The NCUA Board Thursday unanimously approved a voluntary regulatory review. The agency is requesting comment to help identify NCUA regulations that are “outdated, unnecessary, or unduly burdensome on federally insured credit unions.”
The agency noted that it is not required by law to conduct the review, as the law applies to federal bank regulators, but added it is “keeping with the spirit of the law.”
The NCUA divided its regulations into 10 categories and will address each category in four separate requests for comment over the next two years. The agency published the first request in the Federal Register Thursday to seek comment on two categories: “Applications and Reporting,” as well as “Powers and Activities.”
America’s Credit Unions wrote to the NCUA May 16 to discuss its concerns over the regulatory burden on credit unions.
Comments are due to the NCUA Aug. 21.
