PRESS RELEASE
August 3, 2007
ARLINGTON, Va. — The National Association of State Credit Union Supervisors (NASCUS) filed comments on August 1 with the National Credit Union Administration (NCUA) on its 2007 Regulatory Review.
Each year, the NCUA publishes a list of regulations that it will review for possible updates or amendments. NASCUS commented on the rules and regulations that affect state-chartered, federally insured credit unions.
In Part 723 regarding member business lending, NASCUS suggested the NCUA clarify which provisions are statutory and which provisions are NCUA discretionary rule marking. NASCUS said this change would alleviate confusion as to which provisions in Part 723 can be amended by rulemaking. “Comment solicitation from the industry and consultation with state regulatory agencies on state specific member business lending rules would both be enhanced if Part 723 clearly identified which provisions were NCUA discretionary rule-making,” stated NASCUS.
NASCUS also emphasized that consolidating all insurance rules in Part 741 would streamline compliance and reduce unnecessary regulatory burden on state-chartered federally insured credit unions. As it is currently organized, Part 741 is in two parts, forcing state-chartered, federally insured credit unions to reference Part 741, and search NCUA’s rules for federal credit unions to reference the incorporated rules.
“This streamlining would reduce regulatory burden on credit unions and their examiners,” stated NASCUS. “Further, by consolidating and isolating insurance rules, NCUA could better differentiate when rules are promulgated in its role as administrator of the share insurance fund or in its role of the regulator of the federal charter.”
Lastly, NASCUS suggested that NCUA expand the ability of state regulatory agencies to apply for waivers from NCUA insurance rules by submitting state specific rules that do not increase risk to safety and soundness. NASCUS believes this would promote regulatory innovation that in turn provides for regulatory efficiency.
NASCUS appreciates the opportunity to comment on NCUA’s 2007 Regulatory Review. To view NASCUS’ comment letter, click here.
Information
Contact:
Kate Hartig, Director of Communications,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system. Founded in 1965, NASCUS
represents all 48 state and territorial credit
union supervisors and the NASCUS Credit Union
Advisory Council, which is made up of nearly
500 of the nation's more than 3,400 state-chartered
credit unions.
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