ALEXANDRIA, Va.-NCUA recently announced the regulations it would be reviewing next year. The agency takes it upon itself to review one-third of its regulations every year and has made the announcement to get the public thinking about the various issues for comment. During remarks to the Nebraska Credit Union League Compliance Conference, NCUA Chairman JoAnn Johnson encouraged credit unions to provide input for NCUA’s 2005 regulatory review. “As the agency prepares for the 2005 regulatory review, I encourage credit unions to comment and offer input in the process,” she stated. “While we may review certain `technical’ regulations, other issues are expected to be addressed such as capital standards for federal credit unions.” She discussed her capital-related initiatives to reduce the RegFlex qualifying ratio from 9% to 7%; permit risk-based capital for corporate credit unions; and permit low-income credit unions to release the secondary capital that no longer counts toward net worth. “I look forward to us making significant progress on these initiatives as soon as possible,” Johnson said. She has already assigned agency staff to draft proposed rules on the initiatives. Written comments on credit union capital issue related to the Capital Summit are due Nov. 19. Regulations included in the 2005 review will be: * Part 748, Security Program, Report of Crime and Catastrophic Act and Bank Secrecy Act Compliance; * Part 749, Records Preservation Program and Records Retention Appendix; * Part 760, Loans in Areas Having Special Flood Hazards; * Part 790, Description of NCUA; Requests for Agency Action; * Part 791, Rules of NCUA Board Procedure; Promulgation of NCUA Rules and Regulations; Public Observation of NCUA Board Meetings; * Part 792, Requests for Information Under the Freedom of Information Act and Privacy Act, and by Subpoena; Security Procedures for Classified Information; * Part 793, Tort Claims Against the Government; * Part 794, Enforcement of Nondiscrimination on the Basis of Handicap in Programs or Activities Conducted by the NCUA; and * Part 795, OMB Control Numbers Assigned Pursuant to the Paperwork Reduction Act. Comments on these regulations are due to NCUA by Aug. 1, 2005.

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