Summary covers round 4 of NCUA reg review
Dec. 22, 2015 -- Fifteen subjects in the two categories of “rules of procedure” and “safety and soundness” are included in round four of NCUA’s regulatory review, out for comment until March 22, as noted in a new NASCUS proposed rule summary.
The regulatory review is being conducted by the agency under the auspices of the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). NCUA’s participation is voluntary, as it is not statutorily required to do so. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) are subject to EGRPRA.
However, NCUA has elected to participate in the process by conducting an independent review that is “consistent and comparable” to the federal banking agencies process, taking into account the “unique circumstances of federally insured credit unions and their members.”
The agency has conducted three previous regulatory reviews under EGRPRA. The reviews will be included in the formal EGRPRA report to Congress.
Of the two categories, five subjects are covered under “rules of procedure,” and 10 under “safety and soundness.”
The NASCUS summary specifically points out which areas being reviewed affect federally insured, state chartered credit unions – in whole or in part. For example, under “Voluntary and Involuntary Liquidation; Parts 709 and 710,” the NASCUS summary points out that Part 710, “voluntary liquidation,” does not apply to FISCUs. But, “involuntary liquidation,” sec. 709, “applies to FISCUs by incorporation in sec. 741.218. “Note however, that sec. 709.3 applies only to FCUs,” the summary states.
NASCUS has commented on all three of the previous regulatory reviews, consistently calling for the agency to consolidate – in one place – all of the regulations that apply to federally insured, state-chartered credit unions.