Bank Secrecy Act compliance and security programs are among rules the NCUA said it will review this year. The agency is currently accepting public comments on the list, which includes one-third of all rules each year.
Other regulations under review in 2014 include loans in areas having special flood hazards, report of suspected crimes, rules governing records preservation, and tort claims against the government, according to a Tuesday release.
The NCUA said this round will complete a full three-year review of all the agency’s regulations. The NCUA’s Office of General Counsel will continue to review one-third of the agency’s existing regulations on a rolling basis annually, the agency said.
“Credit unions and the products they offer are constantly evolving, and effective regulation must keep pace with a changing industry,” said NCUA Board Chairman Debbie Matz.
“We review one-third of NCUA’s regulations each year to make sure our standards are timely and appropriate. At the heart of my Regulatory Modernization Initiative is the commitment to modifying, streamlining, refining or repealing rules that are not required by statute and would not jeopardize safety and soundness of the industry. These reviews are a critical part of this initiative, and I encourage all interested parties to participate,” she added.
The NCUA must receive comments from credit unions and other public stakeholders by Aug. 4 through email to OGCMail@NCUA.gov with the subject line “Regulatory Review 2014” or standard mail to Regulatory Review 2014, Office of General Counsel, NCUA, 1775 Duke Street, Alexandria, VA 22314.