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Board Action Bulletin

ALEXANDRIA, Va. (Jan. 14, 2021) – Through a live audio webcast, the National Credit Union Administration Board held its first open meeting of 2021 and approved six items:

• A proposed rule that would raise the asset threshold for defining a credit union as “complex” for purposes of being subject to any risk-based net worth requirement.
• An advance notice of proposed rulemaking that solicits comments on two approaches to simplify risk-based capital requirements.
• A proposed rule that would add the “S” component to the existing CAMEL rating system and redefine the “L” component.
• A proposed rule expanding the list of permissible activities and services for credit union service organizations.
• A final rule clarifying that corporate credit unions may purchase subordinated debt instruments.
• The NCUA’s 2021 Annual Performance Plan.

In addition, the NCUA Board was briefed on the agency’s ACCESS Initiative, the Consolidated Appropriations Act, 2021, and annual adjustments to the agency’s civil monetary penalties.

Proposal Would Raise the Asset Threshold in NCUA’s Risk-based Capital Rule

By a 2-1 vote, the NCUA Board approved a proposed rule (opens new window) that would raise the asset threshold for defining a credit union as “complex” for purposes of being subject to any risk-based net worth requirement in Part 702 of the NCUA’s regulations.

The proposed rule would amend the NCUA’s regulations to provide that any risk-based net worth requirement will be applicable to only a federally insured, natural-person credit union with quarter-end assets that exceed $500 million and a risk-based net worth requirement that exceeds six percent. This change would remain in place until the risk-based capital rule goes into effect.

“This proposal aligns with my regulatory philosophy of ensuring regulation is effective, not excessive. It is also important to remember that risk-based net worth is just one tool the agency uses to assess capital adequacy,” NCUA Chairman Rodney Hood said. “All credit unions will continue to be subject to a minimum net worth requirement. This proposed rule would not alter the NCUA’s longstanding expectation that a credit union is considered unsafe and unsound if it does not hold capital commensurate with its risk exposure, even if it is above the regulatory minimum.”

Comments on the proposed rule must be received no later than 30 days following publication in the Federal Register.

Board Approves ANPR on Capital Requirements

By a 2-1 vote, the Board approved an advance notice of proposed rulemaking (opens new window) that solicits comments on two approaches to simplify risk-based capital requirements. The Board’s risk-based capital requirements are set forth in a 2015 final rule, which is scheduled to become effective on Jan. 1, 2022.

At its December 2019 meeting, the Board delayed the effective date of the final risk-based capital rule by providing additional time to evaluate the capital standards for federally insured credit unions that are classified as “complex” or those with total assets greater than $500 million.

The first approach would replace the risk-based capital rule with a risk-based leverage ratio requirement, using relevant risk attribute thresholds to determine those complex credit unions required to hold additional capital. The second approach would retain the 2015 risk-based capital rule but enable eligible complex federally insured credit unions to opt-in to a “complex credit union leverage ratio” framework to meet all regulatory capital requirements. The complex credit union leverage ratio approach would be modeled on the community bank leverage ratio framework, which is available to certain banks.

Comments on the advance notice of proposed rulemaking must be received no later than 60 days following publication in the Federal Register.

Proposed Rule Would Add “S” to the CAMEL Rating System

The NCUA Board unanimously approved a proposed rule (opens new window) that would add the “S” (Sensitivity to Market Risk) component to the existing CAMEL rating system, thus updating the rating system from CAMEL to CAMELS, and redefine the “L” (Liquidity Risk) component.

The estimated implementation of this proposal is approximately one year or as early as the first quarter of 2022. Comments on the proposed rule must be received no later than 60 days following publication in the Federal Register.

Proposal Would Expand Permissible Activities and Services for CUSOs

The NCUA Board, by a 2-1 vote, approved a proposed rule (opens new window) that would amend the NCUA’s credit union service organization (CUSO) regulation. The proposed rule would accomplish two objectives:

• Expand the list of permissible activities and services for CUSOs to include originating any type of loan that a federal credit union may originate; and
• Grant the Board additional flexibility to approve permissible activities and services.

The NCUA is also seeking comment on broadening the investment authority of federal credit unions in CUSOs.

Comments on the proposed rule must be received no later than 30 days after publication in the Federal Register.

NCUA’s 2021 Annual Performance Plan Approved

The Board unanimously approved the NCUA’s 2021 Annual Performance Plan (opens new window), which provides specific direction and guidance toward achieving the mission and the strategic goals and objectives outlined in the agency’s 2018–2022 Strategic Plan (opens new window).

“The Annual Performance Plan lays out how we will oversee the credit union systems and to manage and protect the Share Insurance Fund in the coming year as we navigate the current COVID-19 crisis,” Hood said. “I believe that this plan sets forth performance goals for 2021 that, when met, will make for a stronger NCUA and industry.”

The plan also describes the means, strategies, and specific actions the agency has resourced and intends to undertake to achieve each strategic objective. The Annual Performance Plan was developed simultaneously with the 2021–2022 budget. As part of the budget development process, NCUA offices justified how budget requests would further the purpose of the NCUA’s strategic goals and objectives, and identified specific performance indicators that demonstrate the results of budgetary investments.

Final Rule Amends the NCUA’s Corporate Credit Union Regulations

The Board unanimously approved a final rule (opens new window) that amends the NCUA’s corporate credit union regulation. The final rule:

• Updates the definitions in this regulation and makes clear that corporate credit unions may purchase subordinated debt instruments issued by natural-person credit unions; and
• Specifies the capital treatment of these instruments for corporate credit unions that purchase them.

This final rule is effective Jan. 1, 2022.

Briefing Notes Agency’s Progress in Advancing Financial Inclusion

The NCUA’s Office of Consumer Financial Protection and Office of Credit Union Resources and Expansion briefed the Board (opens new window) on the agency’s ACCESS Initiative, which identifies and implements how the agency can:

• Help credit unions bring more people into the mainstream financial system;
• Ensure unbanked and underserved people and communities have access to affordable financial services and broaden employment and business opportunities; and
• Reduce regulatory burden and foster greater innovation and flexibility so credit unions can meet the evolving needs of their members.

“NCUA’s ACCESS initiative is bringing together agency leaders to develop policies and programs that support financial inclusion within the agency and more broadly, throughout the credit union system,” Hood said. “We must recognize there’s no “silver bullet” to combating inequity. Instead, we need a carefully considered, comprehensive agenda that puts financial inclusion for underserved, minority communities at its core while focusing on those of modest means.”

Launched in October 2020, the NCUA’s ACCESS initiative, or Advancing Communities through Credit, Education, Stability, and Support, brings together leaders across the NCUA to refresh and modernize regulations, policies, and programs in support of greater financial inclusion within the agency and the credit union system. It will build on earlier successes and address the financial services and financial literacy needs of underserved and diverse communities across the U.S, as well as expand opportunities for employment.

Additional information on the ACCESS Initiative is available on the NCUA’s website at www.ncua.gov/access.

Board Briefed on Consolidated Appropriations Act, 2021

The NCUA Office of General Counsel briefed the Board on the Consolidated Appropriations Act, 2021, as it relates to the extension of enhancements to the Central Liquidity Facility in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

The CARES Act made several changes to Title III of the Federal Credit Union Act, which governs the CLF. These changes were scheduled to sunset on Dec. 31, 2020. The Consolidated Appropriations Act, among other things, extended the sunset date of the CLF enhancements in the CARES Act to Dec. 31, 2021. The Board was briefed on this extension and potential regulatory actions the Board may take to align the NCUA’s regulations with the Consolidated Appropriations Act.

Board Briefed on Required Inflation Adjustments to Civil Monetary Penalties

The Office of General Counsel briefed the Board on the required inflation adjustments for the maximum amounts for civil monetary penalties under its jurisdiction, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.

The act requires agencies to adjust the maximum amounts of civil monetary penalties annually to account for inflation. The NCUA Board previously approved these adjustments by notation vote on Dec. 29, 2020. The final rule (opens new window) will become effective upon publication in the Federal Register.

The NCUA tweets all open Board meetings live. Follow @TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at www.ncua.gov. The NCUA also live streams, archives and posts videos of open Board meetings online.

Accounts Remain Protected by Share Insurance Fund; Member Services Uninterrupted

ALEXANDRIA, Va. (Jan. 14, 2021) – The National Credit Union Administration today placed Indianapolis’ Newspaper Federal Credit Union in Indianapolis, Indiana, into conservatorship.

Member deposits at Indianapolis’ Newspaper Federal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at Indianapolis’ Newspaper Federal Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

The NCUA placed Indianapolis’ Newspaper Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations.

Member services will continue uninterrupted at the credit union’s main office at 126 S. Meridian Street, Indianapolis, Indiana. Members can continue to conduct normal financial transactions, deposit and access funds, and make loan payments. The office is open Tuesday through Thursday from 9 a.m. to 3:30 p.m., and from 9 a.m. to 3 p.m. on Friday.

Members with questions about Indianapolis’ Newspaper Federal Credit Union’s operations may contact the credit union at 317.870.1002. Members with questions about the conservatorship may review the Indianapolis’ Newspaper Federal Credit Union frequently asked questions posted on the NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage (opens new window) section of the NCUA’s MyCreditUnion.gov (opens new window) consumer website.

Indianapolis’ Newspaper Federal Credit Union is a federally insured, federally chartered credit union with 1,155 members and assets of $6,604,355 according to the credit union’s most recent Call Report. Indianapolis’ Newspaper Federal Credit Union serves various select employee groups in the greater Indianapolis area.

ALEXANDRIA, Va. (Jan. 15, 2021) – The National Credit Union Administration today announced the selection of Frank Kressman as General Counsel and Melane Conyers-Ausbrooks as Board Secretary.

“Frank has an extensive career in law and a deep knowledge of financial regulation and credit unions,” said NCUA Chairman Rodney E. Hood. “This, together with his more than 20 years’ experience at the NCUA, including serving as Acting General Counsel, will serve him well in his new role. I am delighted the NCUA Board appointed Frank to this critical role.”

Mr. Kressman currently serves as the agency’s Acting General Counsel and leads the NCUA’s Office of General Counsel. The Office represents the agency in litigation, executing administrative actions, interpreting the Federal Credit Union Act and the NCUA’s rules and regulations, processing Freedom of Information Act requests, advising the NCUA Board and the agency on general legal matters, and maintaining the agency’s records management program. The General Counsel’s office also drafts regulations designed to ensure the continued safety and soundness of the credit union system.

Before his selection as Acting General Counsel, Mr. Kressman served as a Deputy General Counsel to the NCUA. He joined the agency in 1998 as a staff attorney. His previous experience includes work as an attorney at the Federal Deposit Insurance Corporation and the Commodity Futures Trading Commission. Mr. Kressman holds a bachelor’s degree from Dickinson College in Carlisle, Pennsylvania, a Juris Doctor from the Gonzaga University School of Law in Spokane, Washington, and a Master of Laws degree from The American University Washington School of Law in Washington, D.C.

Prior to being selected as Board Secretary, Ms. Conyers-Ausbrooks served as Acting Secretary of the Board and worked in the NCUA Office of General Counsel managing the NCUA’s Ethics Program and serving as the agency ethics point of contact. In that role, she provided ethics advice, training, and counseling to agency staff and leadership, and monitored compliance with all ethics laws, regulations, and policies.

Previously, she served as legal counsel at Brown Foss and as Vice President and Chief Counsel-Retail Channel at CitiMortgage Inc. Ms. Conyers-Ausbrooks received a Bachelor of Science from the University of Maryland, College Park and a Juris Doctor from Howard University School of Law.

“Melane did an outstanding job as Acting Secretary of the Board. The experience she gained in that role, together with her extensive experience in the Office of General Counsel, make her an ideal candidate for Board Secretary,” Chairman Hood said. “I look forward to working alongside Melane as she takes on this new role in support of our important mission.”

ALEXANDRIA, Va. (Jan. 12, 2021) – The National Credit Union Administration today announced the selection of Melissa M. Lowden as the agency’s next Deputy Chief Financial Officer, effective January 17, 2021.

Lowden will help lead a team of more than 50 employees who perform essential functions, including accounting and financial reporting, enterprise risk management, strategic and performance planning, budgeting, procurement, facilities and logistical support, the administration of credit union operating fees, and the National Credit Union Share Insurance Fund’s capitalization deposits and investments.

“Melissa has more than 20 years’ experience managing finances for organizations and leading large teams to achieve their goals in financial systems, operations, reporting and audit readiness,” Chairman Rodney E. Hood said. “Her experience and leadership will greatly benefit our managing the Share Insurance Fund and the NCUA Operating Fund.”

Lowden previously served as the NCUA’s Acting Deputy Chief Financial Officer, as Division Director for the CFO’s Financial Reporting and Analysis Division, and she helped to manage the NCUA’s strategic plan and enterprise risk management program.

Prior to joining the NCUA in 2015, she held various financial management positions in the CFO’s office at the Department of Homeland Security, including serving as the Deputy Director of Financial Management.

Ms. Lowden is a Certified Public Accountant (CPA), a Certified Government Financial Manager (CGFM), and holds a Bachelor of Business Administration degree in Accounting from James Madison University.

ALEXANDRIA, Va. (Jan. 12, 2021) – Federally insured, low-income credit unions seeking Community Development Financial Institution certification can apply to use the National Credit Union Administration’s streamlined qualification process beginning Jan. 24.

“Expanding access and opportunity is fundamental to the credit union system’s mission, and it is one of the pillars of ACCESS, the agency’s financial inclusion initiative,” NCUA Chairman Rodney E. Hood said. “I encourage eligible credit unions to explore using this tool as a way to serve underserved communities and provide them with needed credit and essential financial services.”

CDFI certification makes credit unions eligible for CDFI Fund training and competitive award programs that enhance their capacity to provide underserved communities with access to insured, affordable financial services. The Consolidated Appropriations Act, 2021 authorizes additional COVID-19 relief funding for community development financial institutions that predominantly serve minority communities. Approximately a third of this additional funding includes a set aside for smaller financial institutions with less than $2 billion in assets.

NCUA’s program guide (opens new window) has instructions explaining the streamlined qualification process. The deadline for streamlined certification applications is April 3. Credit unions that do not qualify to use the streamlined process may still use the standard CDFI certification application (opens new window).

To qualify for the streamlined process, low-income-designated credit unions submit loan originations to the NCUA by email to [email protected] and complete an online participation form (opens new window). The Office of Credit Union Resources and Expansion then analyzes each credit union’s products, services, and other indicators to determine whether it qualifies to use the streamlined certification application. The office will provide qualified credit unions with the necessary information to complete and submit the streamlined certification application to the CDFI Fund, which will make the final determination on certification.

The NCUA has more detailed information on its NCUA-CDFI Certification Initiative webpage, and the CDFI Fund’s webpage (opens new window) has complete information about certification and its programs.

To learn more about the NCUA’s Advancing Communities through Credit, Education, Stability, and Support, or ACCESS, initiative, visit www.ncua.gov/access.

Board Action Bulletin

NCUA Board Adopts Changes Reflected in Industry Recommendations

ALEXANDRIA, Va. (June 20, 2013) – The National Credit Union Administration (NCUA) Board convened its sixth scheduled open meeting of 2013 at the agency’s headquarters here today. The Board unanimously approved:

• A final rule updating the regulation of loan participations for all federally insured credit unions to ensure that as the industry grows, it grows safely.
• A proposed rule from the Illinois Department of Financial and Professional Regulation regulating member business lending by Illinois-chartered, federally insured credit unions.

NCUA Board Approves New Rule for Loan Participations

The steady growth of loan participations in the credit union industry prompted NCUA to update the rule (Parts 701 and 741) under which these transactions are conducted.

NCUA’s Board first proposed a new rule in December 2011. In 2012, the agency formed a technical working group of NCUA staff and industry officials from federal and state-chartered credit unions with loan participation experience to comment on the proposal. The 18-month effort resulted in significant and constructive changes incorporated into the final rule with the goal of minimizing regulatory burdens without discouraging participations.

According to NCUA Board Chairman Debbie Matz, the “new rule is intended to minimize losses to the system by requiring purchasers to carefully evaluate all participations and their originators.”

She commented, “We are mindful that loan participations strengthen the credit union industry by providing a useful way for credit unions to diversify their loan portfolios, improve earnings, generate loan growth, manage their balance sheets and comply with regulatory requirements. As a regulator, however, we need to put in place appropriate safeguards to ensure the loans are made safely,” Matz said.

Nearly half of all federally insured credit unions with assets of more than $50 million hold or sell loan participations. Over the last five years, the number of credit unions purchasing loan participations increased 15 percent, and the dollar value of loan participations on credit unions’ balance sheets grew by more than 40 percent. During that same period, loan participation charge-offs increased by more than 160 percent.

Losses on loan participations pose a risk to the National Credit Union Share Insurance Fund due to the interconnectedness between participants. For example, large volumes of participated loans may be tied to a single originator, borrower or industry, or they may be serviced by a single entity. If any one of those entities experiences a financial or other problem, the effects of such concentration could impact multiple credit unions.

Additionally, because both federal credit unions and federally insured, state-chartered credit unions actively engage in loan participations, it is important to safety and soundness that all federally insured credit unions adhere to appropriate standards when transacting loan participations.

“However,” Matz said, “this new rule will not be burdensome to the industry. The substantial adjustments we have made from the proposed rule to the final rule achieve the agency’s key objective of mitigating risk while providing sufficient flexibility to federally insured credit unions to meet their operational needs.”

Changes under the new rule include:

• Purchasing credit unions will be subject to a single-originator concentration limit of $5 million or 100 percent of net worth, whichever is greater.
• The risk retention requirement for originating federal credit unions will be 10 percent, as required by the Federal Credit Union Act.
• The risk retention requirement for other originating eligible organizations—including federally insured, state-chartered credit unions—will be five percent, consistent with the standard for securitizers under the Dodd-Frank Act (unless state law requires a higher percentage).
• Federally insured credit unions may establish different underwriting standards for loan participations than they use when originating their own loans.
• Credit unions will have the ability to apply for waivers on certain key provisions of the rule.

A chart comparing key provisions of the proposed rule versus the final rule is available online here.

The final loan participation rule will be effective 30 days from the date of publication in the Federal Register.

Member Business Lending Rule Approved for Illinois-Chartered Credit Unions

Federally insured, state-chartered credit unions in Illinois that currently offer member business loans would continue to do so under a new state regulation approved by NCUA’s Board at the state regulator’s request. The rule must now be approved by the state legislature.

By law, NCUA may exempt federally insured, state-chartered credit unions in a particular state from compliance with NCUA’s business lending regulations if the Board approves a rule created by that state’s regulator. The state rule must minimize risk and accomplish the overall objectives of NCUA’s regulations. A proposed state member business lending rule is reviewed by an NCUA Regional Director and then submitted to the NCUA Board for final authorization. The Regional Director’s review focuses on:

• The definition of a member business loan;
• Appropriate safety and soundess practices;
• Loan limits to one borrower and associated borrowers;
• Written loan policies;
• Collateral and security requirements; and
• Construction and development lending.

Although substantially similar to NCUA’s member business lending rules, as proposed by the Illinois regulator, the rule preempts federally insured, Illinois-chartered credit unions under $30 million in assets from making member business loans unless they receive approval from the state regulator.

Previous NCUA Boards have granted similar member business loan exemptions in Connecticut, Maryland, Oregon, Texas, Washington and Wisconsin.

ALEXANDRIA, Va. (Jan. 11, 2021) – Today, National Credit Union Administration Chairman Rodney E. Hood announced that he assigned Vice Chairman Kyle S. Hauptman as the NCUA Board’s liaison to the Defense Credit Union Council and the National Association of State Credit Union Supervisors.

The Federal Credit Union Act empowers the NCUA Chairman to determine each Board member’s area of responsibility. With these assignments made by Chairman Hood, Vice Chairman Hauptman’s responsibilities include meeting with the Council and NASCUS and reporting on priorities and recommendations to the NCUA Board.

“As we work to improve the regulatory environment for federally insured credit unions, it is essential that we engage with organizations like the Council and NASCUS,” Chairman Hood said. “I appreciate Vice Chairman Hauptman accepting these Board assignments, and I know he will ensure the NCUA maintains a productive working relationship with these important stakeholders.”

“The Council’s focus on serving those who serve our country is important for America and credit unions. I look forward to learning more about the unique financial needs of our service men and women, and the role defense credit unions play in meeting those needs,” Vice Chairman Hauptman said. “I also look forward to working with NASCUS as it will provide me with a broader understanding of the credit union landscape. I appreciate being given these assignments by Chairman Hood, especially because I believe a strong partnership between NCUA and the state credit union system will help ensure a healthy and vibrant credit union industry.”

The Defense Credit Union Council (opens new window) is a defense trade association representing the interests of defense credit unions serving the U.S. Armed Forces worldwide. The National Association of State Credit Union Supervisors (opens new window) is the national association that advocates for a strong and healthy state credit union system, and whose members include state regulatory agencies, credit unions, credit union leagues, and organizations that support the state credit union system.

ALEXANDRIA, Va. (Jan. 7, 2021) – National Credit Union Administration Chairman Rodney E. Hood issued the following statement today to NCUA staff regarding the riots that took place yesterday at the Capitol.

“As a public servant who has sworn an oath to protect and defend the Constitution, I was deeply shocked and profoundly saddened by yesterday’s violent protests at the Capitol. Our country has faced great challenges in its past and has overcome them, and it is my great hope that our nation will come together after this incident as one nation, united as Americans.

“For employees who live in the Washington, D.C., metropolitan area, I want to assure you that my top priority is that of ensuring the physical safety and well-being of NCUA personnel at all times while executing our mission. To that end, I am working to protect our employees as well as the security of NCUA property.

“Thank you for all you do to support NCUA’s mission. I am honored to serve as your Chairman.” 

Accounts Remain Protected by Share Insurance Fund; Member Services Uninterrupted

ALEXANDRIA, Va. (Jan. 5, 2021) – The National Credit Union Administration today placed C O Federal Credit Union in Charleston, South Carolina, into conservatorship.

Member deposits at C O Federal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at C O Federal Credit Union up to $250,000, and a member’s interest in all joint accounts combined up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

The NCUA placed C O Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations.

Member services will continue uninterrupted at the credit union’s main office at 117 Spring St., Suite C, Charleston, South Carolina. Members can continue to conduct normal financial transactions, deposit and access funds, and make loan payments. The office is open Monday, Tuesday, Thursday, and Friday from 10 a.m. to 5 p.m. Eastern.

Members with questions about C O Federal Credit Union’s operations may contact the credit union at 843-722-7656. Members with questions about the conservatorship may review the frequently asked questions posted on the NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage (opens new window) section of the NCUA’s MyCreditUnion.gov (opens new window) consumer website.

C O Federal Credit Union is a federally insured, federally chartered credit union with 785 members and assets of $4,488,256 according to the credit union’s most recent Call Report. C O Federal Credit Union serves members of The Citizen Committee of Charleston County, South Carolina, who live in Charleston County and members of the International Longshoreman’s Association — Local #1422 in Charleston; persons retired as pensioners or annuitants from these organizations; members of their immediate family or household; and organizations of such persons.

ALEXANDRIA, Va. (Jan. 4, 2021) – The National Credit Union Administration Board unanimously approved, by notation vote, a request for information (opens new window) seeking comments and information on the NCUA’s communication methods to promote efficiency and increase transparency.

“This request for information seeks public input on how the agency can streamline and improve its communications with our stakeholders. Outdated or duplicative regulatory and supervisory information adds to the overall regulatory burden of credit unions as they must devote time and resources to sorting through this information,” NCUA Chairman Rodney E. Hood said. “We recognize that the amount of information the NCUA provides to credit unions can create challenges and may impose unintended burdens. This request for information addresses this concern and continues my mission to ensure NCUA’s regulation of credit unions is effective, not excessive.”

Specifically, the request for information seeks public input on how the agency can maximize efficiency and minimize burdens associated with obtaining information on federal laws, regulations, policies, guidance, and other materials relevant to federally insured credit unions. It contains questions about the effectiveness of press releases, social media content, and the timing and frequency of agency communications. There are also questions related to improving the agency’s websites, online data resources, and the delivery and format of supervisory guidance.

Comments on this request for information (opens new window) will be accepted for 60 days after publication in the Federal Register.