Encouraging insight on FFIEC report
League sources provided insight to the Federal Financial Institutions Examination Council (FFIEC) report released yesterday on outdated and unnecessary regulations. The 430-page report contains plenty of grist for credit union relief efforts.
The NCUA, along with OCC, FDIC, and the Fed, are required to provide this report to Congress at least once a decade under the Economic Growth and Regulatory Paperwork Reduction Act (EGRIPA). Section II, beginning on page 329, comprises the NCUA section.
Daniel K. Tarullo, chair of the Federal Financial Institutions Examination Council (FFIEC), wrote a letter to the Committee on Banking, Housing and Urban Affairs highlighting the need not only for changes in regulation but also supervision that is better tailored to the needs of smaller financial institutions. Read his letter here.
Treasury Secretary Steven Mnuchin is convening all the heads of the financial regulators to draft a report by early June on how rules governing the financial system could improve. This could be an important step in the process for credit unions.