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Aug. 12, 2014 – NAFCU needs members' input this week on two regulatory review processes addressing outdated, burdensome or unnecessary rules of NCUA and the Federal Reserve.

Both reviews are being carried out under the Economic Growth and Regulatory Paperwork Reduction Act. NAFCU members' comments on the NCUA review are due Wednesday and on the Fed review by Friday.

NAFCU welcomed both requests for comments, and it is continuing to emphasize the need for regulatory relief for credit unions by pressing for action on its "Dirty Dozen" list of rules that could be eliminated or improved.

Because EGRPRA requires NCUA to categorize its regulations, the agency will conduct the review as a series of comment periods for different categories of regulations. During NCUA's May 22 board meeting, NCUA requested comments on its regulations dealing with "Applications and Reporting," and "Powers and Activities." This first comment period notably includes: fields of membership; chartering, bylaws and mergers of federally insured credit unions; loans and lines of credit to members; member business loans; investment and deposit activities; and incidental powers. Comments are due to NCUA Sept. 2.

Under a similar review, the Fed is also seeking comments on outdated, burdensome or unnecessary rules regarding the availability of funds and collection of checks; collection of checks and other items by Federal Reserve banks and funds transferred through Fedwire; recordkeeping requirements for certain financial records; and reserve requirements of depository institutions. Comments are due to the Fed Sept. 2.

NAFCU's Regulatory Alerts on both the NCUA and Fed's regulatory review can be viewed online. (Login required)