Share insurance proposal will enhance clarity, reduce burdens
Consolidating and relocating relevant NCUA regulations on requirements for share insurance will enhance clarity and reduce burdens, America’s Credit Unions wrote to the agency in support of the proposal Monday. The NCUA has proposed to remove provisions that reference substantive requirements codified elsewhere in the agency’s regulations as part of its Deregulation Project.
“These duplicative cross-references provide limited value, and their removal will improve overall usability,” the comment letter notes, while also recommending NCUA explicitly state in Part 747, Subpart E that Subpart E applies only to federal credit unions and not federally insured state-chartered credit unions.
America’s Credit Unions also supports amending Part 709 to clarify which involuntary liquidation provisions apply to federally insured state-chartered credit unions.