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The NCUA's Regulatory Reform Task Force offered up recommendations for comment on what agency regulations could be eliminated or simplified, including those addressing field of membership and risk-based capital, among others.

The recommendations will be out for a 90-day comment period once published in the Federal Register.

"We support ongoing regulatory relief efforts from the NCUA and look forward to seeing many of these issues come to fruition," said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. "Our members have long called for some of these changes, and we expect to see credit union executives showcase their opinions at NAFCU's Congressional Caucus in September where they will meet with members of Congress and hear from representatives from the NCUA.

"The NCUA is also considering three weighty proposals relative to credit union mergers, the overhead transfer rate and the stabilization fund, and we are working to ensure those regulatory measures are in the best interests of credit unions," she added.

The NCUA's task force developed a four-year agenda for reviewing and revising the agency's regulations. Some of the recommendations have already been announced or implemented by the agency, including:

• expanding credit union authority under the chartering and field-of-membership rules (as noted in the agency's pending field-of-membership proposal);
• delaying the implementation date of the risk-based capital rule so improvements can be made;
• exploring raising the threshold for stress testing;
• issuing a legal opinion letter on asset securitization;
• broadening the jurisdiction of the Supervisory Review Committee for appeals; and
• allowing a broader use of alternative capital.

Some new recommendations from the task force include:

• adding a "comprehensive third-party due diligence regulation" within three years;
• using variable rate instead of fixed rate regarding usury cap; and
• examining credit union service organizations regulations in regards to permissible activities.

NAFCU will seek its members' input on these recommendations.