September 2, 2014 – For immediate release
NASCUS Comments on Regulatory Publication and Review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996
NASCUS filed comments today regarding NCUA regulations up for review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996.
EGRPRA requires that the Federal Financial Institutions Examination Council (FFIEC), Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and Board of Governors of the Federal Reserve System review their regulations at least annually in order to identify outdated, unnecessary or overly burdensome regulations, and encourages these entities to consider how to reduce this burden on financial institutions while at the same time ensuring their safety and soundness and the soundness of the financial system. While not mandatory for the agency, the National Credit Union Administration (NCUA) voluntarily participates in EGRPRA.
NCUA will work with other federal regulatory agencies through the FFIEC to craft a final report to Congress that will be delivered sometime in 2016.
NASCUS commended the NCUA for their voluntary participation in the Act.
“That the NCUA has elected to participate in EGRPRA is commendable, and we appreciate the opportunity to aid them in that effort,” said NASCUS President and CEO Mary Martha Fortney. “We are hopeful that the process will lead to more efficient and effective regulation.”
Among other topics, NASCUS’ comment letter addresses interest rate risk management, charter conversions, loan participations, credit union service organizations and member-business lending.
This is the first in a series of six comment periods which will be opened at regular intervals over the next two years. All six comment periods will be completed by the end of 2015. Once NCUA has reviewed all comments, a final report will be submitted to Congress through the FFIEC, in coordination with the other federal banking agencies.
To read NASCUS' comment letter in its entirety, click here.
Elizabeth Kirkland, Director of Communications and Marketing, email@example.com or (703) 528-5974