June 02, 2014

Members' input sought on NCUA reg review

June 3, 2014 – NAFCU on Monday issued a Regulatory Alert seeking members' input by June 27 on the rules NCUA has on its regulatory review list this year.

Regulatory Affairs Counsel PJ Hoffman said, "NAFCU is encouraging NCUA to look at our ‘dirty dozen' list of rules that need to be made more clear and less burdensome. We urge members to tell us what they think in order to strengthen our official response."

NCUA reviews its rules every three years; it looks at one-third of the total each year and invites comments on how they can be improved or substantially revised.

NCUA's 2014 review list includes, among other things, rules on credit union security programs and Bank Secrecy Act reporting; records preservation and catastrophic act preparedness; loans in flood hazard areas; registration of residential mortgage loan originators.

NCUA said it will accept comments for this year's review until Aug. 4.