On August 5, the NCUA finalized 11 rules proposed through its “Deregulation Project” (previously covered by InfoBytes here). The agency said the final rules remove regulations it considered obsolete, burdensome or duplicative, or guidance that should not appear in regulation.

The 11 final rules, all effective September 8, address lending, contracting, chartering, field of membership and insurance requirements. The lending and contracting rules remove segregated deposit and collateral requirements for surety and guaranty agreements; remove regulations related to approval and policies for loans to other credit unions; streamline regulations governing the purchase, sale and pledge of eligible obligations; eliminate a provision related to credit union service contracts; and remove regulations on third-party servicing of indirect vehicle loans. The chartering and field-of-membership rules rescind Interpretive Ruling and Policy Statement (IRPS) 08-2, rescind IRPS 10-1, rescind IRPS 11-02, and rescind IRPS 06-1. The insurance-related rules amend the notice requirement for termination of excess nonfederal insurance coverage and eliminate disclosure requirements for nonmember accounts not covered by federal share insurance.