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NCUA Posts 2014 Regulation Review List; Reminds CUs First 2014 Grand Round Opens
Thursday, January 23, 2014 6:45 AM

The National Credit Union Administration (NCUA) has posted a list of regulations it will review in 2014, and the agency is now accepting public comments on the substance and clarity of each rule.

“Credit unions and the products they offer are constantly evolving, and effective regulation must keep pace with a changing industry,” NCUA Board Chairman Debbie Matz said. “We review one-third of NCUA’s regulations each year to make sure our standards are timely and appropriate. At the heart of my Regulatory Modernization Initiative is the commitment to modifying, streamlining, refining or repealing rules that are not required by statute and would not jeopardize safety and soundness of the industry. These reviews are a critical part of this initiative, and I encourage all interested parties to participate.”

Regulations under review in 2014 include rules governing records preservation, loans in areas having special flood hazards, Bank Secrecy Act compliance and tort claims against the government. The complete list of rules is available here.

Credit unions and other public stakeholders may now submit comments about the rules under review. NCUA must receive comments by Aug. 4 through email or standard mail [Regulatory Review 2014, Office of General Counsel, NCUA, 1775 Duke Street, Alexandria, VA 22314-3428].

The NCUA is also reminding credit unions that it will accept applications for its first technical assistance grant round beginning Feb. 3. Low-income designated credit unions can individually receive up to $16,500 in funding for three grant categories:

  • A new Community Development Financial Institution (CDFI) certification
  • New products
  • Student internships

The application period runs Feb. 3 through Feb. 14, 2014. Credit unions may apply online here.