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America's Credit Unions is backing proposed changes to the NCUA's rules governing supervisory committee audits and account verifications, calling the updates a set of "common-sense" reforms that modernize oversight while reducing unnecessary compliance burdens.
In a comment letter submitted this week, the association said the NCUA's proposed updates to Part 715 appropriately remove overly prescriptive and outdated provisions that no longer reflect how credit unions and auditors operate today. The proposal was part of the agency's broader Deregulation Project aimed at streamlining credit union rules without weakening safety and soundness.
Regulatory Advocacy Senior Counsel Luke Martone wrote that the changes would clarify and modernize definitions of internal controls, update account verification requirements to align with current recordkeeping practices, streamline engagement letter rules and eliminate duplicative audit-report submission obligations. Together, the revisions would preserve examiner access and oversight while giving credit unions more flexibility in meeting audit requirements.
America's Credit Unions also urged the NCUA to take additional steps, including explicitly recognizing electronic and system-based verification methods, removing outdated terminology and updating audit working paper requirements to better reflect modern audit standards.
In two additional letters, the association supported the NCUA's proposal to remove appendices related to safeguarding member information and responses to unauthorized access from the Code of Federal Regulations, instead issuing them as guidance through letters to credit unions.
The group said this would reduce confusion by clearly distinguishing between enforceable rules and supervisory guidance.
America's Credit Unions recommended that any substantive changes be subject to notice and comment, and emphasized the importance of a smooth transition to avoid disruption as the agency advances its deregulation agenda.
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