Removing Barriers Blog

NCUA Releases Regulatory Reform Plan for Public Comment
Posted August 16,2017 by CUNA Advocacy

Today NCUA released a package of possible regulatory reforms that could be implemented over a four year time period. According to the agency, the reforms were recommended by an internal NCUA task force. CUNA has also recommended many of the proposed changes to the agency through meetings and regulatory review comment letters.  

The purposes of the recommended changes would be adopted over the coming 4 years to clarify, improve, revise, or eliminate regulations.  According to NCUA Chairman J. Mark McWatters,  the recommendations serve as a roadmap for a thoughtful process to achieve a “forward-looking regulatory structure that offers meaningful relief without undermining safety and soundness.” The agency’s regulatory reform task force was created earlier this year after NCUA voluntarily chose to comply with the spirit of Executive Order 13777, which requires federal agencies to conduct regulatory reviews. 

The task force’s recommendations assess regulatory changes in terms of the time and resources necessary to implement them and the potential benefit to credit unions. All regulatory changes will require an affirmative vote by NCUA’s board with most requiring rulemaking.

The agency’s regulatory reform task force was created earlier this year after NCUA voluntarily chose to comply with the spirit of Executive Order 13777, which requires federal agencies to conduct regulatory reviews. 

Comments will be accepted on the package for 90 days following its publication in the Federal Register, which will be in the coming days.