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Reg burden must be addressed CUNA to NCUA
WASHINGTON (2/8/11)--The Credit Union National Association (CUNA) is “currently reviewing the totality of credit unions' regulatory burdens” and is identifying problematic regulations, and hopes to work with the National Credit Union Administration (NCUA) to “help credit unions shoulder their regulatory responsibilities,” CUNA President/CEO Bill Cheney said in a recent letter to NCUA Chairman Debbie Matz. Although the NCUA, as an independent agency, is not subject to President Barack Obama’s recent executive order that urged regulators to conduct their own internal reviews, Cheney urged the NCUA to comply with the spirit of the order. Obama in a late January executive order called on federal agencies to design cost-effective, evidence-based regulations that are compatible with economic growth, job creation, and competitiveness. Those agencies should also work to reduce burdens on small businesses whenever possible, Obama added. Cheney commended the executive order in a January letter to the President. Cheney recommended that the NCUA look for ways that its 2011 budget, which increased by $25 million over 2010’s budget, could be cut. Cheney also suggested that the NCUA expand its RegFlex program and avoid overregulating credit union volunteers. The CUNA CEO recommended that the NCUA should, where applicable, target rules that can be simplified, and should work with the Consumer Financial Protection Bureau to limit potentially negative regulatory consequences, CUNA added. The NCUA’s own examination process should also be reviewed, and the NCUA should adopt the recommendations contained in CUNA's "Guidance for Credit Unions on Supervisory and Examination Issues," Cheney suggested. Cheney in his letter said that CUNA would work closely with credit union leagues and individual credit unions to develop a series of regulatory recommendations for the NCUA and other policymakers. For the full letter, use the resource link.


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