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The August NCUA Report, released Thursday, highlights upcoming modifications to the Community Development Financial Institution application process that are intended to make certification easier.

"Under the streamlined process that will become available in the near future, NCUA will perform a substantial portion of the data collection and reporting on behalf of eligible credit union applicants," the Report said. "NCUA then will provide eligible credit unions with many of the data points required for the application, making that application easier."

The publication said NCUA will begin identifying and contacting eligible credit unions about the streamlined process in late summer or early fall.

Also in the August issue, NCUA Board Member J. Mark McWatters called for regulatory relief for credit unions and for "prudent, but fair and accountable regulation" from federal financial regulators. In particular, he said the draft "Financial CHOICE Act" from House Financial Services Chairman Jeb Hensarling, R-Texas, "could not be more significant."

"A key aspect of the draft is that it addresses the double jeopardy confronting credit unions and other financial institutions due to the combined effects of restrictive rules and prescriptive capital (net worth) requirements," McWatters wrote.

McWatters also pledged to continue to look at measures that would "give credit unions breathing space to deliver the services members expect and deserve."

Last month, NAFCU Vice President of Legislative Affairs Brad Thaler shared the association's thoughts about the CHOICE Act during a meeting with House Financial Services Committee senior staff. NAFCU strongly supports the draft's proposed repeal of the Dodd-Frank Act's Durbin amendment, among other regulatory relief measures. It has said the bill's Dodd-Frank "off ramp" provisions, addressing capital, are deserving of a careful, thorough examination.