Newsroom
February 28, 2017
McWatters talks TCCUSF closing, reg relief
NAFCU President and CEO Dan Berger yesterday applauded NCUA Acting Chairman J. Mark McWatters' plan for a "thoughtful loosening" of regulations while preserving the safety and soundness of the credit union system.
"Regulatory relief, prudent management of the operating budget, and rebates from the Temporary Corporate Credit Union Stabilization Fund are at the top of NAFCU's advocacy agenda for 2017," said Berger. "NAFCU and our members applaud Chairman McWatters' commitment to addressing each of these issues, and we look forward to working with him in executing his strategy."
In McWatters' plan, which he outlined during remarks at CUNA's Governmental Affairs Conference, includes the possibility of the agency closing the TCCUSF in 2017 – four years before the currently scheduled closing – and moving money into the National Credit Union Share Insurance Fund in order to avoid charging a premium.
NAFCU continues to urge the NCUA to explore any options that would allow the agency to issue TCCUSF rebates to credit unions before 2021.
Credit unions have paid $4.8 billion in assessments since the creation of the fund in 2009.
Addressing other regulatory relief measures, McWatters noted he wants to: revisit the agency's pending risk-based capital rule, now scheduled to go into effect January 2019; reevaluate the stress-testing rule; streamline the agency's budget; continue to review extending the exam cycle; and do more in general to help credit unions serve their members.
These and other measures cited by McWatters reflect a number of NAFCU's regulatory priorities for the coming year, including finding ways to improve the agency's risk-based capital rules for credit unions and achieving an extended examination cycle for all well-run credit unions.
"Regulatory relief, prudent management of the operating budget, and rebates from the Temporary Corporate Credit Union Stabilization Fund are at the top of NAFCU's advocacy agenda for 2017," said Berger. "NAFCU and our members applaud Chairman McWatters' commitment to addressing each of these issues, and we look forward to working with him in executing his strategy."
In McWatters' plan, which he outlined during remarks at CUNA's Governmental Affairs Conference, includes the possibility of the agency closing the TCCUSF in 2017 – four years before the currently scheduled closing – and moving money into the National Credit Union Share Insurance Fund in order to avoid charging a premium.
NAFCU continues to urge the NCUA to explore any options that would allow the agency to issue TCCUSF rebates to credit unions before 2021.
Credit unions have paid $4.8 billion in assessments since the creation of the fund in 2009.
Addressing other regulatory relief measures, McWatters noted he wants to: revisit the agency's pending risk-based capital rule, now scheduled to go into effect January 2019; reevaluate the stress-testing rule; streamline the agency's budget; continue to review extending the exam cycle; and do more in general to help credit unions serve their members.
These and other measures cited by McWatters reflect a number of NAFCU's regulatory priorities for the coming year, including finding ways to improve the agency's risk-based capital rules for credit unions and achieving an extended examination cycle for all well-run credit unions.
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