CUNA urges NCUA to revisit corporate credit unions, reimbursement, and BSA regulations

first_imgCorporate credit unions, reimbursement of credit union officials and employees, and Bank Secrecy Act (BSA) regulations are the subject of a new CUNA letter to the National Credit Union Administration. The agency accepted comments on these regulatory provisions as part of its annual Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review.The NCUA made substantial changes to its corporate credit union regulations in 2010 and 2011, mostly in response to the financial crisis. Now that five years have passed, CUNA believes the NCUA should revisit these provisions.“In particular, the requirement imposed in §704.13, which requires the recordation of votes, should be re-evaluated,” CUNA’s letter reads. “CUNA strongly believes that these matters are better left to bylaws as opposed to regulation.”CUNA also suggested the NCUA revisit the additional audit and reporting requirements imposed in 2011, many of which mirrored those put in place by the Federal Deposit Insurance Corp. Those additions should be revisited and modified accordingly to reduce regulatory burden on corporate credit unions, CUNA believes. continue reading » 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img