News Feed

NCUA's Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) Regulatory Review; No. 3

Mon, Aug 10, 2015

Alexandria, Virginia

Executive Summary

NCUA has issued a request for comments to identify outdated, unnecessary, or burdensome regulatory requirements imposed on federally insured credit unions as part of the agency’s decennial EGRPRA regulatory review.  The Federal financial institution regulators, excluding NCUA, are required by EGRPRA to review their rules at least once every ten years. NCUA voluntarily chooses to participate in this review. 

EGRPRA requires the regulators to categorize the rules, publish the categories for comment, report to Congress on any significant issues raised by the comments, and eliminate unnecessary rules. These categories represent a different order than the agency uses for its annual one-third regulatory review.  

This is NCUA’s third EGRPRA request for comment. NCUA will request comments on the remaining categories of rules at regular intervals over the next two years.

The categories that NCUA will use are:

  • Applications and reporting
  • Powers and activities
  • Agency programs
  • Capital
  • Consumer protection
  • Corporate credit unions
  • Directors, officers and employees
  • Money laundering
  • Rule of procedure
  • Safety and soundness

This request is for comment on the following categories:

Corporate credit union:

  • Corporate credit unions - 12 CFR 704

      Directors, Officers, and Employees:

  • Loans and lines of credit to officials - 12 CFR 701.21(d)
  • Reimbursement, insurance, and indemnification of officials and employees - 12 CFR 701.33
  • Retirement benefits for employees - 12 CFR 701.19
  • Management officials interlock - 12 CFR 711
  • Fidelity bond and insurance coverage - 12 CFR 713
  • General authorities and duties of federal credit union directors - 12 CFR 701.4
  • Golden parachutes and indemnification payments - 12 CFR 750

      Money Laundering:

  • Report of crimes or suspected crimes - 12 CFR 748.1
  • Bank Secrecy Act - 12 CFR 748.2

Source:  CUNA