August 28, 2014

Reg relief tops McWatters' priorities

Aug. 28, 2014 – Regulatory relief for the credit union industry is at the top of the list of priorities for new NCUA Board Member Mark McWatters, according to the agency.
McWatters outlined his priorities a day after being sworn in to office at the Dallas office of House Financial Services Chairman Jeb Hensarling, R-Texas.
According to NCUA, McWatters plans to focus on five major areas of concern:
  • "Providing regulatory relief for credit unions,
  • Incorporating a robust, objective, transparent and fully accountable cost-benefit analysis into NCUA's rulemaking and vetting process,
  • Recognizing the critical role and expanding the scope and financial viability of low-income credit unions within the financial services industry,
  • Enhancing the availability of affordable and readily understandable financial services to credit union members who are economically challenged, and
  • Promoting the role of women and persons of color within the credit union industry."
NAFCU continues to urge NCUA to find ways to address overregulation, particularly with regard to the agency's recent risk-based capital proposal, which NAFCU believes is unduly burdensome.