NCUA’s Ninth Round of Deregulation Proposals

The National Credit Union Administration (NCUA) announced the ninth round of proposed regulatory changes associated with NCUA’s Deregulation Project.

The project is an ongoing review of NCUA’s regulations to ensure regulations are focused on credit unions’ safety, soundness, and resilience.

With today’s announcement, NCUA is requesting comments on one proposal that would eliminate unduly burdensome requirements in the Code of Federal Regulations related to chartering and field of membership eligibility.

The proposal includes:

• Chartering and Field of Membership – 12 CFR 701, Appendix B
• Proposed Change: The proposed rule would remove the automatic disqualification of associational groups that require the purchase of a product or service as a condition of membership. Instead, eligibility will not be automatically denied solely for this reason and more holistic evaluation would be allowed.
• Impact on credit unions: The proposed amendments would alleviate burden and provide regulatory relief to single associational groups and multiple common bond federal credit unions of all sizes in seeking to include associations that may have some customer-client component.

Credit unions should email Lisa Quaranta for feedback or questions.

For More Information

Access the ‘Compliance Hotline’

Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:

• 844-731-6072
• CANV@viclarityus.com

Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!

Additionally, other League-member compliance resources include:

• ViClarity
• CU PolicyPro
• ComplySight
• InfoSight
• CU Store
• Record Retention Guide
• GRC Technology Solutions

For more information, email Lisa Quaranta.

Powered by ViClarity, a California’s Credit Unions and Nevada’s Credit Unions company.