Comments on regulatory publications and voluntary review under EGPRRA, publication deadline: August 21

The NCUA Board unanimously approved, by notation vote, a voluntary regulatory review and request for comment to reduce the regulatory burden on credit unions.

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Board and federal banking regulatory agencies to review their regulations every 10 years to identify any outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions.

Although the statute does not apply to the NCUA, it is in the spirit of the law that the agency voluntarily participates with the federal banking agencies in this decade-long review process. As a result, NCUA has developed its own regulatory categories that are comparable to those developed by federal banking agencies.

NCUA will publish four over the next two years Federal Register notes any request for comment on multiple categories of regulations. First Federal Register On May 23, a notice was published containing a request to respond to the provisions regarding “Applications and reporting” and “Powers and activities”. Comments must be submitted by August 21.

NCUA will address the remaining categories in the next three notices.

Comments on the voluntary regulatory review will be accepted for 90 days after publication in the Federal Register.