The NCUA is currently accepting comments for its 8th round of rederegulation, as part of a larger government-wide initiative to decrease regulatory burdens. In this round, the agency is considering three main regulations, including proposals on remittance transfers, credit union to bank conversions, and data collection.
The breakdown of these proposals is as follows:
- “IRS excise tax on remittance transfers
Implements the H.R. 1 excise tax on remittance transfer providers and provides rules and definitions on certain remittance transfers that occur after Dec. 31, 2025, to which the 1% excise tax applies. - NCUA bank conversions and mergers proposal
The proposal would make it simpler for credit unions to merge into banks by removing overly prescriptive formatting requirements, simplifying the process of notifying members, and eliminating duplicative guidance. - NCUA streamlining data collection request for information
NCUA is soliciting feedback on the key challenges faced by federally insured credit unions and any suggestions to enhance the data collection process and potentially reduce burden.”
Interested credit unions can submit comments to both America’s Credit Unions and the NCUA (though those comments are due at different times for each organization, see below). America’s Credit Unions has noted that it will use the feedback it receives from credit unions to guide its own response to the NCUA.
Comments are due to America’s Credit Unions on May 29, June 8, and June 9, respectively, and to the NCUA by June 12, 22, and 23.
