Agency Review to Reduce the Burden of Consumer Protection Rules

The NCUA Board has issued a request for comments to identify outdated, unnecessary, or burdensome regulatory requirements imposed on federally insured credit unions. NCUA chooses to participate with other federal financial institution regulators who are required by a 1996 law, the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), to review their rules at least once every ten years.

EGRPRA requires the regulators to categorize the rules, publish the categories for comment, report to Congress on any significant issues raised by the comments, and eliminate unnecessary rules. NCUA will request comments on certain categories of rules. The categories that NCUA will use are:

· Applications and reporting

· Powers and activities

· Agency programs

· Capital

· Consumer protection

· Corporate credit unions

· Directors, officers and employees

· Money laundering

· Rule of procedure

· Safety and soundness

These categories represent a different order than the agency uses for its annual one-third regulatory review. For this review, NCUA is asking for comment on the first two categories above. We anticipate cross referencing issues highlighted during NCUA’s annual regulatory review process in comment letters addressing EGRPRA and will do so similarly for EGRPRA issues in CUNA’s annual review comment letters.

The Comments are due to NCUA by September 2, 2014. Please submit your comments to CUNA by August 15, 2014. Please send comments and/or questions to CUNA Assistant General Counsel Lance Noggle.