Newsroom

The prudence and soundness of the credit union industry is what has made it "a rock" for consumers over the years, especially in light of the recent hurricanes impacting parts of the U.S., NCUA Board Member Rick Metsger told NAFCU Congressional Caucus attendees Tuesday.

"A lot of people are hurting out there from Harvey and Irma and you guys have stepped up to help," Metsger said. "People are looking for a rock to grab and you are their rock."

Metsger also discussed the importance of data and cybersecurity. "We can protect our gmails better than our financial lives," he said. He encouraged credit union representatives to talk to their lawmakers about this issue as it is the "No. 1 job we need to do in this country."

Credit union attendees were also told Tuesday that the NCUA Board has yet to decide what direction it will take on its proposed closure of the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and raising of the National Credit Union Share Insurance Fund's (NCUSIF) normal operating level from 1.3 percent to 1.39 percent.

Metsger said the NCUA Board would decide on this proposal during its next open meeting, Sept. 28. NAFCU opposes this proposal as it wants credit unions to be made whole, and not receive a portion of what they put into the TCCUSF, as is proposed.