Jan. 25, 2013 – NCUA plans to address rules on credit union service organizations, member business lending, fair credit reporting, share insurance and more as part of its review this year of one-third of its regulations, and comments will be taken until Aug. 5.
NCUA Chairman Debbie Matz said this work will be undertaken against the backdrop of the agency’s regulatory modernization initiative. “At the heart” of that initiative, she said, “is the commitment to modifying, streamlining, refining or repealing rules that are not required by statute and would not jeopardize safety and soundness.”
NAFCU has been urging NCUA, as well as the CFPB, to include a detailed cost-benefit analysis in all rulemaking to ensure the cost of complying with regulations does not outweigh the benefits.
Areas addressed in this year’s regulatory review include:
- management official interlocks;
- fidelity bond and insurance coverage for federal credit unions
- supervisory committee audits and verification;
- incidental powers;
- trustees and custodians of certain tax-advantaged savings plans;
- the Central Liquidity Facility;
- accuracy of advertising and notice of insured status;
- administrative actions adjudicative hearings, rules of practice.
NAFCU will submit comments for this year’s review.