In Comment Letter to NCUA, League Notes Regulatory Relief Needed Well Beyond Simply Rules on the Books

Your League today filed a comment letter with the National Credit Union Administration as part of the agency's annual review of one-third of its regulations. This year’s review covers parts 700 to 710.

We appreciate the NCUA’s openness to stakeholders' comments on their regulations and support this review process to ensure NCUA's regulations remain up-to-date and appropriate, notes our letter.

"Virginia’s credit unions, the vast majority of which are federal credit unions (FCUs), operate under a regulatory burden that has never been higher, and we urge the NCUA to keep this burden in mind as they review this year’s set of regulations," writes League President/CEO Carrie Hunt.

"The sum total of 'regulation' usually includes a much greater universe than just the rules set out in the Code of Federal Regulations. Accordingly, we would ask that the NCUA expand its scope of its review of its rules to include a broader look at how it regulates its credit unions," says the letter. "To assist with this review, we recommend NCUA stand up a committee of credit union representatives to give practical feedback throughout the year."

Read our letter