ALEXANDRIA, Va. — An update on the state of NCUA’s Deregulation Project was shared during the agency’s Thursday board meeting.
Amanda Parkhill, acting director of the agency’s Office of Examination and Insurance, said the initiative’s first phase targets rules that are obsolete, duplicative of statute or other regulations, intended more as guidance, or considered unduly burdensome.
“These are changes that we think will provide flexibility and create efficiencies both for credit unions and the NCUA,” Parkhill said, according to remarks delivered at the meeting.
Parkhill said the agency is still defining later phases of the project as it responds to new legislation, executive orders and broader administrative priorities.
Phase One
Phase 1 includes both proposed and final rules issued as part of the effort. Parkhill said proposals are expected to continue through July, after which the agency plans to begin issuing final rules in the second half of the year. The phase is expected to conclude in late 2026 or early 2027, though she noted the timeline remains fluid, according to Parkhill.
“The issuance of any final rules is dependent on a number of factors, including the number and scope of comments that we get, internal resources and the interagency review process,” Parkhill said.
As part of that process, rulemakings must be submitted to the Office of Management and Budget for review before the NCUA board can vote on them. Other federal agencies may also weigh in if they have an interest in or are affected by the rules.
29 Proposals
To date, Parkhill said, Phase 1 includes 29 proposed rules. Of those, 16 have closed for public comment and 13 remain open. Once comment periods close, staff review submissions and may recommend revisions before forwarding analysis to the board for consideration.
Parkhill said feedback so far has largely supported the agency’s deregulation efforts. The NCUA has received a total of 239 comment letters on proposals with closed comment periods, she said, adding that all comments are reviewed and addressed in the preamble of any final rule.
She also encouraged stakeholders to review additional resources on the agency’s website and in the Federal Register for more information on the project and how to submit comments.
Following completion of Phase 1, Parkhill said, the agency plans to move on to subsequent phases of the deregulation initiative.
CU Daily Offers Resource
The CU Daily has a complete listing of the proposals that remain out for comment, along with the dates the comments are due, that can be found here.
