WASHINGTON — NCUA is collaborating with the federal bank regulators in a 10-year review of rules, the Government Accountability Office said in report.
Due out in 2016, the joint analysis with the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau is under the direction of the Federal Financial Institutions Examination Council. (The Government Accountability Office is the investigative arm of Congress.)
Regulators are individually required to do the 10-year assessment by the Paperwork Reduction Act. First enacted in 1980, the law aims to reduce the paperwork burden the federal government imposes on private businesses and citizens.
NCUA, however, has a policy of reviewing one-third of its rules annually with public comment. The reviews are conducted by the regulator's Office of General Counsel.
A Paperwork Reduction Act report issued by federal financial overseers for the last 10-year go-round in 2007 spotlighted consumer disclosures, suspicious activity reports and lending limits as areas potentially ripe for reducing regulatory burdens on institutions.
