CU regulator lists 35 rules to be reviewed in New Year as part of 1/3 assessment

Rules and regulations in 35 areas are up for review in the New Year by the federal regulator of credit unions, part of the agency’s annual “regulatory review;” comments are due June 1.

The National Credit Union Administration (NCUA) posted the 35 areas for review on its website Jan. 4.

The credit union regulator is not subject to the provisions of the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), which requires other federal regulators and the Federal Financial Institutions Examination Council (FFIEC) to perform a review of their regulations every 10 years. Instead, the credit union regulator maintains a “rolling review schedule” that identifies one-third its existing rules for review each year. According to the agency, it then provides notice of those regulations under review so the public may have an opportunity to comment.

The list of regulations being reviewed in this go-round include:

  • Federal Credit Union (FCU) chartering, field of membership modifications, and conversions;
  • FCU bylaws;
  • Change in official or senior executive officer in credit unions that are newly chartered or are in troubled condition;
  • Designation of low-income status; acceptance of secondary capital;
  • Reimbursement, insurance, and indemnification of officials and employees;
  • Capital adequacy;
  • Corporate credit unions;
  • Bank conversions and mergers;
  • Mergers of federally-insured credit unions; voluntary termination or conversion of insured status;
  • Credit union service contracts.

NCUA 2019 Regulatory Review