Action to launch a voluntary regulatory review that the federal credit union regulator says will be comparable to that conducted by federal banking regulators under a 1996 statute was approved unanimously by its governing board, the agency said Thursday.
The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996 requires the Federal Financial Institutions Examination Council (FFIEC) and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions. The National Credit Union Administration (NCUA) is not a subject of the statute but participates in the review voluntarily, creating its own categories of rules it says are comparable to those reviewed under EGRPRA.
The NCUA review will be conducted over two years. One of the four Federal Register notices it will publish as it proceeds was in the Register Thursday.
According to the notice, the NCUA is seeking comment on regulations concerning “Applications and Reporting” and “Powers and Activities.” Comments are due by Aug. 21.
“The NCUA will address the remaining eight categories in the next three documents,” the notice states.