The National Credit Union Administration Board unanimously approved, by notation vote, a voluntary regulatory review and request for comment to reduce regulatory burden of federally insured credit unions.

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions.

Although the statute does not apply to the NCUA, in keeping with the spirit of the law, the agency is voluntarily participating along with the federal banking agencies in this decennial review process. As a result, the NCUA has developed its own regulatory categories that are comparable with those developed by the federal banking agencies.

Over the next two years, the NCUA will publish four Federal Register notices each requesting comment on multiple categories of regulations. The first Federal Registernotice was published on May 23 and requests comment on regulations concerning “Applications and Reporting” and “Powers and Activities.” Comments are due by Aug. 21.

The NCUA will address the remaining categories in the next three notices.

Comments on the voluntary regulatory review will be accepted for 90 days after publication in the Federal Register.