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NCUA Acting Chairman J. Mark McWatters said Friday he plans a "full regulatory review" with the goal of streamlining NCUA rules and eliminating unnecessary red tape.

In his column in the February NCUA Report, McWatters also noted his plans for a "top-to-bottom" review of the agency to determine what can be improved and plans to exert greater control over the agency's budget and resource allocation process.

"Too often, NCUA has assumed that if the rules we have on the books aren't working the way they should, we should add more," McWatters wrote. "As Board Member Metsger and I have demonstrated over the past few months, we are going to approach the regulatory process in a more analytical, more practical and more mindful manner. Smarter regulation and supervision is the right approach."

McWatters also said responses to supervisory problems will be swift and tailored to the situation in question.

The February Report also includes an overview of the NCUA's cybersecurity and Bank Secrecy Act supervisory priorities for 2017 and a report on the effort to implement recommendations from the agency's Exam Flexibility Initiative in Region IV.