NCUA is now accepting public comments on the list of regulations the agency will review in 2016.
NCUA reviews all of its existing regulations every three years. This rolling review is part of NCUA's effort to streamline, modernize or, where appropriate, eliminate unnecessary or outdated rules and regulations.
"This process is about transparency and accountability," NCUA Board Chairman Debbie Matz said. "Our annual regulatory review is a critical piece of NCUA's commitment to keeping pace with changes in the credit union system and in the broader financial services marketplace. Our goal is a modern and effective regulatory framework that encourages growth, innovation and service to members, without jeopardizing safety and soundness.
"The comments we receive help guide us when developing future regulatory updates and initiatives," Matz said. "I encourage all interested parties to participate in this process."
In 2016, NCUA will review the rules and regulations related to the following areas:
- Management official interlocks,
- Credit union service organizations,
- Fidelity bond and insurance coverage for federal credit unions,
- Supervisory committee audits and verifications,
- Fair credit reporting,
- Incidental powers,
- Member business loans,
- Trustees and custodians of certain tax-advantaged plans,
- Central Liquidity Facility,
- Accuracy of advertising and notice of insured status,
- Requirements for insurance,
- Share insurance, and
- Administrative actions, adjudicative hearings, rules of practice and procedure and investigations.
Comments may be filed by email or standard mail and must be received by Aug. 8. Commenters using email should send their comment to OGCMail@NCUA.gov with the subject line "Regulatory Review 2016." The address for mailing comments is Regulatory Review 2016, Office of General Counsel, NCUA, 1775 Duke Street, Alexandria, VA 22314-3428.
For additional information, go to