Massachusetts Division of Banks Calls Credit Union Attention to Reg Review Comment Period for EGRPRA
state chartered credit unions reminding them that an important federal regulation review process is taking place and is currently open for comment.
In the letter, Andrea L. Cipolla, chief director of credit union supervision for the Massachusetts Division of Banks, notes that "The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) requires the federal banking agencies and the Federal Financial Institutions Examination Council (FFIEC) to review their respective regulations every 10 years. The goal is to identify outdated, unnecessary, or overly burdensome federalregulations and to explore ways to reduce regulatory burden on insured depository institutions."
The Consumer Financial Protection Bureau does not take part in the EGRPRA process, but must review its regulations five years after they have taken effect.
The letter goes on to say that "The NCUA is not technically required to participate in the EGRPRA review, but the NCUA Board has opted to participate in the review process regardless. The NCUA has determined that certain categories of regulations pertaining to credit unions will be reviewed."
At this point in time, NCUA is only seeking comments on the following categories of regulations:
- Applications and Reporting
- Powers and Activities
Refer to the attached Federal Register at this link to view the full details on which specific NCUA regulations fall into these categories.
Comments on these two areas are due by September 2, 2014, and can be submitted here or directly to the NCUA here.
The Division indicated that those with questions can contact Regional Field Manager Mike Hensler at 1-617-956-1524.