Press

Public Comments Invited for Annual Assessment of One-Third of NCUA Rules

ALEXANDRIA, Va. (Jan. 24, 2013) – The National Credit Union Administration (NCUA) has posted a list of regulations it will review in 2013, and the agency is now accepting public comments on the substance and clarity of each rule.

“Credit unions and the products they offer continue to evolve, and effective regulation keeps pace with a changing industry,” NCUA Board Chairman Debbie Matz said. “We review one-third of NCUA’s regulations each year to make sure our standards are timely and appropriate. At the heart of my Regulatory Modernization Initiative is the commitment to modifying, streamlining, refining or repealing rules that are not required by statute and would not jeopardize safety and soundness.”

Regulations under review in 2013 include rules governing member business loans, fair credit reporting, privacy of consumer financial information, appraisals and share insurance. The complete list of NCUA regulations under review is available online here. Additionally, NCUA will expand its review of federal credit union bylaws, which began in 2012.

“We’ve heard many new ideas from federal credit union officials requesting amendments to the standard bylaws,” Matz added. “So we plan to reach out to volunteer directors and other stakeholders who can recommend bylaw changes that could be standardized.”

Credit unions and other public stakeholders may now submit comments about the rules under review. NCUA must receive comments by Aug. 5 through email or standard mail.

By reviewing the second third of NCUA regulations in 2013, the agency continues its three-year rotation. This will result in another complete review of all NCUA regulations by 2014.

NCUA publishes a regulatory agenda in the Federal Register each May and November in voluntary compliance with Executive Order 12866.