NCUA Chairman Rodney Hood yesterday released a six-month progress report on his efforts since he took office.
“We are laying a strong foundation for the future of the credit union system,” said Hood. “I also believe it is important that credit union stakeholders can track NCUA’s progress.”
The report summarizes the NCUA’s recent initiatives that continue the agency’s regulatory reform agenda, as well as collaboration efforts and stakeholder engagement.
“Since I was sworn in six months ago, regulatory reform has been among my top priorities,” said Hood. “We all agree that clear rules create confidence, fairness, and accountability. We need well-crafted regulations to ensure the safety and soundness of the credit union system. That’s why I want to see a regulatory system that is effective, but not excessive. We are making progress towards that goal.”
The report touches on the agency’s proposed rule to delay the effective date of the risk-based capital rule; a final rule amending the agency’s regulation requiring real estate appraisals for certain commercial real estate transactions; the new payday alternative loan, or PAL II, final rule; a proposed rule that would allow federal credit unions to accept nonmember and public unit shares up to 50 percent of paid-in and unimpaired capital and surplus; and more.
To view the report, visit the NCUA’s website.