“When I first announced the Regulatory Modernization Initiative in 2011, I pledged NCUA would review, update and streamline the agency’s rules to reduce burdens where possible,” Matz said. “I also committed to applying the lessons learned from the financial crisis and to ensuring that credit unions have a prudent, forward-looking regulatory framework sufficient to address emerging risks. In the last three years, we have accomplished much, and credit unions are now operating under an improved and streamlined safety and soundness framework.”
The primary principle guiding the Regulatory Modernization Initiative was to provide regulatory relief without jeopardizing safety and soundness.
“We’ve worked hard to ensure our regulations and policies recognize the increased sophistication of the modern financial marketplace, are clearly written, and wherever appropriate are targeted specifically to areas of risk, rather than one-size-fits-all,” Matz said. “Many ideas came directly from credit union suggestions at my biennial Listening Sessions. We turned their good ideas into reality wherever feasible and prudent.”
The Regulatory Modernization Initiative’s key results include:
In the coming months, the Regulatory Modernization Initiative will continue, Matz said, as the Board seeks to find prudent ways to provide more flexibility to credit unions offering member business loans. The Board will also propose changes to the advertising rule, including incorporating new technology, such as social media, into the rule.
“We’re still listening to stakeholders for their thoughtful ideas on how to streamline and enhance our regulatory process without compromising safety and soundness or consumer protection. We’ve made great progress, but are always open to further improvement,” Matz said.
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