The cumulative regulatory burden on credit unions is near an all-time high, though it has slowed recently, CUNA wrote to NCUA Monday. CUNA’s comments were sent in response to NCUA’s annual review of one-third of its regulations, this year’s covered parts 700 to 710.
“We urge the NCUA to promulgate new or expand existing rules only if such rules are clearly warranted based on a compelling need,” the letter reads. “Similarly, the agency should strongly consider the current regulatory burden on credit unions as it proceeds with this and future regulatory reviews.”
CUNA also recommends NCUA:
- Eliminate the current 2.5 million population limit for a “well-defined local community” for field of membership purchases, or at least raise it to $10 million.
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