The federal credit union regulator is seeking comments by June 1 on five categories of regulations and whether they are outdated, unnecessary, or unduly burdensome, according to a notice Tuesday in the Federal Register.
The National Credit Union Administration (NCUA) said this final round of a decennial review under the 1996 Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), which began in 2024, focuses on the agency’s regulations about corporate credit unions; directors, officers and employees; anti-money laundering and Bank Secrecy Act (BSA); rules of procedure; and safety and soundness.
EGRPRA requires federal banking regulators to conduct a review of all its regulations every 10 years, and the NCUA participates voluntarily as contemplated by the statute, the notice says.
The agency has undertaken this review by grouping its regs into 10 categories and seeking comment periodically on a portion of them. The first batch of regs was issued for EGRPRA input in 2024, and the second group was released last year.
Tuesday’s notice says the agency’s board is seeking comments about how its regulations within the above-noted categories “may impose outdated, unnecessary, or unduly burdensome regulatory requirements on federally insured credit unions.” Besides general comments, the agency has included in its notice a number of specific questions on which it seeks comment.
The notice says the NCUA Board has not identified any rules in these categories that would have a significant impact on a substantial number of small entities. “However, the Board will consider any public comments submitted through the decennial review process and agency experience to identify regulations it can update that have a significant impact on a substantial number of small federally insured credit unions,” it says.
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