The federal credit union regulator is proposing to eliminate some and transfer other provisions of its federal share insurance rules affecting federal and federally insured, state-chartered credit unions (FISCUs) that, in most cases, the agency says serve as cross references.
The National Credit Union Administration (NCUA), in a notice published Thursday in the Federal Register, said the provisions to be removed were part of the insurance rules prior to a 1995 rule consolidating all the rule’s requirements for FISCUs.
“This proposed rule would eliminate numerous provisions that merely point to substantive provisions codified elsewhere in the NCUA’s regulations,” the agency said in the notice. “The intended effect is to simplify the regulatory text and make it easier to navigate without altering the compliance obligations of federally insured credit unions. The Board believes this action is necessary to streamline the agency’s regulations and reduce regulatory complexity.”
The changes are in accord with several previous White House executive orders, including two issued last year by the Trump administration that assert the executive branch’s authority over independent agencies and another on regulatory streamlining and cost containment.
The proposal is out for comment until July 6, it said.
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