Rather than wait until 2016 as required by federal law, NCUA Chairman Debbie Matz got the regulatory review ball rolling this week when she invited Federal Financial Institutions Examinations Council principals to the NCUA Board Room to begin the process.
The meeting on Tuesday included representatives from the five regulatory agencies that comprise the FFIEC: CFPB Director Richard Cordray, Federal Reserve Board Governor Daniel Tarullo, Comptroller of the Currency Thomas Curry and FDIC Acting Chairman Martin Gruenberg, as well as State Liaison Committee Director John Munn of Nebraska, who is also a member of the council.
Matz leads the council as its chairman. Representatives from NASCUS, including President/CEO Mary Martha Fortney, also attended the meeting.
According to Matz Chief of Staff Steve Bosack, the Economic Growth and Regulatory Paperwork Reduction Act requires FFIEC agencies to review all of their rules every 10 years, invite public comments, and report recommendations to Congress.
The last report was presented in 2006, but because the review requires an enormous amount of research and coordination, Matz proposed the agencies get a head start on the 2016 deadline.
The council is also obligated to review regulations under President Barack Obama’s July 2011 executive order that requires independent and executive agencies to allow the public to provide input into rulemaking, and to regularly analyze existing rules.
The NCUA already reviews its regulations every three years, tackling one-third of its rules each year. Bosack said the NCUA plans to include its recommendations for regulatory improvements in the FFIEC’s 2016 Congressional Report.