Summary outlines proposed EGRPRA rule

JULY 15, 2015 -- NCUA’s third notice of regulatory review and request for comments of a comprehensive review of the agency’s regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) is outlined in the latest proposed rule summary from NASCUS.

The summary notes that NCUA is looking for comments that identify needed statutory change, suggest different approaches to achieving statutory goals that impose less of a burden, minimize burden on small credit unions, or alleviate reporting, recordkeeping or disclosure requirements on three categories of rules. Those categories are corporate credit unions; directors, officers and employees, and; money laundering.

Comments on this first round of review are due by Sept. 22.

The summary notes that NCUA is not statutorily required to engage in EGRPRA review, but 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.” NCUA’s review will be included in the formal EGRPRA report to Congress.

NASCUS proposed summary, Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) # 3

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