Rules covering credit union service organizations (CUSOs), management official interlocks, and agency administrative actions are among the 16 regulations NCUA will be reviewing this year, according to the agency.
Each year, NCUA conducts a “rolling review” of one-third of its regulations – which gives the agency a chance to review all of its rules once every three years. The goal, according to NCUA, is to ensure its rules are clearly articulated and easily understood. “Comments are welcome on that aspect, as well as substantive suggestions for regulatory changes,” according to the online notice of the 2020 review posted on the NCUA website this week.
The 16 rules up for review this year are:
- Credit Union Service Organizations (CUSOs) (Part 712 of agency rules);
- Management Official Interlocks (Part 711 of the rules and regulations);
- Administrative Actions, Adjudicative Hearings, Rules of Practice and Procedure, and Investigations (Part 747);
- Fidelity Bond and Insurance Coverage for Federally Insured Credit Unions (Part 713)
- Leasing (Part 714);
- Supervisory Committee Audits and Verifications (Part 715);
- Fair Credit Reporting (Part 717);
- Incidental Powers (Part 721);
- Appraisals (Part 722);
- Member Business Loans; Commercial Lending (Part 723);
- Trustees and Custodians of Certain Tax-Advantaged Savings Plans (Part 724);
- NCUA Central Liquidity Facility (CLF) (Part 725);
- Accuracy of Advertising and Notice of Insured Status (Part 740);
- Requirements for Insurance (Part 741);
- Share Insurance and Appendix (Part 745);
- Appeals Procedures (Part 746).
Comments on the 16 rules will be accepted by the agency through Aug. 3.