NCUA headquarters. Credit/NCUA
The Defense Credit Union Council (DCUC) is supporting proposals from the NCUA aimed at simplifying federal credit union chartering and field-of-membership rules, while urging the regulator to maintain transparency as the changes are implemented.
In comment letters submitted to the NCUA, DCUC backed the agency's plans to rescind Interpretive Ruling and Policy Statements (IRPS) 08-2 and 10-1, which currently supplement the NCUA's Chartering and Field of Membership Manual. The organization said removing the additional guidance would help streamline regulatory expectations for credit unions.
DCUC said consolidating the guidance into the NCUA's primary chartering manual would reduce confusion by limiting the number of regulatory sources credit unions must consult when interpreting membership and chartering requirements.
However, the trade group stressed that its support is contingent on the agency ensuring continued accessibility and transparency of the manual. DCUC urged the NCUA to keep the document publicly available online, clearly mark and date updates, and allow for public comment before implementing substantive revisions.
"We appreciate the NCUA Board's efforts in streamlining and updating its regulatory requirements," DCUC wrote.
The group also encouraged the agency to continue engaging with credit unions through listening sessions and other outreach efforts aimed at identifying additional opportunities to reduce compliance burdens and improve regulatory clarity.
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