Review of its rules to identify those that are perhaps “outdated, unnecessary, and unduly burdensome” will be conducted by the federal credit union regulator, even though it has no statutory requirement to do so, the agency said Thursday.
The National Credit Union Administration (NCUA) said the effort is “the next step in its plans to voluntarily review agency regulations” and that it “aligns with the federal government’s commitment to efficiency and the NCUA’s continued efforts to reduce regulatory burden on credit unions.”
The agency has, in the past, conducted the decennial review regardless of the lack of statutory obligation.
The review will be conducted over about two years, NCUA said, as part of the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996. However, NCUA is not required by the law to conduct the review and is doing so voluntarily.
There will be 10 categories of regulations in the NCUA review, with each category having a 90-day comment period, the agency said.
The categories are:
- Applications and Reporting;
- Powers and Activities;
- Agency Programs;
- Capital;
- Consumer Protection;
- Corporate Credit Unions;
- Directors, Officers, and Employees;
- Anti-Money Laundering and Bank Secrecy Act;
- Rules of Procedure; and
- Safety and Soundness.
On Tuesday, the Federal Deposit Insurance Corp. (FDIC) Board also plans to issue a notice regarding its EGRPRA review. Unlike NCUA, the FDIC is required by statute to conduct the appraisal.
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