January 22, 2014

NCUA opens 2014 reg review round

Jan. 22, 2014 – NCUA last night unveiled the list of rules it is reviewing this year, and NAFCU is encouraging the agency to look to the association's own "dirty dozen" list of rules in seeking ways to make regulations more clear and less burdensome.

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 Board Chairman Debbie Matz said the yearly review is a critical part of her regulatory modernization initiative, which is aimed at "modifying, streamlining, refining or repealing rules that are not required by statute" while not jeopardizing industry safety and soundness.

NAFCU Senior Vice President of Regulatory Affairs and General Counsel Carrie Hunt said the association welcomes the opportunity to comment on these rules, and she encouraged NCUA to widen its net for this year's review. "NAFCU is encouraging the agency to look to the association's ‘dirty dozen' list of rules in seeking candidates for improvements," Hunt said.

Some of NAFCU's recommendations delineated in that are already now under review by NCUA, according to a report last week on the NCUA Office of General Counsel regarding the 2013 rules review.

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 take comments for this year's review until Aug. 4. NAFCU is preparing a Regulatory Alert seeking members' input to the association's official response.