CUNA Regulatory Comment Call

March 14, 2008

EXECUTIVE SUMMARY

• NCUA has published its 2008 Regulatory Review List, which includes the regulations the Board has scheduled to review this year.
• NCUA has a policy of continually reviewing its regulations to determine whether they should be updated, clarified, simplified, or eliminated. Every year, NCUA examines one-third of its regulations as part of this annual rule review process.
• NCUA's Office of General Counsel maintains the schedule that identifies the agency regulations up for review each year. The agency provides notice to the public of those regulations under review so credit unions and other interested parties have an opportunity to comment.
• NCUA will review the following regulations in 2008:
  • Security Program, Report of Suspected Crimes, Suspicious Transactions, Catastrophic Acts, and Bank Secrecy Act (BSA) Compliance (Part 748)
  • Records Preservation Program and Records Retention Appendix (Part 749)
  • Loans in Areas having Special Flood Hazards (Part 760)
  • Description of NCUA; Requests for Agency Action (Part 790)
  • Rules of NCUA Board Procedure; Promulgation of NCUA Regulations; Public Observation of NCUA Board Meetings (Part 791)
  • Requests for information Under the Freedom of Information Act and Privacy Act, and by Subpoena; Security Procedures for Classified Information (Part 792)
  • Tort Claims Against the Government (Part 793)
  • Enforcement of Nondiscrimination of the Basis of Handicap in Programs or Activities Conducted by NCUA (Part 794)
  • OMB Control Numbers Assigned Pursuant to the Paperwork Reduction Act (Part 795)
  • Post Employment Restrictions for Certain NCUA Examiners (Part 796)
• Comments are due to NCUA by August 1, 2008. CUNA is in constant communication with NCUA staff and can bring issues to their attention throughout the year. Please review the regulations listed above at your earliest opportunity and let us know of particular operational or compliance problems associated with any of them. We can bring those issues to NCUA's attention prior to August 1. Otherwise, please send your comments to CUNA by July 17, 2008.
• For BSA issues, please refer to information about the CUNA BSA Task Force for more on how CUNA is addressing credit union concerns in this area, which is on the CUNA website at http://www.cuna.org/initiatives/bsa/index.html.
• Please feel free to fax your responses to CUNA at 202-638-7052; e-mail them to Deputy General Counsel Mary Dunn at mdunn@cuna.com or to Senior Assistant General Counsel Jeff Bloch at jbloch@cuna.com; or mail them to Mary or Jeff in c/o CUNA's Regulatory Advocacy Department, 601 Pennsylvania Avenue, NW, 6th Floor - South Building, Washington, DC 20004. You may also contact us at 800-356-9655, ext. 6732, if you would like a copy of the Regulatory Review List, or you may access it at the following Internet address:

QUESTIONS REGARDING NCUA's REGULATORY REVIEW LIST

Here are the particular issues on which NCUA is seeking comments:

• What concerns do you have with the enforcement of BSA requirements? What issues have you had with examiners with regard to BSA compliance? Do you have suggestions for improvements in these areas? Should the CUNA BSA Task force address other issues in this area?
  
  

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• What concerns do you have with the enforcement of BSA requirements? What issues have you had with examiners with regard to BSA compliance? Do you have suggestions for improvements in these areas? Should the CUNA BSA Task force address other issues in this area?
  
  

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• Do you have any suggestions for improving the rules on records preservation and retention, especially in light of any technological changes that have evolved in recent years?
  
  

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• Other comments?
  
  

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