Samantha: Hello, this is Samantha Shares.
This episode covers N C U A Announces Deregulation Project and First
Round of Proposed Regulatory Changes
. The following is an audio version of that press release.
This podcast is educational and is not legal advice.
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And now for the press release.
N C U A Announces Deregulation Project and First Round of Proposed Regulatory Changes
Stakeholders are encouraged to review Notice of Proposed
Rulemaking and submit comments.
The National Credit Union Administration today announced the
first round of proposed regulatory changes associated with a new
initiative to review and potentially revise the agencyâs regulations.
This initiative, N C U Aâs Deregulation Project, follows
Executive Order 14192, Unleashing Prosperity Through Deregulation.
N C U Aâs Deregulation Project will involve a comprehensive
review of regulations documented in Title 12, Chapter V I I of
the Code of Federal Regulations.
This review will ensure the regulations are focused on the safety, soundness,
or resilience of credit unions.
Further, N C U A will propose changing or removing regulations that are:
Obsolete;
Duplicative of statutory requirements;
Intended to serve as guidance, not requirements; or
Overly burdensome.
In addition to announcing the project, N C U A is requesting
comments on four proposals that would clarify agency guidance or
eliminate unduly burdensome or obsolete requirements in the federal register.
The four proposals include:
Changes for Corporate Credit Unions â 12 C F R 704.8
and 704.15
N C U A is proposing to amend its regulations for corporate credit
unions by removing the requirement that a corporate credit unionâs asset
and liability management committee, A L C O, must have at least one member
who is also a member of the corporate credit unionâs board of directors.
Changes for Supervisory Committee Audits and Verifications â 12 C F R 715
N C U A is proposing to amend its regulations governing supervisory
committee audits to eliminate unnecessary, redundant, and
overly prescriptive provisions.
Changes for Guidelines for Safeguarding Member Information
â 12 C F R 748 Appendix A
N C U A is proposing to remove Appendix A to part 748, guidelines
for safeguarding member information, from the Code of Federal Regulations.
Changes for Guidance on Response Programs for Unauthorized Access
to Member Information and Member Notice â 12 C F R 748 Appendix B
N C U A is proposing to remove Appendix B to part 748, guidance on response
programs for unauthorized access to member information and member notice,
from the Code of Federal Regulations.
This concludes the press release.
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