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Comments on NCUA's EGRPRA Review Due by March 22
Monday, December 28, 2015 6:45 AM

Commenters will have until March 22 to give feedback on the National Credit Union Administration’s Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review. Details of the review were published in the Dec. 23 edition of the Federal Register.

EGRPRA calls for categorization of agency regulations and the publication of periodic notices in the Federal Register inviting public comment on how the burdens imposed by those rules might be reduced or eliminated.

The following rules of procedure regulations are open for comment:

  • Liquidation (12 CFR 709 and 710);
  • Uniform rules of practice and procedure (12 CFR 747, subpart A);
  • Local rules of practice and procedure (12 CFR 747, subparts B through J);
  • Inflation adjustment of civil money penalties (12 CFR 747, subpart K); and
  • Issuance, review and enforcement of orders imposing prompt corrective action (12 CFR 747, subparts L and M).

The following safety and soundness rules are open for comment:

  • Lending (12 CFR 701.21);
  • Investment and deposit activities (12 CFR 703);
  • Supervisory committee audit (12 CFR 715);
  • Security programs (12 CFR 748.0);
  • Guidelines for safeguarding member information and responding to unauthorized access to member information (12 CFR 748, Appendices A and B);
  • Records preservation program and appendices (12 CFR 749);
  • Appraisals (12 CFR 722);
  • Examination (12 CFR 741.1);
  • Liquidity and contingency funding plans (12 CFR 741.12); and
  • Regulations codified elsewhere in NCUA’s regulations as applying to federal credit unions that also apply to federally insured state-chartered credit unions (12 CFR 741, subpart B).

Please refer to Cornerstone's Regulatory Grid Summary or CUNA's Comment Calls page for more details about this proposal and writing your comment letter. If you need help in crafting your own letters, or if you have questions, please contact Cornerstone Credit Union League SVP Regulatory Compliance Suzanne Yashewski at syashewski@cornerstoneleague.coop or 512-853-8516.