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The National Credit Union Administration (NCUA) maintains a rolling review schedule that identifies one-third of NCUA’s existing regulations for review each year and provides notice to the public of those regulations for public comment.
While the NCUA Regulatory Review identifies rules for comment each year, NCUA may ultimately decide against making any changes to a rule. Further, NCUA’s rulemaking during the year is not restricted to the rules identified in the annual review.
The 2010 Regulatory Review includes the following:
711 Management Official Interlocks
712 Credit Union Service Organizations
713 Fidelity Bond and Insurance Coverage for Federal Credit Unions
714 Leasing
715 Supervisory Committee Audits and Verifications
716 Privacy of Consumer Financial Information
717 Fair Credit Reporting
721 Incidental Powers
722 Appraisals
723 Member Business Loans
724 Trustees and Custodians of Certain Tax-Advantaged Savings Plans
725 Central Liquidity Facility
740 Accuracy of Advertising and Notice of Insured Status
741 Requirements for Insurance
742 Regulatory Flexibility Program
745 Share Insurance
747 Administrative Actions, Adjudicative Hearings, Rules of Practice and Procedure, and Investigations
Not all of these rules apply to apply to state-chartered federally insured credit unions. NASCUS will focus its comments on Part 712 Credit Union Service Organizations, Part 721 Incidental Powers, Part 723 Member Business Lending, Part 741 Requirements for Insurance, Part 742 Regulatory Flexibility Program and Part 745 Share Insurance. As a reminder, state credit unions are under the Federal Trade Commission’s jurisdiction for Part 717, Fair Credit Reporting.
Comments on the rules and recommended changes are due to NCUA by August 6, 2010. Any suggestions for the NASCUS comments may be submitted to jenny@nascus.org by July 9, 2010.
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