ALEXANDRIA, Va.–NCUA is seeking comments by June 1 on five categories of regulations and whether they are outdated, unnecessary, or unduly burdensome, according to a notice in the Federal Register.
The agency said the proposals represent the final round of a decennial review under the 1996 Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), which began in 2024. EGRPRA requires federal banking regulators to conduct a review of all its regulations every 10 years, and NCUA said participates voluntarily as contemplated by the statute, according to the notice.
“The Board seeks public comment on regulations within the final five categories—Corporate Credit Unions; Directors, Officers and Employees; Anti-Money Laundering and Bank Secrecy Act; Rules of Procedure; and Safety and Soundness—that may impose outdated, unnecessary, or unduly burdensome regulatory requirements on federally insured credit unions,” the notice states.
In addition to general comments, NCUA has also included in its notice a number of specific questions on which it seeks comment.
The Input Being Sought
According to the notice, NCUA has not identified any rules in these categories that would have a significant impact on a substantial number of small entities. “However, the Board will consider any public comments submitted through the decennial review process and agency experience to identify regulations it can update that have a significant impact on a substantial number of small federally insured credit unions,” the notice reads. “The NCUA’s review efforts would benefit most by comments that cite specific provisions or language and provide reasons why such provisions should be changed. Suggested alternative provisions or text, where appropriate, would also be helpful. If the implementation of a comment would require modifying a statute that underlies the regulation, the comment should, if possible, identify the needed statutory change.”
NCUA said comments may be submitted anonymously.
The notice can be found here.
