NCUA to seek reg relief input, report on TCCUSF today
May 22, 2014 – The NCUA Board today is expected to issue a proposal for comment seeking input on ways to make regulations less burdensome, to receive a report on the corporate stabilization fund and consider a credit union’s expansion request.
The Economic Growth and Regulatory Paperwork Reduction Act periodically requires NCUA to publish notice of its rules and regulations by category and to invite comment on which rules are outdated, unnecessary or unduly burdensome. During the public comment period, NAFCU will continue to emphasize the need for regulatory relief for credit unions. The association has a “dirty dozen” list of current rules in hand now that it would like to see eliminated or improved.
Today’s board meeting will also include a quarterly report on the Temporary Corporate Credit Union Stabilization Fund. Credit union shave paid about $4.8 billion in stabilization costs to the fund since its creation.
After announcing a $1.4 billion settlement with JPMorgan Chase related to faulty mortgage-backed securities sold to corporates, NCUA said credit unions will not be assessed for stabilization costs this year. NAFCU is urging no more assessments at all and encouraging the agency to rebate any excess funds to credit unions upon the fund’s expiration in 2021.
The board will also consider a request from AERO FCU in Glendale, Ariz., to add two underserved areas to its charter. Today’s meeting begins at 10 a.m. Eastern.
NAFCU's 'dirty dozen' list
Video of NCUA's April board meeting