CUNA Calls on NCUA to Abide by Obama's Call for Reduced Regulations (Misc News: February 8, 2011)
CUNA is hoping an executive order sent to federal agencies last week by President Barack Obama will help encourage the NCUA to ease the regulatory burden facing credit unions.
The president's executive order does not affect the NCUA since it is an independent agency, but CUNA President/CEO Bill Cheney sent a letter to NCUA Chair Debbie Matz urging the agency to comply with the spirit of the order.
Obama's order called on federal agencies to design cost-effective, evidence-based regulations that are compatible with economic growth, job creation and competitiveness. The order also calls on agencies to work to reduce burdens on small businesses whenever possible. Cheney commended the order in a January letter to the president. Click here to see Cheney's letter to the president.
Cheney once again called on the NCUA to reduce its budget, which increased by $25 million for 2011. He said that the agency should expand its RegFlex program and avoid overregulating credit union volunteers.
The NCUA's own examination process should also be reviewed, and the NCUA should adopt the recommendations contained in CUNA's "Guidance for Credit Unions on Supervisory and Examination Issues," Cheney suggested.