The National Credit Union Administration (NCUA) has announced its plans to voluntarily review agency regulations. This initiative aims to identify rules that may be outdated, unnecessary, or burdensome for federally insured credit unions. The review is in line with the federal government’s commitment to efficiency and NCUA’s ongoing efforts to reduce regulatory burdens.
The process will take approximately two years and is part of the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996. Although not required by law, the NCUA has chosen to participate in this decennial review.
The NCUA has categorized its regulations into ten groups and plans to publish four Federal Register documents requesting comments on these categories. Each notice will have a 90-day comment period. The categories include applications and reporting, powers and activities, agency programs, capital, consumer protection, corporate credit unions, directors, officers and employees, anti-money laundering and bank secrecy act, rules of procedure, and safety and soundness.
In May 2024, the first notice was published regarding applications and reporting as well as powers and activities. Today’s notice addresses agency programs; capital; and consumer protection.
The NCUA emphasizes that it will continue ensuring regulations are appropriately tailored to the size and risks posed by credit unions while maintaining their safety and soundness.
The NCUA is an independent federal agency created by Congress to regulate federal credit unions. It operates the National Credit Union Share Insurance Fund which insures deposits for over 135 million account holders across federal credit unions.
For media inquiries: OEACmail@ncua.gov or call 703-518-6330.
