The NCUA board of directors held its eleventh open meeting of 2018 and approved three items, including lowering the normal operating level of the National Credit Union Share Insurance Fund to 1.38 percent. The board also approved posting the final report of the agency’s Regulatory Reform Task Force in the Federal Register, as well as a final rule making technical amendments to agency regulations to correct minor drafting errors and rescind certain unnecessary provisions.
The normal operating level of the Share Insurance Fund is now 1.38 percent, down from the previous level of 1.39 percent, set in 2017.
NCUA will return to its former practice of conducting three-year rolling reviews of its regulations and will post progress reports on its reform efforts on NCUA’s website every six months, following recommendations made by the agency’s Regulatory Reform Task Force.
The final report, which serves as the agency’s blueprint for future regulatory reform, makes detailed recommendations and is available on NCUA’s website. A report summary is also posted on the agency’s website.
The offices of the Chief Economist, General Counsel and Examination and Insurance also briefed the board about the use of blockchain and other financial technologies by credit unions. The agency is seeking comments on the use of emerging financial technologies, such as blockchain and cryptocurrencies, and NCUA’s role in safeguarding the credit union system.
To learn more, visit NCUA’s website.