Banking

NCUA seeks input to improve transparency

The National Credit Union Administration board on Monday approved a measure that aims to improve how the agency communicates with the institutions it regulates and increase transparency.

The request for information, unanimously approved by a notation vote, is the second proposal to move forward in that manner in recent weeks. Shortly before Christmas, the agency held a similar notation vote on a proposal that would ease the requirements for filing suspicious activity reports.

NCUA’s latest request is intended to find ways 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,” according to a statement. It includes questions regarding press releases, social media, and the timing and frequency of the regulator’s communications, among other material.

“This request for information seeks public input on how the agency can streamline and improve its communications with our stakeholders,” NCUA Chairman Rodney Hood said.

He added, “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.”

The proposal will be open for a 60-day comment period upon publication in the Federal Register.


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