CU agency board to consider final reg reform task force report

A final report from its “regulatory reform task force” leads the agenda for the federal regulator of credit unions at its board’s last meeting for 2018 next week.

The agenda for the National Credit Union Administration (NCUA) Board also includes consideration of a final rule making technical amendments to the agency’s regulations, and a “board briefing” about blockchain and distributed ledger technology.

The agency established its Regulatory Reform Task Force in 2017 to oversee the implementation of its regulatory reform agenda. In doing so, the agency said it was being “consistent with the spirit” of President Donald Trump’s executive order issued in February 2017. That order required federal agencies to review all existing regulations; identify those that meet specific review criteria; and make recommendations regarding leaving regulations as they are, or recommending their repeal, replacement, or modification.

As an independent agency, NCUA is not required to comply with the order – but it has chosen to do so to “comply with its spirit” and has reviewed all of the agency’s regulations toward that end.

The task force made its initial report in August 2017, seeking comments by late November of that year.

All told, the agency reported receiving 48 comment letters on the task force report, nearly all of them from credit unions and credit union trade and professional organizations.

The NCUA Board meeting gets underway Dec. 13 at 10 a.m. at agency headquarters in Washington, D.C.

Board Agenda for the Dec. 13, 2018 Meeting