June 14, 2017

McWatters talks reg relief and stabilization fund; testifies next week

NCUA Acting Chairman J. Mark McWatters told NAFCU Annual Conference attendees today that the industry can expect more regulatory relief and streamlined operations from the agency.

McWatters said he was pleased at the Treasury Department's recent report including recommendations about the agency and credit unions. He said the board especially wants to revisit the risk-based capital and stress-testing rules – action which NAFCU has long urged.

As for steps taken to date, the NCUA chairman highlighted the agency's streamlining of the examination process, and he said the staff are carefully studying the possibility of closing the Temporary Corporate Credit Union Stabilization Fund this year. He said the agency is looking at operational structure, budget and ensuring the safety of credit union members' dollars.

"We appreciate the chairman's commitment to regulatory relief for credit unions and look forward to collaborating with the agency to find ways to deliver more," said Carrie Hunt, NAFCU's executive vice president of government affairs and general counsel.

Also today, NCUA rescheduled from June 22 to June 23 the board's next open meeting. On June 22, McWatters is slated to testify before the Senate Banking Committee with other financial regulators in a hearing titled "Fostering Economic Growth:Regulator Perspective."

The June 23 open NCUA Board meeting agenda, already posted online, includes:

  • Final Rule, Part 747, Statutory Inflation Adjustment of Civil Money Penalties
  • Final Rule, Part 792, Freedom of Information Act
  • Final Rule, Part 709, Safe Harbor
  • Proposed Rule, Part 704, Corporate Credit Unions
  • Request for Comment, Overhead Transfer Rate Methodology
  • Board Briefing, Enterprise Solution Modernization Program

The closed meeting is set for 3:30 p.m. Eastern June 21.