Compliance

NCUA Posts List of Regs to Review

Comments due to agency by August 3.

January 30, 2012
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NCUA has posted a list of regulations to be reviewed in 2012, and the agency is now accepting public comments on the substance and wording of each rule.

Each year, the agency reviews one-third of its regulations in an attempt to keep them up to date.

“This year … we are particularly seeking comments on rules that may be outmoded, ineffective, insufficient, or excessively burdensome,” says NCUA Board Chairman Debbie Matz. “We are committed to modify, streamline, expand, or repeal rules that are not required by statute and would not jeopardize safety and soundness.”

NCUA will review these regulations in 2012:
700 Definitions
701.1 Federal Credit Union Chartering, Field of Membership Modifications, and Conversions
701.2 Federal Credit Union Bylaws
701.3 Member Inspection of Credit Union Books, Records, and Minutes
701.4 General Authorities and Duties of Federal Credit Union Directors
701.6 Fees Paid by Federal Credit Unions
701.14 Change in Official or Senior Executive Officer in Credit Unions that are Newly Chartered or are in Troubled Condition
701.19 Benefits for Employees of Federal Credit Unions
701.20 Suretyship and Guaranty
701.21 Loans to Members and Lines of Credit to Members
701.22 Loan Participation
701.23 Purchase, Sale and Pledge of Eligible Obligations
701.24 Refund of Interest
701.25 Charitable Contributions and Donations
701.26 Credit Union Service Contracts
701.30 Services for Nonmembers Within the Field of Membership
701.31 Nondiscrimination Requirements
701.32 Payments on Shares by Public Units and Nonmembers
701.33 Reimbursement, Insurance, and Indemnification of Officials and Employees
701.34 Designation of Low-Income Status; Acceptance of Secondary Capital Accounts by Low-Income Designated Credit Unions.
701.35 Share, Share Draft and Share Certificate Accounts
701.36 FCU Ownership of Fixed Assets
701.37 Treasury Tax and Loan Depositories; Depositories and Financial Agents of the Government
701.38 Borrowed Funds from Natural Persons
701.39 Statutory Lien
Appendix A to Part 701 – Federal Credit Union Bylaws
Appendix B to Part 701 – Chartering and Field of Membership Manual
702 Prompt Corrective Action
703 Investment and Deposit Activities
704 Corporate Credit Unions
705 Community Development Revolving Loan Fund Access for Credit Unions
706 Unfair or Deceptive Acts or Practices
707 Truth in Savings
708a Bank Conversions and Mergers
708b Mergers of Federally-Insured Credit Unions; Voluntary Termination
or Conversion of Insured Status
709 Involuntary Liquidations of Federal Credit Unions and Adjudications
Of Creditor Claims Involving Federally Insured Claims Involving Federally Insured Credit Unions in Liquidation
710 Voluntary Liquidations

Email comments to NCUA by August 3 with the subject line, “Regulatory Review 2012.”

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