Newsroom
July 29, 2015
Matz talks reg relief, cybersecurity in town hall webinar
In a town hall webinar yesterday, NCUA Chairman Debbie Matz and senior staff reiterated plans regarding regulatory relief, spoke about the need for greater cybersecurity and fielded questions from credit unions on topics such as call reports, NCUA's budget, corporate resolution and more.
Matz said cybersecurity has become one of the most serious issues facing financial institutions and reminded participants that the agency will hold a free webinar today at 2 p.m. Eastern on the Federal Financial Institutions Examination Council's new cybersecurity self-assessment tool. She said NCUA also plans to provide additional information on cybersecurity in an upcoming Letter to Credit Unions.
On the legislative front, Matz said her top priority is persuading Congress to give the agency authority to examine third-party vendors. She said this is especially important in light of the growing cybersecurity threat. NCUA's Office of Public and Congressional Affairs also reiterated the agency's support for a NAFCU-backed bill by Reps. Ed Royce, R-Calif., and Greg Meeks, D-N.Y., to raise the MBL cap from 12.25 percent to 27.5 percent of assets for eligible institutions.
Matz and agency staff touched on a number of recent NCUA measures designed to provide regulatory relief, including a proposed rewrite of the agency's member business lending rules, proposed redefinition of a "small" credit union as one with less than $100 million in assets and the recent elimination of the 5 percent fixed-assets cap.
She also mentioned two proposals expected to come later this year: expanding supplemental capital as part of NCUA's risk-based capital proposal and enhancing the federal charter to broaden community charters, improve occupational charters and streamline the process for adding new members.
NAFCU has weighed in with NCUA in favor of several of its proposed and planned rule changes. However, the association remains opposed to expanding NCUA's examination authority to cover third-party vendors, noting such expansion would raise costs for credit unions – which fund NCUA's budget – and is not necessary.
NCUA will post an archive of Tuesday's recorded webinar within the next few weeks.
Matz said cybersecurity has become one of the most serious issues facing financial institutions and reminded participants that the agency will hold a free webinar today at 2 p.m. Eastern on the Federal Financial Institutions Examination Council's new cybersecurity self-assessment tool. She said NCUA also plans to provide additional information on cybersecurity in an upcoming Letter to Credit Unions.
On the legislative front, Matz said her top priority is persuading Congress to give the agency authority to examine third-party vendors. She said this is especially important in light of the growing cybersecurity threat. NCUA's Office of Public and Congressional Affairs also reiterated the agency's support for a NAFCU-backed bill by Reps. Ed Royce, R-Calif., and Greg Meeks, D-N.Y., to raise the MBL cap from 12.25 percent to 27.5 percent of assets for eligible institutions.
Matz and agency staff touched on a number of recent NCUA measures designed to provide regulatory relief, including a proposed rewrite of the agency's member business lending rules, proposed redefinition of a "small" credit union as one with less than $100 million in assets and the recent elimination of the 5 percent fixed-assets cap.
She also mentioned two proposals expected to come later this year: expanding supplemental capital as part of NCUA's risk-based capital proposal and enhancing the federal charter to broaden community charters, improve occupational charters and streamline the process for adding new members.
NAFCU has weighed in with NCUA in favor of several of its proposed and planned rule changes. However, the association remains opposed to expanding NCUA's examination authority to cover third-party vendors, noting such expansion would raise costs for credit unions – which fund NCUA's budget – and is not necessary.
NCUA will post an archive of Tuesday's recorded webinar within the next few weeks.
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