NCUA 2017 Regulatory Review

Prepared by NASCUS Legislative & Regulatory Affairs Department
March 2017

The NCUA maintains a rolling review schedule that identifies 1/3 of NCUA’s existing regulations for review each year and provides notice to the public of those regulations under review so the public may have an opportunity to comment. NCUA's Regulatory Review is a not an exclusive list of NCUA rulemaking this year. The agency will also engage discretionary rulemaking involving any provision it believes necessary.

NCUA's complete 2017 Regulatory Review may be read here.

Comments on NCUA's 2017 regulatory review are due to NCUA by August 14, 2017. NASCUS will file comments on the 2017 Regulatory Review. Please contact NASCUS before to July 31, 2017, to submit recommendations for the NASCUS comment letter.


This year, NCUA will review the following 12 rules as part of its administrative review:  

1. §748 Security Program, Report of Suspected Crimes, Suspicious Transactions, Catastrophic Acts and Bank Secrecy Act Compliance

Part 748 applies to FISCUs by way of reference in Part 741.214. The rule mandates compliance with the BSA, the creation of a written security program, and the creation of a program to safeguard member information.

2. §749 Records Preservation Program and Appendices – Record Retention Guidelines; Catastrophic Act Preparedness Guidelines

Part 749 applies to FISCUs by way of reference in Part 741.215. NCUA’s record retention rule requires all federally insured credit unions (FICUs) to maintain a records preservation program to identify, store and reconstruct vital records in the event that the credit union's records are destroyed. Credit unions are required to maintain written policies and procedures for compliance with the rule.  

3. §750 Golden Parachute and Indemnification Payments

Part 750 applies to FISCUs by way of reference in Part 741.224. The rule limits the ability of insured credit unions to indemnify senior officials being sanctioned for regulatory wrongdoing as well as providing excessive exit compensation to those officials.

4. §760 Loans in Areas Having Special Flood Hazards

Part 760 applies to FISCUs by way of reference in Part 741.216. The rule requires FICUs to maintain a Flood Act compliance program.

5. §761 Registration of Residential Mortgage Loan Originators

Part 761 applies to FISCUs by way of incorporation in Part 741.223. The rule now provides a cross reference to the CFPB’s Regulation G and mandating that mortgage loan originators be registered (or licensed if they work for a CUSO) with the Nationwide Mortgage Licensing System and Registry (NMLS).

6. §790 Description of NCUA; Requests for Agency Action

Part 790 establishes NCUA’s various offices and regions as well as establishes procedures for public to request agency action.

7. §791 Rules of NCUA Board Procedure; Promulgation of NCUA Rules and Regulations; Public Observation of NCUA Board Meetings

Part 791 governs how NCUA conducts its business, from its board meetings to its rulemaking.

8. §792 Requests for Information under the Freedom of Information Act and Privacy Act, and by Subpoena; Security Procedures for Classified Information

Part 792 governs NCUA’s records. The provision covers Freedom of Information Act requests, NCUA’s keeping of non-public records, NCUA information security, NCUA’s handling of subpoenas, and the Privacy Act.

9. §793 Tort Claims Against the Government

This provision addresses litigating tort claims against NCUA.

10. §794 Enforcement of Nondiscrimination on the Basis of Handicap in Programs or Activities Conducted by the National Credit Union Administration

Part 794 prohibits NCUA from discriminating on the basis of handicap.

11. §796 Post-Employment Restrictions for Certain NCUA Examiners

Part 796 prohibits NCUA senior examiners from accepting employment with a FICU within 12 months of leaving service under certain circumstances.

12. §797 Procedures for Debt Collection

This provision authorizes NCUA to collect certain debts owed to the United States by individuals and entities.