Future NCUA Rulemaking Remains Unclear

As the rulemaking process continues, NCUA officials could not give a timeframe Wednesday for when, or if, the agency board will finalize controversial rules initially considered by the board during the past two months.

During a webinar held by the agency to discuss new board Chairman Todd Harper’s priorities, Harper did not address those proposals, several of which he opposed when they were first brought to the board.

Comments are being evaluated on some proposals, such as changes to the agency’s field of membership and CUSO rules, NCUA General Counsel Frank Kressman said during the webinar.

Harper opposed those rules, while Hood and Republican Kyle Hauptman supported them. The two GOP members still may be able to force the board to consider them, despite the chairman’s opposition.

Kressman also said his office must evaluate comments on a proposal dealing with capitalization of interest before it can be presented to the board as a final rule.

Some proposed rules have not even been published in the Federal Register yet — the first step in the rulemaking process. Kressman said that the Federal Register has been “slammed” by a huge number of agencies seeking to publish documents, so there is a backup in the publication of rules.

In discussing his goals, Harper said he wants to ensure that the agency continues to advance economic equity and justice. “We must also find ways to close the wealth gap by helping people build wealth,” he added.

He also said he wants the agency to explore ways to deal with climate change, adding that credit unions must identify the risks that increased flooding, hurricanes and wildfires caused by climate change.

And he emphasized that consumer protection efforts will remain a high priority during his chairmanship.