NCUA announces four new deregulation proposals
The NCUA announced the third round of proposed regulatory changes as part of its Deregulation Project. One proposal would remove 12 CFR 701.31, which relates to nondiscrimination requirements. While this would result in no change to credit unions’ compliance obligations, the removal would lessen any potential confusion as 701.31 has not kept pace with current laws.
Additional proposals would eliminate Interpretive Ruling and Policy Statements (IRPS):
- IRPS 11-2, related to federal corporate credit union chartering, which would reduce the regulatory burden by limiting the sources that federal credit unions (FCUs) must check when chartering a new corporate credit union; and
- IRPS 08-2, related to service to underserved areas, and IRPS 10-1, related to community chartering policies. Both proposed changes would remove a redundant standard listed in multiple areas and ease compliance burdens by limiting the number of sources that FCUs must check to ensure compliance with applicable chartering and FOM requirements.