Nealon pushes NCUA for reg relief through EGRPRA

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU Director of Regulatory Affairs Alicia Nealon wrote NCUA to express NAFCU’s appreciation for the agency’s voluntary participation in an Economic Growth and Regulatory Paperwork Reduction Act review, and to urge it to find opportunities for regulatory relief for credit unions through the review.NCUA is specifically reviewing the agency’s programs and regulations related to capital and consumer programs.Nealon emphasized the need to give credit unions relief as soon as possible. She argued that the number of credit unions is in decline and the “main reason for this decline is the increasing cost and complexity of complying with the ever-increasing onslaught of regulations.” In many cases, “smaller institutions simply cannot keep up with the new regulatory tide and have to merge out of business or be taken over.”Among the issues discussed in the comment letter, Nealon noted that the NAFCU-supported “Credit Union Share Insurance Fund Parity Act” mandates that NCUA provide share insurance coverage to interest on lawyers’ trust accounts (IOLTAs), and other similar trust accounts, on a pass-through basis regardless of whether they are comprised of funds of members or nonmembers. As NCUA considers a rulemaking to conform to this legislation, NAFCU is recommending that the agency provide broader coverage for “REALTOR(R)” escrow, prepaid funeral accounts, store-valued gift cards and prepaid accounts. continue reading »last_img

Leave a Reply

Your email address will not be published. Required fields are marked *