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The NCUA will conduct a comprehensive review of its guidance letters and legal opinions to determine if they are still needed in today's regulatory climate, NCUA Chairman Rodney Hood announced yesterday. NAFCU has long requested that the agency update outdated guidance, and the association was quick to share its support for the NCUA’s new initiative.

“We can make a significant dent in our regulatory burden by removing outdated or duplicative guidance,” said Hood in a speech Tuesday. 

“We thank NCUA Chairman Rodney Hood for making changes today that will be well-received by the industry across multiple fronts,” said NAFCU President and CEO Dan Berger. “From updating important guidance, archiving outdated and duplicative guidance, to improving the agency’s overall website functionality, these updates are a testament to NCUA’s commitment to transparent and timely communication with the industry.

“Credit unions work hard on behalf of their members each and every day, and clear rules of the road will help ensure they can work quickly and confidently in providing safe and suitable services to their communities,” Berger added. 

NAFCU has requested more guidance from the NCUA on topics ranging from the current expected credit loss standard to examinations. Last fall, while meeting with the NCUA’s Office of Examination and Insurance, NAFCU also requested the agency update its online exam guide and address website functionality issues.