate. At the heart of my Regulatory Modernization Initiative is the commitment to modifying, streamlining, refining or repealing rules that are not required by statute and would not jeopardize safety and soundness of the industry. These reviews are a critical part of this initiative, and I encourage all interested parties to participate.”
Regulations under review in 2014 include rules governing records preservation, loans in areas having special flood hazards, Bank Secrecy Act compliance and tort claims against the government. The complete list of rules is available here.
Credit unions and other public stakeholders may now submit comments about the rules under review. NCUA must receive comments by Aug. 4 through email or standard mail.
- Email to OGCMail@NCUA.gov with the subject line “Regulatory Review 2014”
- Mail to Regulatory Review 2014, Office of General Counsel, NCUA, 1775 Duke Street, Alexandria, VA 22314-3428
This round completes a full review of all NCUA regulations. NCUA’s Office of General Counsel will continue to review one-third of NCUA’s existing regulations on a rolling basis each year.
NCUA publishes a regulatory agenda in the Federal Register each spring and fall in voluntary compliance with 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 United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
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.