The NCUA is requesting feedback on its new Deregulation Project, an initiative to review and potentially revise the agency’s regulations. The effort includes a comprehensive review of Title 12, Chapter VII of the Code of Federal Regulations, with a focus on proposed changes or removal of regulations that are: obsolete, duplicative, overly burdensome, or intended to serve as guidance rather than formal requirements.

The NCUA is seeking comments on the first round of proposed regulatory changes that would clarify agency guidance or eliminate unduly burdensome or obsolete requirements.

The four proposals include:

Changes for Corporate Credit Unions – 12 CFR 704.8 and 704.15
Remove the requirement that a corporate credit union’s asset and liability management committee must have at least one member who is also a member of the corporate credit union’s board of directors.

Changes for Supervisory Committee Audits and Verifications – 12 CFR 715
Eliminate unnecessary, redundant, and overly prescriptive provisions for regulations governing supervisory committee audits.

Changes for Guidelines for Safeguarding Member Information – 12 CFR 748 Appendix A
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 – 12 CFR 748 Appendix B
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.

NCUA notes that the Deregulation Project follows Executive Order 14192, Unleashing Prosperity Through Deregulation.

Comments are due February 9.

America’s Credit Unions to Host Webinar to Discuss Initiative with NCUA
NCUA officials are joining America’s Credit Unions for a webinar on Wednesday, December 17 at 2 pm to discuss the deregulation project.