ALEXANDRIA, Va. (11/15/11)--The Credit Union National Association (CUNA) is reviewing the National Credit Union Administration's (NCUA) claim that it "already meets or exceeds the key principles" of an Obama administration executive order that called on federal agencies to review their existing regulations and ensure they are compatible with economic growth, job creation, and competitiveness.
The NCUA in a letter responded to Executive Order 13579, which was released earlier this year.
To meet the terms of this executive order, Chairman Debbie Matz said, the NCUA regularly reviews all of its regulations in a three-year-long process, and modernizes its existing rules and develops new rules to minimize compliance costs.
The agency also holds public meetings, town halls, and webinars, and releases videos and other communications to inform the public of regulatory initiatives, and integrates publicly available financial data to support regulation and rule changes, the NCUA said. The agency's release also noted that it frequently coordinates its rulemaking with other federal financial regulators and state credit union supervisors.
Matz added that the NCUA "strongly supports a balanced regulatory approach," and "will continue to protect the safety and soundness of credit unions as new risks emerge" while also providing relief from regulatory burdens.
While CUNA supports and encourages such regulatory relief, CUNA wants to ensure that all efforts that can be done to minimize credit unions' regulatory burdens are undertaken by NCUA and other regulators, including the Consumer Financial Protection Bureau.
CUNA's Examination and Supervision Subcommittee discussed regulatory burdens, the agency's budget, examination concerns, and the agency's credit union service organization (CUSO)- and interest rate risk-related proposals in meetings with Matz and other NCUA officials last week.
Subcommittee chair and Ohio Credit Union League CEO Paul Mercer, CUNA Federal Credit Union Subcommittee Chairman Marshall Boutwell, and other subcommittee members urged the agency to make every effort to help relieve credit unions' regulatory burdens. The subcommittees recommended that the agency tailor its regulations to impact only areas of particular concern, and said the NCUA should allow credit unions that are well-managed and performing well to not be encumbered by new rules that seek to eliminate their risks.