CUs encouraged to comment on NCUA sweeping regulatory reform plan

The National Credit Union Administration is inviting credit union stakeholders to read and comment on a package of regulatory reforms recommended by an internal agency task force.

The task force has recommended changes that would be adopted in the coming four years to clarify, improve, revise, or eliminate regulations. The NCUA Board approved posting the proposal in the Federal Register for a 90-day comment period, and a copy of that notice is available on the agency’s website here.

“The need for a forward-looking regulatory structure that offers meaningful relief without undermining safety and soundness is quite clear,” NCUA Board Chairman J. Mark McWatters said. “And these recommendations serve as a roadmap for a thoughtful process to achieve that goal. This undertaking represents a more significant and comprehensive regulatory relief effort than the agency has pursued in the past. We initiated this effort in the spirit of the administration’s executive order requiring regulatory review, even though the NCUA is not covered by the order.”

The agency’s regulatory reform task force was created earlier this year after the NCUA voluntarily chose to comply with the spirit of Executive Order 13777, which requires federal agencies to conduct regulatory reviews.

The task force’s recommendations assess regulatory changes in terms of the time and resources necessary to implement them and the potential benefit to credit unions. All regulatory changes will require an affirmative vote by the NCUA’s Board.