ALEXANDRIA, Va. (11/8/12)--With President Barack Obama winning a second term on Tuesday, one member of his administration--National Credit Union Administration (NCUA) Chairman Debbie Matz--told credit unions that the agency will continue efforts to modernize credit union regulations.
Obama in 2011 issued Presidential Executive Order 13579, which requested review by independent federal regulatory agencies of 'rules that may be outmoded, ineffective, insufficient, or excessively burdensome' in order to 'modify, streamline, expand, or repeal them in accordance with what has been learned.'
Matz in a release said the NCUA will continue to act in the spirit of this order, and will "continue to minimize burdens while implementing robust rules for safety and soundness that are in sync with today's evolving marketplace realities.
"Many of NCUA's regulatory improvements to date came from constructive dialogues with credit union officials. I assure credit union officials and other stakeholders that I will continue to listen carefully to you and to take action wherever prudent and practical to do so," she said.
Matz added that the election will not change the course of the NCUA Board, and said the agency will move forward on final rules to implement the regulatory relief initiatives that were proposed this year.
Recent relief proposals include regulatory changes that would triple the asset test that defines a "small" credit union to $30 million in assets, give credit unions greater investment authority, and expand the agency's definition of "rural district" for fields of membership. The agency in September also released an advanced notice of proposed rulemaking seeking comment on how the agency could improve its Payday-Alternative Loan rule.
All four of these agenda items address issues raised by credit unions during the agency's recent listening sessions. "As we begin the second year of our regulatory modernization initiative, we will continue to listen to credit unions and other stakeholders to identify further opportunities to provide regulatory relief while protecting safety and soundness," she said in September.