Newsroom
NCUA Board nom stresses importance of CUs remaining competitive in the marketplace
The Senate Banking Committee Thursday heard directly from NCUA Board nominee Tanya Otsuka, who has been nominated to replace current Board Member Rodney Hood as his term expired in August. During the hearing, Otsuka outlined her priorities should she be confirmed to the NCUA Board and stressed the importance of the NCUA as an independent regulator.
Otsuka noted her priorities include ensuring credit unions – especially smaller institutions – can remain competitive in the marketplace, highlighting that many credit unions serve communities in areas where access to financial services is limited.
In response to a question regarding the expansion of consumer financial protection initiatives, including by the CFPB, Otsuka said she will honor the mission of the NCUA, talk to stakeholders in the industry regularly to promote transparency, and work toward the goal of ensuring access to financial services. Also in response to questioning, Otsuka agreed to look into the issue of potential “overreliance on overdraft fees,” as raised in a recent misleading and inaccurate Politico article to which NAFCU and CUNA responded immediately.
Otsuka was also questioned several times on climate change risk, to which she explained she believes regulators have a responsibility to ensure that financial institutions appropriately manage risk, but so long as credit unions are following the law and managing risks appropriately, the NCUA should not be dictating how and to whom they lend from a climate risk perspective.
Ahead of the nomination hearing, NAFCU and CUNA sent the committee an outline of key credit union issues to consider with Otsuka’s nomination; read the full letter.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
Get daily updates.
Subscribe to NAFCU today.