On December 10, the NCUA announced the first round of proposed regulatory changes as part of its new “Deregulation Project,” an initiative to review and potentially revise agency regulations to reduce burden and eliminate outdated requirements in response to Executive Order 14192 (covered by InfoBytes here). The NCUA requested public comment on four proposals published in the Federal Register:

1. Corporate Credit Unions: The NCUA proposed removing the requirement that a corporate credit union’s asset and liability management committee must include at least one member from the credit union’s board of directors and eliminating certain annual report filing requirements (12 CFR 704.8 and 704.15).
2. Supervisory Committee Audits: The agency proposed removing provisions deemed unnecessary, duplicative or overly prescriptive in the rules for supervisory committee audits and verifications (12 CFR 715).
3. Safeguarding Member Information: The NCUA proposed removing Appendix A to part 748, clarifying that guidelines for safeguarding member information are nonbinding and will be published as guidance, not regulation (12 CFR 748 Appendix A).
4. Response Programs for Unauthorized Access: The agency proposed removing Appendix B to part 748, clarifying that guidance on response programs for unauthorized access to member information and member notice will be issued separately as guidance (12 CFR 748 Appendix B).

Comments on the four proposals must be submitted by February 9, 2026.