While many of us may be thinking ahead to our upcoming Thanksgiving feast and our Black Friday shopping strategies, don’t forget to comment on the small credit union regulatory relief proposal. The comment period has been extended to November 26th.
NCUA believes the current $10 million asset threshold used to define ‘‘small entity’’ is outdated for purposes of the Regulatory Flexibility Act and for other provisions in NCUA’s regulations where the NCUA Board has discretion to set asset thresholds. NCUA also believes that increasing these thresholds will provide an updated, reasonable, and consistent threshold for FICUs with respect to Regulatory Flexibility Act coverage, regulatory compliance relief, and risk to the NCUSIF.
So after you have enjoyed your Thanksgiving feast, time with your family and of course your holiday shopping, take some time and review the proposed rule. The issue of regulatory relief is extremely important to our credit unions, especially our smaller institutions.