Final federal credit union rules designed to remove “obsolete, duplicative or simply guidance that has no place in regulation” were formally removed by the federal regulator Wednesday, an action that will take effect 30 days from publication in the Federal Register, the agency said.
The 11 final rules that were changed – part of the National Credit Union Administration’s (NCUA) so-called “deregulation project” – range from service to underserved areas to disclosure of share insurance for non-member shares (or savings), among other things.
The project, first implemented in December 2025, was spurred by President Donald Trump’s (R) executive order issued in January 2025 titled “Unleashing Prosperity through Deregulation.”
In a statement, outgoing NCUA Board Chairman Kyle Hauptman said the goal of deregulation is to “make it easier for credit unions to serve their members, meet compliance requirements, and stay innovative. These final rules and those that come after will give credit unions the flexibility to do just that.”
Hauptman, whose term ended in August of last year, is serving in a holdover capacity until his successor, nominee John Crews, is approved by the Senate.
A Republican appointee, Hauptman has also served, since last year, as the only member of the three-member NCUA Board; Trump fired the other two members, who were Democrat appointees.
NCUA titled its press release announcing the final rules “NCUA Board Approves 11 Final Rules for Deregulation Project,” referring to the one-man board headed up by Hauptman.
The agency said the 11 final rules include changes to:
- Surety and Guarantor Requirements – 12 CFR 701.20(c)(3) and 701.20(d)
- Limits on Loan to Other Credit Unions – 12 CFR 701.25(b)
- Service to Underserved Areas – IRPS 08-2
- Community Chartering Policies – IRPS 10-1
- Federal Corporate Credit Union Chartering – IRPS 11-02
- Notice of Termination of Excess Insurance Coverage – 741.5
- Disclosure of Share Insurance for Non-Member Shares – 12 CFR 741.10
- Organization and Operation of Federal Credit Unions – IRPS 06-1
- Eligible Obligations – 12 CFR 701.23
- Credit Union Service Contracts – 12 CFR 701.26
- Third Party Servicing of Indirect Vehicle Loans – 12 CFR 701.21(h)
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