On January 13, the NCUA announced a third round of proposed regulatory changes under its “deregulation project,” an ongoing initiative aimed at easing regulatory burdens and eliminating requirements for federal credit unions that the agency deems outdated or duplicative (previously covered by InfoBytes here). The NCUA requested public comment on four proposals published in the Federal Register:
- Nondiscrimination Requirements: The NCUA proposed eliminating the rule codified at 12 CFR 701.31, which summarizes fair housing and lending discrimination requirements under the Fair Housing Act. The agency stated that the rule is outdated and duplicative of other federal nondiscrimination laws, and that its removal would reduce confusion and redundancy without altering credit unions’ compliance obligations.
- Service to Underserved Areas: The agency proposed rescinding Interpretive Ruling and Policy Statement 08-2, which addresses operational policies for serving underserved areas. The agency noted that current requirements are already stated in the Chartering and Field of Membership Manual, rendering the interpretive ruling and policy statement (IRPS) redundant.
- Community Chartering Policies: The NCUA proposed rescinding Interpretive Ruling and Policy Statement 10-1, which amended community chartering policies. The agency explained that all relevant requirements are now codified in the Chartering and Field of Membership Manual, and that rescinding the IRPS would ease compliance burdens.
- Corporate Credit Union Chartering: The agency proposed rescinding Interpretive Ruling and Policy Statement 11-02, which provides guidance on chartering corporate federal credit unions. The agency stated that the Federal Corporate Credit Union Chartering Manual contains all necessary procedures, and rescinding the IRPS would reduce regulatory burden.
Comments on the four proposals will be due by March 16.
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