NCUA's McWatters reflects on agency's priorities, progress
NCUA Board Chairman J. Mark McWatters yesterday gave credit unions an update on progress the agency has made toward becoming more efficient and effective, and also promoted innovation and cooperation as the NCUA and industry address issues affecting credit unions.
McWatters highlighted accomplishments the agency has achieved over the past year, including:
- closing the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and merging it with the National Credit Union Share Insurance Fund (NCUSIF);
- restructuring the agency by consolidating regional offices and implementing cost-saving measures in order to improve efficiency and effectiveness;
- reviewing regulations to provide credit unions with regulatory relief; and
- operating in a more transparent and accountable manner.
Looking ahead to further progress on the NCUA's priorities, McWatters said he's pushed agency staff to "remain open to fresh and innovative ideas and approaches," and that the NCUA Board will continue to listen to credit unions' thoughts and concerns diligently when making final decisions.
"Regulation, supervision, examination, and enforcement should derive from transparent, fully accountable, tailored, and targeted rules and procedures that respect the ability of credit unions to make their own business decisions while allowing for innovation and growth that strengthens the credit union system," McWatters said.
While the credit union industry's federal tax exemption has been under attack by bankers' in recent weeks, McWatters encouraged credit unions and community banks to work together to address "the common challenges facing these essential Main Street financial institutions in an evolving consumer-driven marketplace."
McWatters made the comments at CUNA's Governmental Affairs Conference in Washington. NCUA Board Member Rick Metsger will address the conference today.
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