Members' input due Friday on NCUA reg reform agenda
NAFCU continues to seek members' feedback on the NCUA's regulatory reform agenda, which sets out an approach for eliminating, revising, improving and clarifying various regulations over a four-year period. That feedback is due Friday; learn more about the proposal and submit comments via NAFCU's Regulatory Alert.
The NCUA's Regulatory Reform Task Force provided more than 40 reform recommendations in August. 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.
Comments on this agenda are due to NAFCU by Friday and to the NCUA by Nov. 20.
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