The US National Credit Union Administration issued a board action bulletin covering briefings on its regulatory agenda, the Share Insurance Fund and a 2026 mid-year budget update. On regulation, the board was told that phase one of the agency's deregulation project has produced more than 30 proposals and drawn hundreds of public comments, with open comments still under review and proposals being finalized. A second phase will target more complex policy and operational initiatives. The briefing also highlighted recent rulemaking, including a final rule easing reimbursement rules for federal credit union officials to remove barriers to volunteer service, a final rule revising records preservation requirements, an interim final rule confirming federal credit unions' authority to impose non-interest charges and fees including interchange fees and preempting conflicting state laws, and a final rule barring the use of reputation risk as a basis for directing credit unions to deny or terminate products, services or accounts. The Share Insurance Fund briefing indicated that the fund started 2026 in a strong position. First quarter data showed total assets of USD 24.5 billion, up by just under USD 400 million from the fourth quarter of 2025, with total reserves at USD 249.3 million and cash and investments at USD 23.9 billion, up 5.9 percent from the first quarter of 2025. Asset quality indicators improved, with CAMELS code 3 credit unions falling to 636 from 653 and CAMELS codes 4 and 5 declining to 107 from 117, while more than 92 percent of credit unions remained rated CAMELS 1 or 2. Three credit union failures in the first quarter of 2026 caused USD 5.7 million in losses to the fund. The budget update showed that through May 2026, agency spending was 17.1 percent lower than a year earlier and lower across all cost categories than in each of the prior three years. Next steps are limited but explicit. NCUA said it will continue reviewing comments and finalizing phase one deregulation proposals, while phase two proposals are still forthcoming.
National Credit Union Administration2026-06-24
US National Credit Union Administration outlines phase two deregulation plans and reports Share Insurance Fund assets of USD 24.5 billion
The US National Credit Union Administration said its board was briefed on phase one and upcoming phase two of its deregulation project, along with recent rules on board member reimbursement, records preservation, federal credit union fees and reputation risk. The agency also reported that the Share Insurance Fund had USD 24.5 billion in assets in the first quarter of 2026, while agency spending through May was 17.1 percent lower than a year earlier. The fee rule states that conflicting state laws do not apply to federal credit unions' non-interest charges and fees, including interchange fees.