WASHINGTON (5/2/12)--Each year, the National Credit Union Administration (NCUA) reviews one-third of its regulations to identify any rule or provision that it deems "outmoded, ineffective, insufficient, or excessively burdensome," and the Credit Union National Association (CUNA) has asked credit unions to share their concerns regarding the NCUA's 2012 regulatory reform list, which was released earlier this year.
Regulations under review in 2012 include rules governing bylaws, fields of membership, fixed-asset ownership, mergers, and corporate credit unions, among others.
The NCUA will review the following regulations in 2012:
- § 701.1 - Federal Credit Union Chartering, Field of Membership Modifications, and Conversions;
- § 701.2 - Federal Credit Union Bylaws;
- § 701.3 - Member Inspection of Credit Union Books, Records, and Minutes;
- § 701.4 - General Authorities and Duties of Federal Credit Union Directors;
- § 701.6 - Fees Paid by Federal Credit Unions;
- § 701.14 - Change in Official or Senior Executive Officer in Credit Unions that are Newly Chartered or are in Troubled Condition;
- § 701.19 - Benefits for Employees of Federal Credit Unions;
- § 701.20 - Suretyship and Guaranty;
- § 701.21 - Loans to Members and Lines of Credit to Members;
- § 701.22 - Loan Participation;
- § 701.23 - Purchase, Sale and Pledge of Eligible Obligations;
- § 701.24 - Refund of Interest;
- § 701.25 - Charitable Contributions and Donations;
- § 701.26 - Credit Union Service Contracts;
- § 701.30 - Services for Nonmembers Within the Field of Membership;
- § 701.31 - Nondiscrimination Requirements;
- § 701.32 - Payments on Shares by Public Units and Nonmembers;
- § 701.33 - Reimbursement, Insurance, and Indemnification of Officials and Employees;
- § 701.34 - Designation of Low-Income Status; Acceptance of Secondary Capital Accounts by Low-Income Designated Credit Unions;
- § 701.35 - Share, Share Draft and Share Certificate Accounts;
- § 701.36 - FCU Ownership of Fixed Assets;
- § 701.37 - Treasury Tax and Loan Depositories; Depositories and Financial Agents of the Government;
- § 701.38 - Borrowed Funds from Natural Persons;
- § 701.39 - Statutory Lien;
- § Appendix A to Part 701 - Federal Credit Union Bylaws;
- § Appendix B to Part 701 - Chartering and Field of Membership Manual;
- Part 702: Prompt Corrective Action;
- Part 703: Investment and Deposit Activities;
- Part 704: Corporate Credit Unions;
- Part 705: Community Development Revolving Loan Fund Access for Credit Unions;
- Part 706: Unfair or Deceptive Acts or Practices;
- Part 707: Truth in Savings;
- Part 708a: Bank Conversions and Mergers;
- Part 708b: Mergers of Federally-Insured Credit Unions; Voluntary Termination or Conversion of Insured Status;
- Part 709: Involuntary Liquidations of Federal Credit Unions and Adjudications of Creditor Claims Involving Federally Insured Claims Involving Federally Insured Credit Unions in Liquidation; and
- Part 710: Voluntary Liquidations.
NCUA Chairman Debbie Matz in announcing the list said the agency is "committed to 'modify, streamline, expand, or repeal' rules that are not required by statute and would not jeopardize safety and soundness," and the NCUA has noted the 2012 round of reviews begins a new three-year rotation that will result in another complete review of all NCUA regulations by 2014.
Comments should be sent to CUNA by July 16.
The NCUA is accepting public comments on the substance and wording of each rule until Aug. 3.
For the full CUNA comment call, use the resource link.