NCUA Will Review All Guidance to Eliminate Outdated Policies: Hood at GAC
“This is the type of ‘low hanging fruit’ that, frankly, every federal agency should be going after."
The NCUA will conduct a comprehensive review of its guidance letters and legal opinions to determine if they are still needed, NCUA Chairman Rodney Hood announced Tuesday.
“We can make a significant dent in our regulatory burden by removing outdated or duplicative guidance,” Hood said at CUNA’s Governmental Affairs Conference.
As part of that review, the agency will organize material in a better way so that current guidance is easier to find, and will designate and archive duplicative and outdated guidance, he added.
Republicans on Capitol Hill have criticized federal agencies for issuing guidance documents that do not have to go through the regulatory process, which includes opening them up to public comment.
After the review is finished, agency officials will revise and update guidance, so it is easier to understand, Hood said.
“This is the type of ‘low hanging fruit’ that, frankly, every federal agency should be going after,” Hood said.
NAFCU President/CEO B. Dan Berger praised the effort.
“From updating important guidance, archiving outdated and duplicative guidance, to improving the agency’s overall website functionality, these updates are a testament to [the] NCUA’s commitment to transparent and timely communication with the industry,” he said.