Written by Steve Van Beek
NCUA recently released their June 2012 NCUA Report. This month's issue includes the following content:
- Chairman Matz's Corner: Effective Regulation Requires Plain Writing
- Board Actions: NCUA Finalizes Two Regulatory Relief Measures
- Board Perspective: The Intersection of Innovation and Regulation
- Board Perspective: Consistency/Standardization
- Credit Union Assets Top $1 Trillion
- Seven Steps to Finding a Credit Union CEO
- Free NCUA Training Events
I recommend reviewing the NCUA Report each month - and passing along relevant articles to your colleagues.
Plain Writing. I've written about Plain Writing a couple of times in the past - most recently when discussing the Plain Writing Act. In that April 30th blog post, I jumped up on my soapbox with the hopes that NCUA (and the CFPB) would take Plain Writing seriously - including writing regulations clearly - as one step toward easing the constant regulatory burden on credit unions.
"Soap Box Credit unions need to make these efforts in their communications with their members. Why shouldn't the federal agencies have to at least take efforts to do the same? The more clear and straightforward the requirements the higher the compliance rates and the greater the consumer/member protection.
Hopefully the CFPB and NCUA start to grasp this concept. It just isn't possible for credit unions - of any size - to read and translate every piece of information from the regulatory agencies (including the regulations themselves) from *regulator speak* to plain English."
Chairman Matz's article indicates NCUA is looking at Plain Writing. But, it appears NCUA's focus is only on future information issued from NCUA. This approach won't ease the burden caused by Piles of Old Guidance. Additionally, I surely hope NCUA will use their newfound emphasis on Plain Writing during their Annual Review of 1/3 of their Regulations in order to cut down on the continual confusion and unnecessary headaches caused by their existing regulations.
NCUA Economic Update. NCUA has posted their June 2012 Economic Update (YouTube.com). This month's report looks at economic trends and indicators - and features a update on Corporate Credit Unions.